We know that most companies seek to optimize and reduce their operating costs. In studies it was found that these costs are related to legal services which are handled by business lawyers. How?
Costs can be worked in two ways:
- By their own team: a lawyer or team of business lawyers within the company
- Outsourcing of legal services: through a legal study
Legal departments within the company
As we have mentioned, there are two options when charging legal services for administrative costs. One of those options is to maintain a legal department within the company, widely used in large and luxurious companies, and another option is to hire a law firm.
The truth is that maintaining a team of international business lawyers within a company is extremely high. This is why high-turnover companies can do it.
However, it is also important to clarify that these legal departments are often understaffed, so the workload will be high. When this happens, the risk of inefficiency will increase, due to the amount of work they have to do.
Benefits of hiring a law firm
There are a number of reasons why starting with a law firm may be the best option. We will name some of them below:
Cost savings
In most businesses, what is sought is saving on costs while achieving greater efficiency in operations. Hiring a law firm and outsourcing legal services is one way to do that.
Thanks to a professional work team, we will manage to lower your administrative costs, and attend to the problems to be solved, and thus achieve better results for the operations of the company. In addition, when delegating these jobs, you can focus that money on more competitive rates for customers.
Problem resolution
By hiring a team of international business specialists, we will also have help to resolve any inconvenience that may arise due to the commercial practices of our business. An international law firm or firm will provide us with peace of mind and protection in these complex issues.
It is very important, in turn, that the team of lawyers to be hired, can provide us with leadership and confidence, since we will be delegating responsibilities.
Advice on negotiations
When negotiating with another company, we must be very clear about all legal rights and responsibilities. From contracts to laws, negotiations must be supported by an attorney.
The task that an international lawyer in Miami fulfills in these cases is extremely important, since he must inform us and explain to us how the negotiations with our next business partners or investors work. In addition, an attorney may draft terms and conditions in contracts, partnership agreements, and articles of commercial incorporation.
It is essential that in commercial decisions there is a specialized lawyer, who knows tax legislation, employment contracts, and purchase of goods, among others.
Adaptation to Market Changes
Flexibility in the use of legal services is essential for companies facing rapid changes in their operating environment. For example, a technology company launching a new product may encounter a series of regulations related to patents and intellectual property. If the demand for the product exceeds expectations, it may require additional legal advice to protect its invention as its customer base grows.
Consider also a fintech startup that wants to expand into new international markets. Instead of maintaining an internal legal team with expertise in each country, the company can partner with a law firm that has offices in those markets or with local attorneys. This allows them to scale their services as needed, maintaining agility in executing their expansion strategy without incurring high fixed costs associated with a complete in-house team.
Costs Associated with Scalability
The ability to scale legal services also leads to more efficient cost management. A company facing an unexpected legal crisis, such as a lawsuit, may need a larger legal team for a short period. If they had an internal department, they would have to pay fixed salaries and benefits to a group of attorneys who may not be needed once the situation is resolved. By hiring a law firm, they can request additional resources only for the duration needed, thereby optimizing their budget.
Imagine a construction company that, in one year, wins a large contract and needs legal advice to comply with local regulations and safety standards. Instead of hiring several attorneys for the entire year, they can collaborate with a law firm that provides a temporary team for this specific project, allowing the company to maintain its financial flexibility.
International Law Firm
If your company needs help with business formation, our international law firm can help. We are at your disposal in disputes where private international law applies. We have local legal representatives in Miami, Florida, and in the main markets of the world.
We stand out in our differential attention, and when advising small, medium, and large companies. We are the best option among international business lawyers. Contact us for more details and information about international law and our services as a law firm.
We are expert international lawyers, in Miami, Florida. We know the local regulations, which allows us to act more efficiently.