Here are some key quotes from my latest podcast with Rich Chen, Founder and Managing Partner of Richard L. Chen PLLC about the case for using a boutique law firm:   

“Richard L. Chen, PLLC was founded out of my desire to make an impact by serving as a trusted business and legal counselor for wealth managers, fund sponsors and other investment advisory firms.”

“When I came to law school, I realized that I didn’t want to focus on litigation, I wanted to focus on corporate and finance work in the hopes of trying to help build things.”

“I’ve been interested in entrepreneurship since childhood. My parents were entrepreneurs. And I know the challenges that advisors face, both the business and the legal challenges.”

“There’s not necessarily any need to use one single firm.  As a matter of fact, it can benefit clients to have multiple advisors that they can rely on to get different perspectives.”

“One of the things that we have done, and other boutique law firm owners have done, is build partnerships, co-counsel relationships.  They take different forms, [but] that actually allow us to work with some of the best experts in the legal field.”

“Whether you’re working with someone at a big law firm, or you’re working with a boutique law firm owner, you’re dealing with the people ultimately.  And they have to be people that you trust, and that you believe will provide good advice.”

“I know it’s a challenge, especially for a number of clients to try to discern who is actually providing quality advice. And so it’s important to actually do diligence, talk to other people. Get their perspective on whether or not someone – regardless of whether they’re providing advice from a law firm that’s a multinational law firm or a boutique firm – is providing quality advice.”

“There are so many technology solutions out there that you have options.  The challenge is that oftentimes it can be hard to discern where to begin. And my first option is to look at the existing technologies.”

“On the compliance side, there’s quite a bit more development with respect to the types of technologies that are used, that can really enhance workflow efficiency – reporting, reviews, trade reviews, and record keeping.”

“I think there’s always been this concern by many attorneys that technology is going to eliminate the need for legal practitioners, and nothing could be further from the truth.”

“I still do think you have to have a fundamental understanding of what those technologies do in order to provide full integration with your service offerings as an attorney, but you don’t have to engage on a deep level with the technologies in order to be effective.”

“One of the things I do is I serve on the Board of a Christian, not-for-profit organization called Open Hands Legal Services, which provides free legal services to those in need in New York City, whether it’s housing, or economic assistance, or family law or other issues.”