The Perfect Corporate Board: A Handbook for Mastering the Unique Challenges of Small-Cap Companies

CHAPTER 14GUIDE TO PURCHASING LEGAL SERVICES

Hiring the Right Attorneys at the “Right” Price

Key considerations for directors:

• Small-cap companies can’t afford to hire the wrong attorneys or pay too much for legal services.

• The legal services marketplace has become a buyer’s market.

• Choosing the “right” attorneys for corporate finance transactions is critically important.

• Most SEC reporting work should be purchased on a flat-fee basis, if possible.

• Litigation is a minefield for small-cap companies, especially those without in-house legal expertise.

Common mistakes to avoid:

• Flat fees might be cheaper than hourly billing but they also might not be.

• Using company counsel for corporate finance work even when they’re not the most qualified. ...