Lawyers provide security, prestige and credibility to the deal. The client gains credibility by assembling a respected professional team. This is particularly true for newcomers who are dealing with established players. The lawyers can handle the “Player” while the client learns how the game is played.
Typically, it is the “big league player” who uses the established, prominent attorney in the practice area. Ironically, it is probably the newcomer who most needs this level of representation from experience. The “Player” may know the game, the rules, and the pitfalls. The newcomer does not. Thus, unless one is careful, one might find oneself the victim of the smart “Player” who is guided and protected by the knowledgeable attorney.
The best way for any of us to get hurt is to “play the other person’s game,” particularly, when the other person is a “player”. Players usually will not play it straight or fair with neophytes. Rather, they will attempt to “snow job” the other side into a very bad deal. Lawyers can help clients make the players “cut the crap”. The deal will go more smoothly and fairly. If it’s a bad deal, the client can walk away and stands a better chance of not “losing his shirt”.
You will not usually need the attorney to send routine letters of inquiry or response. But, using an attorney to negotiate or provide a final review of the deal or settlement adds professionalism to your side. Working through an intermediary also gives you time to discuss and think about options before committing to them. And, if the lawyer makes a statement or mistake in negotiation you are not bound by it. If you make it personally it may be difficult to retract or correct. The firm has multi-millionaire clients who make every deal or settlement “subject to the attorney’s final review.”