THE CAR INDUSTRIES AND LEGAL PROFESSIONS
1 What is the first thing that comes to your mind when you decide to buy a car? The price? the brand? or the reviews of the car model on various websites?
2 The most economical and costly 1.6L cars that are currently sold in Malaysia are priced from approximately RM40,000 Brand A to RM250,000 Brand B. There is a difference of 6 times in price between these two brands. What makes the two brands with the same engine capacity to have such a huge difference in price?
3 First and foremost, the history between these two brands in the car manufacturing field. The most economical car brand has a history of fewer than 40 years in the car sector while the most expensive 1.6L brand was founded over 90 years ago.
The latter had more time to observe and understand what most consumers seek in a car and also understand the perspective of the society.
4 Secondly, the research and development carried out by these two brands. To compete effectively in the car industry, automobile companies will innovate and introduce new products and technologies. Research and development is always a demanding exercise in terms of money and requires a large number of employees.
5 The former is having approximately 10,000 employees and around 100,000 vehicles were being sold in 2020. While the latter is having over 150,000 employees worldwide and has sold over 2 million vehicles in 2020. The revenue produced has in fact provided the latter with more money and resources to carry out more researches and developments.
6 latter As we can assume, the research and developments done by the latter is far more than the former.
boutique car brands
7 Taking into account the number of employees, it is not a significant concern for a car company to achieve success. Some may disagree with me on this point, but let me show you some examples.
There are a few boutique car brands and manufacturers that hire fewer employees but make the finest quality cars in the world. It is a work of art, hand-made to order exclusively for the customers, by their elite employees of highly skilled craftsman and designers.
The number of employees required by them are lesser than both car companies we are discussing now but the cars produced by them are always on the top of the automotive industry.
8 Lastly, I would like to make a last comparison on the safety issue of these two cars. I think we can all agree that the number of airbags can reflect the safety issue of a car. In fact, the latter has 5 more air bags compared to the former and also a better rating on the safety issues.
9 I believe the reasons I have stated above briefly answered the questions of why the prices of the two cars have such a huge difference.
Choosing a law firm for your legal matter is actually very similar to buying a car. I would like to post the same question to you again, what comes to your mind first when you are choosing a law firm? the price? or the reputation of the counsel?
10 When the prices of the same capacity cars can differ by 6 times, so can the legal fees.
Of course we are only discussing fees in relation to court work, litigation.
11 Imagine that one lawyer in litigation is charging RM 1,000 while another is charging RM 6,000. The difference between these two figures is huge and exaggerated. This may be incomprehensible, but it is a daily occurrence in the legal profession.
You may be curious and want to ask why the two lawyers with the same qualification and certification are charging different fees for their services, and what are the reasons that the amount that they are charging are so different?
12 We shall start with the history of the law firms. I think everyone can agree with this general statement, a law firm with a longer history is more experienced.
A firm that has a longer history will be able to provide you with more reference materials of their previous works.
13 A firm that has a longer history will be able to provide you with more reference materials of their previous works.
14 Research carried out by the lawyer is extremely important and is indispensable in a litigation matter. Lawyers need to do a lot of research to build their own case and to rebut their opponent’s case.
15 The research done is often the key to victory in a legal matter. Researching is a time-consuming and physically demanding task. It requires high concentration and analytical skills to complete an excellent research.
16 However, as I have mentioned above, similar to the car industry, legal professions also have boutique law firms.
The boutique law firms are typically small law firms that offer legal services in selected or specific practice areas. The lawyers in the boutique law firms are not huge in number but they are all experts and full of experience in the selected practice areas. Thus, due to their expertise, the fees charged are always at a certain level.
17 Regarding the safety issues.
That is a something you need to see from the track records of the various firms.
18 In a nutshell, if you choose to spend less money to buy a 1.6L car, you must be prepared to have some compromise, the same concept is undoubtedly linked to the legal profession,
Taking into account the factors I mentioned above, the history, the research and the safety issues, these issues always need to be bear in mind before you choose a law firm for a legal proceeding.
I hope with these points in mind, you would make the right choice.
Yap Wil Liam