How to Save Legal Fees on Contract Review
You have a standard contract form. But now the other side has redlined it so much that it looks like they bled all over it. You need to engage a lawyer to review the markup.
Here are 5 tips for engaging a lawyer in the most efficient way:
Plan ahead and engage a lawyer early (schedule backward from your deadline). Let the lawyer know your timeline for getting the deal done.
Provide copies of any existing agreements and relevant documents.
Tell the lawyer your business point of view on key decision points.
Push back with the other party on the changes wherever you can (tell them that "legal review will take time", ask them to weed out any "nice-to-haves").
Provide background information on the scope and context from the business point of view ('the big picture"):
how important is this contract?
what's your leverage? what's theirs?
what's the status of the negotiations?
what are the alternatives if this contract doesn't get done?
what is the history with this other party?
how does this deal relate to current and future business goals?
Good planning is an advantage in any negotiation, and it just might save you some legal fees.