what every lawyer should know about business uf law

This course teaches students essential concepts of business that lawyers should know. The focus is on basic concepts of accounting and finance. These concepts are important in numerous areas of law including corporation law, securities regulation, corporate finance, mergers and acquisitions.

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What does a lawyer need to know about businesses?

What Every Lawyer Should Know About Business. Course Number: LAW 6930 Credits: 1. This course offers an introduction to the business aspects of practicing law. After graduation, you get a law degree. After a successful bar exam, you are licensed to practice law in a particular jurisdiction. Yet (traditionally), neither prepare you to run a business – and this is true whether …

What are the benefits of hiring a large law firm?

WHAT EVERY LAWYER SHOULD KNOW ABOUT BUSINESS SPRING 2018 Professor: Dr. Ashleigh Barnes Email ashleigh.barnes@law.ufl.edu Office 368-D Office Hours: 1st Seven Mondays Noon – 1pm; otherwise by appointment Course Number: 6930 Credit Hours: 1 Room Number: 360 Meeting Times: 1st seven Mondays of the semester 1 – 2:50pm ...

How does the size of a law firm affect hourly rates?

This course teaches students essential concepts of business that lawyers should know. The focus is on basic concepts of accounting and finance. These concepts are important in numerous areas of law including corporation law, securities regulation, corporate finance, mergers and acquisitions.

Are larger law firms more expensive to deal with?

Externships are for-credit experiential learning opportunities, where the student is supervised both by a lawyer at the placement and a faculty member, with educational requirements the student must meet. Financial aid is generally available for students who enroll in externships on the same terms as for other coursework.

What does it mean to instruct a lawyer?

If you are to be instructed, you need to displace the incumbent legal adviser. This means that you need to demonstrate benefits which the incumbent cannot match. Usually, this means having better expertise, delivering better service or providing better value for money, or any combination of these. If you cannot articulate a differentiated proposition to potential clients, they are unlikely to instruct you.

What is the objective of networking?

The only objective of networking should be to set up meetings with those who you think are in a position to buy your services. It is unlikely that you will be instructed until you have sat down and met with those who are in a position to give you work. All your marketing should be geared towards engineering opportunities to have meetings with decision-makers. Only by having formal meetings can you really understand an individual’s needs and put forward your proposition for addressing these, or in the case of the " challenger sales model ", challenging the client’s thinking by teaching them about an aspect of their business that they had not previously recognised/understood.

Who is Kevin Wheeler?

As a lawyer, if you develop your skills in each of these areas, you should be well positioned to keep generating new work in these challenging times. Professional services business development (BD) consultant and coach, Kevin Wheeler, provides some key areas to focus your efforts:

What is a good business attorney?

A good business attorney will provide vital assistance in almost every aspect of your business, from basic zoning compliance and copyright and trademark advice to formal business incorporation and lawsuits and liability. First, some general rules about dealing with lawyers:

Do lawyers know everything?

No lawyer can possibly know everything about every area of law. If your business has specialized legal needs (a graphic designer, for example, may need someone who is familiar with copyright laws), your attorney should either be familiar with that special area or have a working relationship with someone who is.

How to bill a lawyer?

For many entrepreneurs, the idea of consulting a lawyer conjures up frightening visions of skyrocketing legal bills. While there's no denying that lawyers are expensive, the good news is there are more ways than ever to keep a lid on costs. Start by learning about the various ways lawyers bill their time: 1 Hourly or per diem rate. Most attorneys bill by the hour. If travel is involved, they may bill by the day. 2 Flat fee. Some attorneys suggest a flat fee for certain routine matters, such as reviewing a contract or closing a loan. 3 Monthly retainer. If you anticipate a lot of routine questions, one option is a monthly fee that entitles you to all the routine legal advice you need. 4 Contingent fee. For lawsuits or other complex matters, lawyers often work on a contingency basis. This means that if they succeed, they receive a percentage of the proceeds--usually between 25 percent and 40 percent. If they fail, they receive only out-of-pocket expenses. 5 Value billing. Some law firms bill at a higher rate on business matters if the attorneys obtain a favorable result, such as negotiating a contract that saves the client thousands of dollars. Try to avoid lawyers who use this method, which is also sometimes called "partial contingency."

What skills do you need to be a lawyer?

You will need a lawyer who can understand your business quickly; prepare the standard form contracts you will need with customers, clients and suppliers; and help you respond to contracts that other people will want you to sign. 2.

Do lawyers have to keep their information confidential?

While the legal code of ethics (yes, there is one, believe it or not) requires that your lawyer keep everything you tell him or her strictly confidential, you do not want to risk an accidental leak of sensitive information to a competitor.

Is it too late to hire a lawyer?

First, some general rules about dealing with lawyers: If you are being sued, it's too late. Most small businesses put off hiring a lawyer until the sheriff is standing at the door serving them with a summons. Bad mistake. The time to hook up with a good business lawyer is before you are sued.