Regardless of whether you are operating a small or big business, navigating the legal aspects of business without legal counsel is akin to dealing with an illness without the advice of a medical doctor.
Whilst it may be possible for businesses to find solutions to their legal problems through an online search, there is no comfort or assurance that the suggested approaches align with best practices or comply with applicable laws. For businesses to stand out professionally and to obtain a competitive edge in the market, retaining the services of an external legal counsel or hiring an in-house counsel is recommended.
Our law firm advises clients on a retainer basis. We provided dedicated services to each client in relation to the legal issues which they face, such as general corporate, employment, and dispute related matters. Our general retainer package starts from S$2,500.
In a nutshell, a retainer is an agreement made between a client and law firm, pursuant to which the client pays an agreed amount to secure the services of a law firm over a period of time or for a specific task. One common type of retainer is the general retainer, where payment is made by the client in advance, so as to secure the services and availability of a law firm to respond to legal queries which may arise in relation to the client’s business.
The advantage of having a corporate law firm on retainer is that the law firm will be able to gain a more intimate knowledge of your business over time, thereby giving you bespoke advice on an as-needed basis which your business can act on with confidence. Businesses which retain legal counsel tend to minimise financial and reputational risks to their companies.
In this article, we will explore the advantages of engaging our law firm on a general retainer basis and how we can help your business thrive.
If your law firm would like to enquire about our general retainer package, please feel free to contact Waltson at: waltson.tan@28falconlaw.com
(a) Achieve cost savings: Having our law firm on a general retainer is likely to be a more cost-effective approach than hiring a full-time in-house counsel over the long term, provided that the legal needs of your company are not extensive. If your business does not retain legal counsel on a general retainer, you may be required to instruct a law firm on a matter-by-matter basis, which is likely to be a more costly approach. In addition, unanticipated legal costs can put a strain on your business’s finances and negatively affect its cash flow and profitability.
As businesses may need ad hoc legal advice on a day-to-day basis, the general retainer model would best serve such a business need. This is particularly so for small and medium sized enterprises (SMEs), which may only require 1 to 5 hours of legal assistance on a weekly or monthly basis. Our general retainer packages can cater for such needs. As we are not your employee, your engagement with us is flexible and: (i) you are not required to provide us with any CPF contribution, annual leave, sick leave and any severance package etc.; and (ii) you may terminate our service with a short notice period.
(b) Getting prompt and consistent legal support: Navigating the complex legal landscape without readily available legal guidance can lead to situations such as making costly mistakes and strategic missteps, and incurring regulatory penalties. Separately, businesses may breach the terms of their contracts because of contractual misinterpretations or failure to fulfil stipulated legal obligations.
One of the main benefits of having our law firm on retainer is prompt and consistent access to legal advice. With our law firm on retainer, clients have instant access to our team on a day-to-day basis, ensuring that our clients’ business remains legally compliant and well-protected during critical periods of business. This is especially important in the corporate world, where time is often of the essence. When you have a law firm prepared to act swiftly and effectively in the event of an unexpected disagreement, legal obstacle, or the need for an urgent contract review, your business will be in a good position to move forward swiftly in achieving its business objectives.
Regardless of intention, businesses may lack the in-house legal expertise to perform their legal responsibilities appropriately. Legal sanctions and penalties arising from non-compliance and legal missteps can damage the financial health and reputation of a business. It is for the management of each business to determine whether it is worth the risk of running a business without a general retainer.
If you have decided that your business would be better protected by engaging our law firm on general retainer, do reach out to us to discuss the available options for your business.
(c) Establish trust and strong client-attorney relationship: Building trust is the key to successful long-term attorney-client relationship. A general retainer agreement maintains and strengthens the relationship between a law firm and its client. Legal professionals who are only engaged on a case-by-case basis may not be the best advisors to offer advice to your business, as compared to legal professionals who are retained by your business to acquaint and familiarise themselves with the objectives and difficulties of the business over time. Furthermore, as we are not your employee, we are in a position to provide you with an independent perspective in relation to your legal concerns.
(d) Proactive risk management: Unexpected legal issues can cause business interruptions and harm the reputation of businesses. Retaining our law firm enables proactive risk management, as our team will collaborate closely with your business to identify possible legal concerns before they even arise or get blown out of proportion. We assist you with risk mitigation, provide regular regulatory compliance advice, and draft and review contracts for your business.
As discussed in another article which we have published, it is typically more cost-efficient to prevent legal disputes than to resolve them.
(e) Obtaining a strategic business advantage: Having legal counsel to provide strategic legal advice would give you an advantage in the protection and expansion of your business. If your company is new and you require more advice, our experienced corporate lawyers who have advised many businesses can lend their expertise to help negotiate favourable contractual terms to maximise value and safeguard your company’s interests.
Sometimes, having a law firm on retainer would also provide a deterrent effect to third parties or stakeholders who may wish to commence a legal dispute against the business. The retainer arrangement is also likely to deter frivolous claims and complaints.
We assist our clients to respond in a manner which protects them right from the beginning, which may be a key determining factor in the outcome of certain disputes. This helps our clients gain credibility and confidence as a business organisation vis-à-vis their customers, suppliers and employees.
Another advantage is that businesses can readily tap into the professional network of our legal professionals when there are non-legal matters for which they require assistance. For example, we can introduce insurance brokers if our clients wish to purchase directors and officers liability insurance.
(f) Improve efficiency and focus
Being embroiled in legal entanglements may distract businesses from their main focus and operations. If we are retained, we can be activated immediately to deal with any dispute at the first instance. This will give your staff the peace of mind to concentrate on strategic goals and corporate growth, knowing that your legal problems are in experienced hands. This will increase the productivity of your business and enhance its overall performance.
Engaging an experienced corporate law firm like ours on a retainer basis is an investment with many benefits for your company.
Your business will benefit in many ways, including achieve cost savings, getting prompt and consistent legal support, and obtaining a strategic business advantage over your competitors.
We would recommend businesses not to wait for legal issues to arise before seeking legal counsel, and to take a proactive approach by engaging us on a general retainer basis.
If you are exploring how our general retainer can benefit your specific business, do contact us to discuss how we can tailor our services to meet your business needs, and help your business thrive in this competitive marketplace.
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The author, Waltson Tan, is a corporate lawyer trained in London and Singapore. He is qualified as an advocate and solicitor in Singapore, and has more than eight years of post-qualification experience.
Waltson advises clients on a monthly and yearly retainer basis, where he provides dedicated services to each client in relation to the issues which clients face, including general corporate and employment related matters.
Waltson focuses his practice on mergers and acquisitions, private equity, joint ventures, investment funds and other general corporate and commercial transactions. He has also represented numerous leading multinational organisations on a broad spectrum of corporate, regulatory, cross-border restructuring and employment matters.
Prior to joining the firm, Waltson practised at some of the top law firms in Singapore and thereafter, at a leading international law firm, which was the second largest law firm in the United States and one of the ten largest in the world.
If you require further information and/or expert guidance on the above or any other area of law, you may wish to contact the author of the article, whose details are as follows:
Waltson Tan Director +65 8079 0028 waltson.tan@28falconlaw.com |
Office address: 101A Upper Cross Street #13-11, People’s Park Centre Singapore 058358Singapore |