Law schools do not generally teach anything about business, as opposed to business law. As a result, lawyers learn about business legal forms and contracts, but nothing about the non-legal imperatives of running a business like corporate finance, marketing, or corporate strategy. Furthermore, as members of an inherently conservative profession many lawyers resist engaging in any topic that goes beyond the four corners of their legal brief (“I only give legal advice”).

This is highly problematic for business, because every legal problem comes within a business context, and lawyers who are not willing or able to understand that context cannot give good advice; Brandeis J.’s dictum is as applicable with respect to business knowledge as it is with respect to economics, and there remains a significant knowledge gap between the practice of law and the practice of business.

In some cases lawyers address this knowledge gap by specializing not only in a particular field of law but also in a particular industry, and in this way they develop industry expertise in substitution of more general business knowledge. At the same time the scale of the knowledge gap can be masked by the natural hubris of the legal profession—lawyers who are at the pinnacle of every information and decision making-tree they are associated with can suffer from the illusion of knowing more, not less, than their clients.

A great deal has been written about alternatives to lawyers billing by the hour, or lawyers working from home instead of at a desk in a big law firm, but in my view these topics are relatively trivial. A much more significant topic is bringing business financial and strategy tools into the practice of law in order to develop a multi-disciplinary approach to the delivery of legal services.

In a litigation context for example the focus of lawyers should not be on winning their client’s case but on solving the underlying business problems—the disputes which were the reason clients came to them in the first place. One very simple example of this would be to compare the cost of litigation with the cost of buying the other side’s company—if the two numbers bear some similarity then a rare opportunity for a litigator to participate in value creation instead of value destruction may exist.

Business clients want to know how much their case will cost, how long it will take, what the risks are, and the probable result. These four basis elements—cost, risk, time, and reward, are the foundation of the financial analysis of any business proposal, and there is no reason why lawyers cannot make reasoned and reasonably reliable assessments of these elements in any given legal context—the law is no more uncertain than many projects undertaken by business, and in many cases is substantially more certain.

Once we have attached numbers, or a range of numbers, to the four elements then we can financially model them the same way we can model any other business proposal. We can start with a simple spreadsheet comparing cost to risk-discounted reward, or add time to give a net present value calculation (which will show how high the reward would have to be to justify the risk over time, all other things being equal). Nor does it stop there—we can go on to decision tree modeling to assess the value of certain choices and options, and use sensitivity analysis or tornado diagrams to identify the assumptions in the model around which most of the risk in the model revolves; this in turn allows us to go back and further assess the assumptions.

I am aware of no lawyers anywhere in the world who consistently adopt this multi-disciplinary approach in their practices. Discovering such lawyers, and developing a framework with readers to put some flesh on the bones of this theoretical multi-disciplinary approach, is a key objective of this Journal.

 

According to Cisco Innovators Forum guest blogger Bob Goedjen:

It’s not unusual to realize that as a solo-preneur you’ve reached the end of your expertise and that you need to bring someone else into your business. Even if you have employees, there are times when a partner can share the load. But how do you find a partner, vet a partner, and protect yourself in such a critical relationship? I’ve asked our guest experts to give us their insights. We’ll be featuring them over the following weeks. Here’s what members of Silicon Valley SCORE had to say. —-

The general concept of a business owner needing additional help really depends on the big question of “Why.” Since the answer to this simple question can be very complex and differ by the type and stage of the business, this means the “How” has as many variants. One common case is a technical startup company that has a single founder and needs additional co-founders to have a real team to get the company off the ground. In this scenario, there are really only two factors to consider – what is your desire for a close partner(s) and how will you get to know them well enough to make sure they meet all your expectations (and you meet theirs!) One common factor that many entrepreneurs run against is that many of the best partners or early hires may have more experience, opportunities, and plain “smarts” in many areas than they do. This bothers some as it means sharing not only the company assets, but sharing ego-related decisions as well. In my experience, those owners/managers that hire people that are potentially better than themselves end up improving their own capabilities.

When you start talking with potential partners, you need to have a plan on how to really get to know the person. The majority of successful relationships for partners and co-founders come from knowing each other in previous situations and therefore knowing both the skills and the personality matches that exist. If that’s not the case, then the situation is not much different than starting a dating relationship with marriage as a future goal.

Some of the particular issues that are often asked can be:

Do I need to worry about protection and intellectual property?

Any conversations (again like dating) with potential partners need to talk about the general business, the customers, the competitors, and the business potential. Sure, you need to talk about the products and why they are better, but until the relationship develops, there isn’t any reason to go into the technical details or special marketing ideas or whatever is key proprietary data. This is a general case that you must be able to describe why you have a great business potential without going into too many details.

And, like dating, there is no appropriate paperwork that works while you are developing the initial relationship. Like a pre-nuptial agreement, any such agreements must wait until the relationship as developed and there is a mutual reason to progress into secure detail.

You also need to protect the person you are interviewing. For example, it you have a great new marketing approach and the person works for a competitor, you shouldn’t ask him if they have any plans that would counter your approach – that’s asking him to breach others trade secrets.

How do I really get all the information I need on this person?

Again, the real answer to this is different for all situations. First, of course is to spend time making sure you know that the person has the background and interest in working with you and appears to be able to bring the skills and contribution you need. Then you start the difficult stages – chemistry between the two of you and background checking. The chemistry issues are very personal to your personality, but it’s important that both of you understand your business and personal goals, your styles both in public and in stressful situations, and how your other factors (opinions, politics, education, etc.) can help or hurt the long-term relationship or don’t matter.

Background information checking is important, but if you aren’t experienced in this, it can be difficult. The obvious checks are where and who the person has worked for and what feedback you get from checking those sources. But that’s just the beginning. Next you need to know how peers and subordinates view the person and their successes. An engineering manager’s boss may think he’s great because he’s brilliant and has great ideas – but the marketing folks may think the products are always late and have bugs. Another manager’s boss may think she’s great, but the engineers think she just deals with the project functions and hasn’t a clue about the technology. Be sure you are asking the right people and getting all the proper data you need.

If your potential partner will have outside interactions, talk to those he has interacted with – customers, investors, contract manufacturers, etc. Make sure the jobs went as expected and see if there are or were details that could cause trouble in your business.

Once you have confidence you have a good relationship with your potential new partner, you should make sure the feeling is mutual. Then it’s time to discuss future goals and roles, as well as the appropriate compensation and reward system. If you expect your new partner to purchase part of a business, I hope you made sure the financial ability was there early in the discussions. If you are founders with plans to then attract investments and loans, it’s time to make sure you know what assets you may each have to provide and what portion of the company you will both own and be responsible for going forward. This is also the time to talk about other key partners or employees that will be necessary for you to achieve your goals.

One potentially overlooked factor is the personal life of a potential partner. Before a deal is really concluded, both of you need to share with the other any possible problems (a divorce about to happen) or simple lifestyle things that can affect a business (6-week vacations in France each year.)

Now you are ready to conclude the deal. It’s time to make sure you are very comfortable – it’s tough on you, on the candidate, and on the business if this doesn’t work out. Are you sure this is a position you want filled and this is the person for it? If there is any doubt at all in the answer to this, don’t go forward. Many will say that having a partner (or filling any role) is better because you have new and more thinking. That’s true, but only if it’s pointing in the same direction and is constructive, not destructive. This may be as much to do with your personality and style as the candidate, but now is the time to resolve that.

On the last point, there are a number of entrepreneurs that simply want employees (hopefully good ones and not just “yes-men”) and don’t want partners or co-founders. If that’s you, don’t get into a relationship that’s going to fail – it can bring extended troubles you don’t need or want.

Leicester is a unitary authority area and a city in the East Midlands of England. Leicester has been voted one of the best cities to carry out business. It is popularly termed as the city with no boundaries. It is known as the Space Capital of the United Kingdom and has the biggest Space Science Center for research in Europe, the National Space Center. The economical upsides of this city coupled with multiple benefits and its unique lifestyle make Leicester one of the most desired places to invest. The infrastructure of Leicester is also one of the best in the entire United Kingdom. As it is situated near the motorway networks, it has direct access to all the major roads of the UK.

 

It has the largest mail and pure cargo airport in the UK which manages as much as 30% of the total pure freight of the UK. The wage rate and lower commercial office property are also very low as compared to other cities in the United Kingdom. This feature makes it the best destination for small and medium-sized enterprises. The house rates are also low in Leicester, as compared to the national average. It has a total workforce greater than 1.2 million and that too within commuting distance. It is a home for 2 million consumers and also has a sound educational background.

 

The major industries flourishing in Leicester are Engineering, Food and Drink and Financial and Business Services. It is already home to more than 350 foreign businesses and some of the best companies such as the RBS, Alliance and Leicester. 3M and AstraZeneca are also successfully thriving in this city.

 

The future prospects in Leicester are also very bright. It is estimated that a whopping three billion pounds of investment is going to take place in Leicester in the next five year period. Strong links have also been built with some of the major growing economies of the world such as India and China. The Science Parks prevailing in Leicester act as a major link between education and business.

 

To provide help and proper support to overseas investors, there are various investor development services operating and thriving in Leicester. These services offer appropriate help such as skilled employees, innovation capabilities and financial investments necessary for the growth and development of any business.

 

With such massive potential and unlimited benefits, a large number of people are opting for Leicester. It is a city which provides exciting possibilities and a whole lot of new and innovative opportunities to investors. With opportunities pervasive in almost all the sectors and an existing political harmony, Leicester is considered to be one of the best places for investors to set-up and develop their business.

 

Liverpool is the metropolitan administrative division of Merseyside, England. It lies on the eastern side of Mersey Estuary. In recent times the city has been transformed into the UK’s leading business spot by an ambitious regeneration program. In Liverpool, £4 billion have been committed to investors’ confidence and physical regeneration. Liverpool has seen large growth in all sectors, both private and public, as compared to the rest of the United Kingdom.

 

Major private sector industry firms have also invested in Liverpool, especially in the financial sector, and are either opening or expanding their sites. For example, JPMorgan, Barclays and Alliance & Leicester. Many call centers have also popped up in recent years. Means of transportation such as ferries, transatlantic steamships, electric trains, municipal trams and helicopters are found in Liverpool. In the field of public health, purpose-built ambulance, slum clearance, X-ray medical diagnosis, motorized municipal fire-engine and cancer research centers all have originated in Liverpool. Potentially profitable investment opportunities are coming up because of the changes in national and international perceptions regarding Liverpool. Investment in this city is becoming an increasingly attractive option as innovations are led for its shift towards a city with world class proportions. Property can be considered a long term investment option in Liverpool. There are city lofts to manage your property and to ensure that the tenant and landowner both are satisfied. By investing in property in Liverpool you can build a comfortable nest egg for retirement, either as a mortgage-free home in the cosmopolitan city or a good source of income for those who wish to stay where they are. Investors from all over Ireland and England have arrived on the property market.

 

Investment in Liverpool is encouraging because of schemes such as ‘Liverpool vision’ are helping to create a number of investment opportunities in the city. This focus on regeneration and business is even attracting students to Liverpool. The number of students has increased considerably and so has their accommodation facilities. Many investors have acquired cheap terraces in the last year which threatens to be a torrent of student property on the market. Many warehouse apartments are being built near Liverpool’s Chinatown, which is a serious development and is expected to lead to substantial price rises.

 

Unemployment in Liverpool is rapidly disappearing due to financial services and government jobs which are relocated to Liverpool. Liverpool also attracts a number of tourists as this city is packed with leisure outlets, art galleries and museums. Liverpool is the home to premier soccer teams Everton FC and Liverpool FC and the world famous horse race Aintree Grand National. The creative industries, culture and tourism will ensure sustainable development in coming years. The two big exposures this city has are the Halewood car plant to the south of the city – where they make Jaguar cars – and call centers moving to India.

 

Thus, foreign investment in Liverpool is continuing to be encouraging and supported. With all the favorable investment opportunities, Liverpool is surely one of the best destinations in which to invest.

The software and IT industry is a growing field worldwide. The UK is the front-runner in attracting software companies throughout Europe. It is home to many global players and has more than a lakh specialist software firms. The public sector engagement and investments by the UK government is the reason for companies setting shop in the UK. Another factor attracting companies is that it is very easy to set up a IT business in the UK. It also has competitive tax rates for foreign investors. The corporate tax is 28% which is the lowest amongst its competitors. The UK leads in innovation and offers a good research base. It also has a large talent pool of IT engineers and world class institutes which are a plus.

 

The UK has a sound infrastructure in place for supporting software operations. The key aspects that the UK can provide any software company setting up operations here are:

 

1) e-business:  The UK is amongst the leading locations for e-business. It has the infrastructure and the technology in place for facilitating e-business. As e-business is the way of the future, companies initiating e-business operations will find the UK a great option.

 

2) Broadband availability: The Internet is driving most businesses today and hence broadband connectivity is essential for all businesses. The penetration of broadband technology is 28.1% in the UK, which is higher than that of the European Union. Hence, the UK can be a great option for investment.

 

3) Wi-Fi availability: the UK is next only to US in number of verified Wi-Fi hotspots. This is a plus for all software companies looking to set up operations in the UK. Wireless technology is set to grow and it also offers more mobility and options.

 

4) Secure servers: It has the largest number of secure servers after the US and Japan. Hence, security is great and businesses don’t need to worry about data leaks and loss. This is very important to maintain customer trust and support.

 

In addition, the cost of operations in the UK is highly competitive. Companies can choose providers and tariffs rates according to their requirements from a host of providers in the UK. Also, the UK has many institutes and universities offering software related training and research. The UK thus has a large pool of qualified professionals which is a boon for software and computing industries.

 

The UK is a leader in innovation. It has many universities that are dedicated to the cause of innovation. These institutes are coming up with newer technologies and ways to improve productivity. Hence, businesses can avail themselves of the newest technologies by setting up operations here. In addition, they can also work with these world famous institutes to develop software that is related to their field. Hence, it is a wise idea to invest in the IT and computing sector. You can avail yourself of the best resources at very competitive rates and amass huge profits for your organization by investing in the UK.