I discuss how to select a lawyer to work with in my book Real Estate Dealmaking: A Property Investor’s Guide to Negotiating..
Assess how a lawyer treats you as a prospective client. That can indicate how he or she would treat other parties in your real estate negotiations. Also, be wary of a lawyer who is indecisive about fees and takes too long to return calls. This isn’t a good sign! With lawyers, the characteristics of slowness, indecision, and vagueness increase the number of hours they will take to complete transactions, thereby increasing the amount of money you’d have to pay if you’re invoiced on an hourly basis.
Here are some “operation indicators” that will help you choose the best lawyer.
Play the Referral Card
Keep in mind that smart lawyers know they need to constantly increase their client base, plus they want clients to keep coming back and referring more business.
Be Sure to Meet in Person
I recommend you negotiate details of a new relationship as much as you can on the phone.
Consider the Chemistry
Even though one lawyer may charge more than the others for each real estate closing, that lawyer may have the chemistry and patience that matches your personality, as well as the skills that match your needs.
Research Firms Thoroughly
Do a lot of research on each of the law firms that you are considering.
Select Seniors, Not Juniors
Sometimes a senior lawyer will speak with you and negotiate the fee agreement, but the actual work will be done by someone much more junior.
Learn more in the book, Real Estate Dealmaking: A Property Investor’s Guide to Negotiating..
