The following In-House Advisor guidance note provides comprehensive and up to date legal information covering:
You are likely to find the services you need fall into these categories:
transaction-based services, ie those that are provided for a specific transactional outcome such as the sale of a business, the negotiation and completion of a contract or conduct of a specific piece of litigation. There will be a hard outcome over a set period of time for a tangible fee
advisory services, ie those services where the business client requires limited advice either on a specific point or a ‘sense check’ on a piece of work that they are carrying out. The legal services provider is unlikely to know the outcome of the piece of work that they were called to advise upon. Charging it will be on an ad hoc basis
strategic services, ie those that are fundamental to making the company legally astute. The advice will usually be forward looking and include contemplating future legislation and regulation, together with the impact that it will have on the organisation. Services will not be limited to advice, but may well include training and other forms of knowledge sharing. Furthermore the process may be two-way
Understanding the different service types is a vital part of the exercise of procuring legal services. Law firms typically approach all types of chargeable interactions as ‘tran
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