While starting out the first thing a company needs is a Good Law Firm
Sep 10 2012, 13:30 | By Entrepreneur
By Diljeet Titus
Outsourcing legal services is not a new concept. Successful companies outsource arrangements as a key component of doing business effectively in an environment which requires greater compliance. Strategic outsourcing of legal work can reduce business cost, enhance efficiency and ensure that you receive expert legal advice in areas where your in-house resources may be inadequate.
Requirements for SMEs
Why should you outsource
> Cost and HR management: At times, retaining a law firm is less expensive after an assessment of certain issues. Take into account these factors:
> Growth and expansion: Outsourcing legal services is common in times of growth and expansion which creates a short-term need for a larger resource base. This is both in terms of unavailable manpower and research material.
> Expert opinion and second opinion: An expert opinion on specific laws such as direct or indirect taxes, IP enforcement and litigation matters favor outsourcing. In such situations, a law firm is able to provide specialized services and a broader perspective which may not always be available in-house. Sometimes critical issues relating to a transaction may compel a company to obtain expert opinions from two independent law firms to achieve greater comfort.
This is the first of a two-part series
© Entrepreneur India August 2012
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