Benefits of an Annual Legal Advice Service
It’s increasingly the case that established businesses with a regular need for legal services are looking to create greater certainty with their legal spend by negotiating retained fee agreements with law firms. However one of the major points of resistance for business owners to get in touch with lawyers is the concern that every touchpoint with a law firm will result in an invoice.
Total annual losses to small firms as a result of “legal problems” is estimated [to be] £9.79bn reports the LSB, with one in five owners saying legal problems had caused them health problems. “Legal problems can have serious negative financial and health consequences for small businesses and their owners. Many of these issues can be avoided by accessing legal help at the right time.
Mike Cherry, FSB policy director, commented: “Unnecessary legal action is costly, time-consuming and for some businesses highly risky. It’s therefore important for small businesses to have access to appropriate and affordable legal services and advice.
Below are some of the many benefits of unlimited legal support on annual subscription:
1 Support when you need
A client is able to get advice when they need and under an unlimited subscription the client is able to get unlimited day to day advice and support which will allow for greater productivity and profits.
2 Professional Indemnity Cover
Advice from a regulated legal advice will be covered by the Firms professional indemnity insurance. This will ensure that a client obtains the best quality advice possible which means that clients and their businesses can rest assured that all bases are covered.
3 Prevention is Better than Cure
It is often said that prevention is better than. Well it is no more true when it comes the issue of business dispute resolution when costs can quickly sky rocket far in excess of the originally disputed amount.
4 Stop Escalation of disputes
Having an external advisor can in many cases lead to a cessation of hostilities in a commercial dispute. The advisor will be able to advise on how a client can achieve their objectives without diving headlong into legal battle.
5 Wood for the Trees
Clients under a legal retainer or subscription are able to get a different perspective by having a neutral external person review the facts and advice them honestly if not sometimes bluntly on the issues at hand.
6 Greater budgeting for legal expenses
From the business owners perspective, they have direct access to great advice without fear of running up hefty and uncertain fees. They might also benefit from discounted legal fees on the basis that law firms are often willing to provide a reduction on the basis of being paid up front.
In some cases, we’ve seen examples where 10%-20% of legal costs has been saved by transforming ad-hoc instructions, into a retained fee agreement. It should be noted that discounted rates usually offered on the basis of receiving a relatively stable revenue source.
7 Trusted advisors an extension of your team
Annual retainer allows clients to gain a more in-depth relationship with their advisors. Advisors are able to meet the individual decision makers within a business. In effect they will get inside the engine room of the business and understand how it works and how best to advise it.
Unlimited Advice - Annual Subscription
If you are a busy finance or credit manager with a number of invoice disputes each year, you may like to be able to regularly call us up and ask for advice without the clock ticking. For a single yearly fee clients can contact us for unlimited advice relating to contractual disputes, dispute resolution and reviews of your Terms of Business.
To discuss your requirements with a member of our staff team
Telephone: 0800 037 1307
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