There are times in every CEO's life where you're going to need the help of a good lawyer. And when those times arrive, you'd like to think that your lawyer's interests are fully aligned with your own. Unfortunately, you need to be aware of a couple of dynamics when you engage a lawyer because, if you ignore them, you can find yourself forced to make decisions that aren't exactly favorable to you and your interests.
You need to consider two areas when it comes to managing the relationship with your lawyer: revenue and risk avoidance.
Every lawyer is a one-person business, even if they are part of a larger firm. Sure, many lawyers operate as part of a more prominent firm. But it's still just a collection of individuals billing for their work. In fact, in a large law firm, the way lawyers are valued by how many dollars they bring into the business, either via new customers or through what they've billed their clients for.
That gives lawyers every motivation to drive up their revenue --which is not precisely aligned with your interests in keeping your legal fees to a minimum. There are a couple of areas you need to watch for where lawyers try to beef up those fees.
One area to watch for is when you find that your lawyers have invited some colleagues or associates to join the call with you. While you might be flattered to get the extra attention, you need to realize that they'll be billing you for each person's time. That's especially true if...
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