Amish Thakkar

My co-authored book on Leadership is at Amazon No 1 bestseller in 3 different categories. Titled: How Leaders Get Things Done

"Verify everything!" Not referring to you Akhil but that has been my experience with several lawyers. Now I am super careful. I check every word of every petition, the exact wording of the law, precedents etc. myself. Am currently helping a friend who lost a case. Her lawyer did not turn up on the day of the hearing. Judge adjourned and the lawyer did not turn up the next time either!

What is the first thing that comes to your mind when you hear the word "Lawyer". And what is the first emotion that you feel when you hear that word?

@Akhil_MTLegal On some of these things, you can't take an approach of "cross the bridge when you get there." By then, there is no bridge and you are in deep water

@writingmusing Yup! That's a great analogy and comparison! :) It's exactly how it works sometimes!

Do I even need a Lawyer? If you've asked this question in the past, then read this post!

@Akhil_MTLegal Preventative legal advice is like insurance. You take medical insurance and hope you never have to use it. Same with preventative legal advice.

I have been on a lot of calls recently. And one common question, or objection that I really get is something along the lines of: "Do I even need a lawyer for my business?" "When will I know I really need one?" "I don't know if I need a lawyer." The reality is. Many business owners tend to think of lawyers as the folks you call when things have gone wrong. Like facing a lawsuit. Or a customer not paying up. Or even internal disputes between co-owners. From a legal and personal standpoint, solving these problems now requires: 1) More time 2) More money And you are forced to do this otherwise the problem will not go away. You can't sleep it out and I wish it was that easy. But what you can do is focus on the preventive side of the law. I hardly deal with the aftermath of the situation, because my main work focuses on preventing the mess up to begin with. Now other questions that people ask are: "How will I know you even did a good job?" "I don't even know if I want to prevent something because it hasn't happened to me yet." "I don't want to prevent. I will deal with the situation when it happens." And the reason people say that is for 3 primary reasons: 1) No Monetary Benefit: They don't always see the immediate financial benefit of investing in legal protection. 2) It Seems Like an Expense: Some view legal services as an unnecessary cost, especially when they're just starting out. 3) We'll Cross That Bridge When We Get There: Many have the mindset of dealing with legal stuff when it becomes a problem. And if you are one of these people, then I truly understand where you are coming from. And I do agree with you to some extent. But guess what? There are certain legal matters that you can handle with a bit of research. Things like writing simple MOUs, NDAs, or internal policies for your business. These are straightforward with research. And you will be able to at least address a few of the issues to some extent on your own. BUT. There are two situations I don't want you to handle on your own. Or rather, advice against it. So when should you not DIY: 1) When Your Business is Thriving: When your business is doing great, and you need to focus on further business growth, then delegate. The last thing you want is to be bogged down with legal tasks. 2) When It's Sensitive: The transaction or the matter is sensitive for your business. And any mishap may cost you much more than seeking legal help would. How would you identify if it's sensitive stuff? This is really case-dependent and depends on your business, but here are a few examples: (1) If you’re someone engaged in dealing with stock markets, you need to seek advisory in securities law. You will have to know if you have any legal obligations such as reporting disclosures or registration. (2) If you’re dealing with healthcare, the privacy aspect is super important for you. Health data is highly sensitive and there’s a need for extra precaution while dealing with it. (3) If you’re hiring an employee or working with a co-founder, you don’t want them to start a competing business. This is especially true if you have a business with easy entry. You don’t want the co-founder to just leave the company shortly after formation. This has to be prevented through contractual arrangements. (4) If you’re planning on fundraising, you need to bring in a business lawyer to handle any transactional documents. This is mainly done for a smooth investment process since the whole process is stressful enough. (5) If you’re entering into any sort of partnership, you should absolutely enter into contracts for two reasons. a) Just having a written contract in place creates an impression of seriousness for both parties! b) Any confusion or disputes most often can be resolved by reviewing the contract only, if the contract is good. -- That's it! So now you know: 1) When you DON'T need a lawyer 2) When you DO need a lawyer Obviously, everything comes down to what stage of the business you are at. But remember - prevention is often much more cost-effective than dealing with legal messes later. Any questions? Shoot them in the comments.

@Akhil_MTLegal @RomeenSheth Nicely represented. Has parallels with the Theory of Constraints

@RomeenSheth Love how you approach the problems and simplify them like this. @writingmusing will love this a lot too!

Break up challenges into component parts 1. Incentives 2. Personalities 3. Perspectives 4. Constraints 5. Resources Any difficult situation I have faced has always been a byproduct of ~2-3 of these being out of balance. Whenever you’re facing a challenge, ask yourself which of these 5 variables are at odds with one another.

@Akhil_MTLegal Each jurisdiction has its own rules. Some don't allow you to name a competitor

First, we look at what’s wrong with some agencies. At least 9 out of 10 Agencies ignore these points. They don't consider: • Advertising regulations • Crafting ad copies that resonate and are true to the brand Now here's the kicker. That's your brand on the Social Media Platforms. You might find yourself entangled in: • Regulatory penalties and fines • Advertising campaigns that fall flat • A loss of customer trust because of misleading content This means your advertising investment could yield minimal returns or even losses. But it's not impossible nor challenging to rectify this situation. Or even avoid it completely. You need to simply focus on the advertisement rules. And also the creation of ad copies that are TRUE to the product. Ask yourself these questions: 1) Are our ad campaigns in line with advertising regulations? • Make advertising compliance a top priority in your marketing strategy. • Establish internal processes to ensure all ad campaigns adhere to regulations. 2) Are we transparent and truthful in our ad messaging? • Follow the principles of transparency and honesty in your advertising practices. • Train your marketing team to adhere to these principles. Now if you do this, you will: • Avoid legal issues • Create ad copies that resonate with your audience • Build trust and credibility So focus on Marketing Agencies that can answer those 2 questions. And also give you proof that they can. And if they send you a Marketing Contract, ask these questions before signing: 1) If my brand is at risk because you failed to follow the rules, who pays for that? 2) If you post something that's not true to my brand, who bears the risk for it? 3) What guarantee are you giving me that you follow the marketing regulations? 4) Do you have an in-house legal team to guide you through these regulations? Only the TOP AGENCIES will be prepared to answer these. So that's all that's required. That willingness to take the extra step. And if you do this, you are already setting yourself up for success.

Marketing is a strong backbone for any startup. But there are THOUSANDS of Marketing Agencies out there. So how do you make the right choice? I’ll show you how. 👇🔥

@ChessbaseIndia @tschessindia @DivyaDeshmukh05 Well done. Finished ahead of Ju Wenjun who has been Women's World Champion for 5 years. That last round win over Humpy clinched it.

The 'Dawn of Divya Deshmukh era' starts with a thumping triumph at Tata Steel India (@TSChessIndia) 2023 Women Rapid Top 3 🥇IM @DivyaDeshmukh05 🇮🇳 7/9 🥈GM Wenjun Ju 🇨🇳 6.5/9 🥉IM Polina S 5.5/9 #Chess #ChessBaseIndia #TataSteelChessIndia #India chessbase.in/news/Tata-Stee…

@mefromdelhi Yes and then look at the cost of mitigation

Classify the risks in your project by probability and impact - High, Medium, Low Mitigate the risks that rate High on both dimensions on priority

@Swanagan True. That will make you worthless to everyone 😃

@writingmusing You can't be everything to everyone. Recipe for failure.

You cannot excel at everything. So ensure that someone in your team has skills that offset your weaknesses. That way you ensure all round excellence in client deliverables.

@StoicGainz True. Working towards a common goal fosters team spirit

@writingmusing Everyone has a role to play The head of the team should know what they are trying to accomplish Filling in those roles based on strengths and weaknesses is key

@Akhil_MTLegal Aim to get higher output with reduced time. That is the definition of productivity

@writingmusing Analysing helps a lot with it. Just go over the time that you spend working on something. How many hours a day do you think a person should work?

@NiklausFuller When you keep adding scope, you often end up adding complexity too

Easier to add scope than to take away. Big mistake folks make is: - agreeing to ad hoc tasks - not following through on it - ending up in a scope battle Once you say you’re going to do something, that’s now part of your scope. Either need to say no or you roll with it.

@polak_jasper The skill lies in managing the complexity, making it simple for the client and for your team

Project management is simple. But that doesn’t mean it lacks complexity.

@Akhil_MTLegal By mitigating these first, you are protecting the client's business

@writingmusing Planning like this goes a long way. For anyone taking on a high value project, just ensure this is in place. You will thank yourself later.

@voidtolight Also consider this while hiring. Hire people with complementary skills

@writingmusing Know where's your strengths. Leverage on others' too.

@XposingAgencies Build in this reciprocity in the contract

Just as marketing agencies impose penalties fees on clients for late payments, Clients should be compensated for agency delays in meeting deadlines. #fairbusiness

@XposingAgencies Well said. If you tell them what to do and then it does not work, they will not own the result. If you tell them the desired outcome and let them do it their own way, they will move mountains to achieve the outcome

@writingmusing A classic quote

@XposingAgencies True. Bringing ego into this equation makes things difficult for everyone. Instead, acknowledge that your skills in that area are limited and appreciate the team members who are skilled. You will be surprised at how happy they will be to help

@writingmusing And some will need to battle their ego to make sure this happens

@perfexcellent This is key😃 Giving the team targets that they have no influence over doesn't help. It will make them feel disengaged and far removed from the outcome