YOUR LAWYER:An Owner's Manual

A BUSINESS OWNER'S GUIDE TO MANAGING YOUR LAWYER

by Henry C. Krasnow

Cover and Table of Contents

TABLE OF CONTENTS

Part I: Dealing With Lawyers
Chapter I What Is This Book About?	3
Some of My Best Friends Are...	6 We Are Highly Trained Professionals, or,
Don't Try This at Home	6
Chapter 2 Why Hire a Lawyer?	8
The Canoe at the Waterfall	9
What Do Lawyers Do?	II
Chapter 3 The Discovery, Care, and Feeding
of a Good Lawyer	26
The Two Kinds of Clients	27
The Three Kinds of Lawyers	32
What Are Lawyers' Motivations?	34
Pick the Right Qualities	35 If You Are Not Part of the Solution,
You Will Be Part of the Problem	43
How to Spot Undesirable Legal Advice	47
How to Deal with a Problem Lawyer	51
A Few Words on Paying Legal Fees	52
The Myth of Lower Hourly Fees	53
How Much Should You Pay Your Lawyer?	54
Chapter 4 Litigation and Compromise
It's Not About Justice, It's About Dollars	58
Readjust Your Concept	58 Don't Let a Lawsuit Turn Your World
Upside Down	61
Risk—The Ever-Changing Calculation	62
Don't Create Meaningless Metaphors	63
Don't Kill the Messenger	64
Trials—Hardly an Exact Science	65
Settlements Are Not Losses	67
A Simple Guide to Successful Settlements	68
When to Settle?	78
Chapter 5 Managing Lawyers During Contract
Negotiations	8o
Some Do's of Negotiations	83
Some Don't's of Negotiations	85
Good Lawyers Can Help	89
You Need to Be a Good Manager	91
Words Can Hurt	93
Negotiations Are Educational	95
Act Like the Boss	97
Chapter 6 Ten Great Ways to Get More from
Your Lawyer for Less: A Review	99
Part II: Family Business Issues
Chapter 7 The Family Business	107
The Value of Business Advisers	107
Problems With a Family Member
Owner/Employee	109
Why Buy Out a Shareholder with No Right
to Be Bought Out?	III
Dealing with Unhappy Shareholders
The Virtues of Liquidity Agreements	113
Prenuptial Agreements—Shortcomings
and Alternatives	115 Twelve Great Reasons to Have
an Advisory Board	120
Six Types of Board Members to Avoid	121
Chapter 8 Minority Shareholders' Rights	123
The Myths	124 The Best Solution—Talk Out the Problem
and Resolve It Fairly	129
When Talking Fails	130
Can These Situations Be Avoided?	139
Chapter 9 Estate Planning—Some Forgotten Goals	143
First, Do No Harm	145
The Basics	149
The Language	152
Trusts	154
The Sophisticated Course	157
Appendix The Lawyer's Language: A Common English
Guide to Basic Legal Terms and Concepts	161
Ownership and Governance Terms	161
Finance Terms	164
Lending Terms	166
Family Business Contract Terms	167
Litigation and Dispute Resolution Terms	169 Enforcement of a Judgment
or Other Court Order	185