The Only One I’ve Got on My Side is the Blood-Sucking Lawyer
Your competitors are already using lawyers to gain a competitive edge and close more deals. Are you?
Running a yacht brokerage or yacht manufacturer is big business these days. With high dollar deals and multiple employees, company owners and executives in the yacht industry face ever growing internal and external threats and pressures. It’s more common than ever to hear people in our industry lament that they wish they could “just get back to selling boats” but find themselves bogged down by the day to day issues facing their business. At Luxury Law, we’re contacted every week by yacht brokers and builders that thought they were involved with friendly actors; employees, buyers, sellers, other brokers; only to find out that those friendly actors were actually savvy and antagonistic sharks now threatening to sue over a wide variety of issues. “I bring you here to protect me from these characters, and the only one I’ve got on my side is the blood-sucking lawyer!” exclaims the character John Hammond, played by the inimitable Richard Attenborough, in the all-time great film Jurassic Park. A line all too relevant to today’s yacht market. In the movie scene, Hammond is frustrated that his business (Jurassic Park) is being attacked by the very people he brought in to promote it and to his surprise the only one left supporting him is his lawyer.The statement rings true. Too often by the time we get involved everyone else has lawyered up and you’re wondering how the situation devolved so quickly. At that point it’s usually too late to stop the process and legal fees begin to mount just trying to defend or unravel what has already been done. At best, we scramble to achieve a settlement or agreement that might stop litigation and put a halt to the legal fees. In the meantime, you may have closed a deal, but you’ve lost a customer. We see this happen every day, but it doesn’t need to be this way. Despite how the movies portray lawyers, we’re not always the bad guys!
It’s a common misconception that people tend to only think of lawyers as litigators. It is true that there are plenty of capable lawyers out there that are happy to defend when you call them. Yet the most valuable lawyers to businesses can spot problems before they happen and avoid risky situations entirely. This is the concept of the role of a lawyer as counselor. Even the most experienced and successful business owners in the yachting industry, closing multiple deals every year, don’t deal with complicated issues related to a closing or a problem with an employee as frequently as we do. We’re dealing with multiple businesses and multiple issues every day of the week. Not only can I resolve issues more quickly and cost-effectively but more importantly it’s easier for me to spot those potential issues before they happen, creating a further efficiency within your business.
The lawyer as counselor concept is something already employed as a tool by most, if not all, Fortune 500 companies. Businesses across all industries employ attorneys in-house as directors of operations, COO’s or general counsel. Smaller businesses use the same concept on a scaled down model hiring outside attorneys on a monthly retainer basis to provide daily counsel. As the yacht business continues to evolve to a more business-oriented industry, that concept is finally starting to creep into the yachting industry. Savvy and forward-thinking yacht companies are already using maritime lawyers as counselors to close more deals and create a competitive edge.
Several companies in the yacht industry have already hired in-house counsel or are employing yacht-specific attorneys on a monthly basis to not only look at every deal that comes through the door but also to put a seasoned set of eyes on all aspects of their business. Results show that it creates a smoother day to day business operation, and arguably more important, freedom to close more deals. A good attorney can not only tell you what to avoid, but also how you can close a deal that you thought was otherwise unlikely. The value-add is not only to your bottom line but also to a better overall customer service experience which keeps people coming back and buying more boats.
Best of all, employing an attorney in this way doesn’t necessarily mean a cost added to your business yet it is a guaranteed value added. We have multiple, flexible programs starting at low monthly rates available to meet the needs of businesses of all sizes. Not all lawyers are blood-sucking as the movies may make us out to be, but we are on your side. Let us help you.
Bring a new level of professionalism and confidence to your business, create a better customer experience, and get more deals done. Your competitors are already using lawyers to gain an edge. Are you?
About Luxury Law Group
Luxury Law Group is a full-service law firm focusing on transaction and litigation matters related to luxury assets including yachts, aircraft, real estate, custom automobiles, art collections and fine antiquities. Serving clients around the world, Luxury Law Group is strategically positioned, with offices in Fort Lauderdale, Stuart, Washington, D.C., and The Hamptons, to provide concierge law service expected by our diverse list of clients.