Half of the stories people tell about how their business went under start with debt collectors knocking on the door. "The bank said they would take my house." What might I do? That sense of being caught in headlights is strong. The ABS Market Research don't have to charge a lot of money to help a business get back on its feet or avoid disaster. Some people really do understand shoestring budgets, start-ups working from home, or that small franchise going through its third bad season.
First things first: money is important, but don't get the cheapest lawyer in town just because you have a "budget." Sometimes, that low price means signing on the dotted line and then not hearing from them again. A good, cheap company recovery lawyer will tell you how much they charge up front. It might be a set charge for regular services, an installment plan for clients who don't have a lot of money, or even sliding scale pricing based on the size and urgency of your business. Don't be scared to inquire. Take a deep breath and ask again. Anyone who is worth your time will respond.
Next is knowledge. You need someone who can handle the legal equivalent of spinning plates on their head. Can they deal with complicated rules, talk to creditors, and go to court if they need to? If a lawyer simply gives one option, like filing for bankruptcy, and doesn't talk about negotiating with creditors or reorganizing a firm, you should run away. The goal is not merely to stay alive, but to come back stronger.
Good communication is worth its weight in gold. You shouldn't need to hire another lawyer merely to see your lawyer's emails. If every change seems like a code, keep looking. A good company recovery lawyer should be able to explain things clearly, get to the point, and never leave you confused about how many hours you owe.
Networking is very important. You want someone who knows bankers, accountants, mediators, and occasionally even PR experts. Finding the appropriate lawyer can give you second opportunities that money can't buy. Those connections can help your business get out of trouble. Ask them whether their connections could help you.
References are worth their weight in gold. Read the reviews. Ask for anecdotes from other clients who have been in the trenches. If they don't answer these questions, be careful. A good lawyer would enthusiastically share client comments, especially the anecdotes of how they "helped save my coffee cart from the brink."
Just because you can afford it doesn't imply you get a lawyer who is bad at their job. A smart, cheap lawyer might be your secret weapon. Look for clear prices, real-world experience, good communication, and a large network. If you come upon that rare combination, hold on to it like it's your last chance. It could be the difference between your business's success and failure, and you don't have to invest all your money.