Early identification of business risks helps prevent catastrophic problems and greatly assists in the cost-effective management of those issues that do arise. Large companies often manage risks by hiring a General Counsel who oversees teams of other lawyers, paralegals, claims adjusters, investigators, insurance consultants and human resource professionals. Many small and mid-size businesses, however, lack the resources necessary to maintain a full-time, in-house legal team. As a result, most of these companies retain a lawyer only after a problem arises.
Frequently, the lawyer or law firm hired to handle the problem will have no prior experience with the client. That means that the lawyers have to take the time to educate themselves about the client’s business as part of the representation. And that typically happens at the client’s expense. It also means that executives key to the client’s business are expending valuable time on legal matters rather than being free to focus on running the company. BVA provides a cost-effective yet proactive alternative approach to identify and address threats to their clients’ businesses without interfering with productivity.