There’s a lot of information out there. Deals can be very complex. What may look good for one company may be bad for another. That’s why it’s so critical you get independent advice. You need somebody in your corner. We as attorneys are used to dispelling independent advice. That’s our job. It starts with a conflict check, where we make sure we can represent that client and that our interest of our other clients isn’t going against the needs of our client. We’re laying the foundation of independence. We as attorneys want to make sure we can do what’s best for the client. That means spotting situations, advising the clients, telling our client if we think a deal is good or bad, being able to ask tough questions when necessary.
In a recent transaction, the other side was giving some bogus information, asking my client to do something that was potentially illegal. Because I have this independence professionally, I can go to my client and tell them what I’m seeing. Imagine a different scenario where I was working for both sides. It would be much harder for me to go to my client and say what was good and what was bad. Essentially, we as attorneys typically can only be on one side of a transaction. It’s clear who we’re negotiating for. It’s clear who we’re in favor of. It’s clear that we want to protect our clients. That’s why you want independent advice. You want somebody who’s clearly working for you, that’s clearly for your interests, and making sure you do what is right for you.
What’s been your experience? Have you used independent advice in the past? Have you had a good or bad experience? What would you do differently in the future? Join us in the comments below.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Photographer Julie Tijerina.
About the Author
Shawn McBride — R. Shawn McBride is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can email R. Shawn McBride or call (214) 418-0258.
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