 |  | Risk management Keeping Risks Under Control | | ||
|  Three Lines of Defense Against Risk Keeping Risks Under Control Controlling Transaction Risks Agency Disclosure Avoiding Antitrust Risks Minimizing Liability from Contracts Fair Housing Risks Controlling Personnel Risks Communications Policies to Minimize Risks Insuring Against Risks More Resources: Controlling Business Risks Code of Ethics: Controlling Business Risks | 6 Tips for Finding an Attorney Laurene Janik, general counsel for the NATIONAL ASSOCIATION OF REALTORS®, says to choose your attorney carefully, with an eye to a long-term relationship that will reduce your risks. Consider these issues when making your choice: 1. Relevant expertise. Choose a lawyer who understands the real estate brokerage industry, someone who can meet your company’s unique legal needs, from reviewing staff employment contracts to representing you in a dispute with clients to advising on international transactions. 2. Comfort level. Look for an attorney you can talk to, someone who will take the time to explain things in language you can understand. 3. Availability. Sometimes things can't wait in real estate. A deal might hinge on your attorney's advice, so you need someone who's accessible even on short notice. 4. Compensation. Compare rates and payment options, but beware of bargain-basement prices—you usually get what you pay for. Consider whether a retainer arrangement or a straight hourly rate would be better for you. 5. Services. You may not need a big law firm that offers a full spectrum of services. Find one that's the right fit for your business needs. 6. References. Ask for references. Clients can tell you much more about an attorney's practice than law school credentials can. Advanced Tip: Keeping Out of Court Having an attorney on retainer doesn’t mean that you shouldn’t try to reduce your risks by avoiding litigation if you can. Mediation is a process in which the parties to a dispute try to reach a settlement with the help of a neutral third party called a mediator. The mediator facilitates the discussion but doesn't take sides or render decisions. If the parties can't agree, they are free to pursue other avenues of resolution, including litigation. Arbitration is an informal hearing in front of a neutral arbitrator or arbitration panel that discovers the facts of a dispute through testimony and documents and then renders a determination. In most cases, the arbitration is legally binding, and the parties forfeit the right to pursue litigation. TIP: NAR has programs in place for resolving disputes between REALTORS® and between REALTORS® and consumers. Learn more about mediation and conflict resolution at REALTOR.org. Tips for Keeping Risks Under Control > | |