As a business owner, how high is hiring a business lawyer on your priority list?
Chances are it should be higher.
Having the right legal information readily available is crucial to your business success and growth, whether you're just starting up a business, or have been in the game for a while.
Here are a few aspects a legal professional can help you with:
- What information to include in contracts to limit liability
- How to back up your position when a dispute arises
- How to approach crucial transactions and decisions
- Your responsibilities to keep your commercial entity separate from your personal assets
Of course, you can try to do it alone or get advice from other sources. However, you risk making decisions based on possibly inaccurate information.
That being said, your own personal legal advisor could be your best investment.
Here are four reasons why:
1. Avoid Early-Business Missteps
Getting started in the entrepreneurial world can be a thorny affair - especially in the legal department.
This is why the wisest strategy would be to invest in legal business formation. You'll need to figure out which type of business entity you want to create first.
It's important to have someone who can ask the right questions at the right moment and advise you on the best course of action. Business attorneys are best equipped for the job.
Taking your particular circumstances and business goals into account, they can offer valuable information to make sure your business ventures off on the right foot.
Forms, taxes, and licenses all come into play when dealing with clients and suppliers.
The last thing you want is faulty operations that result in unexpected costs or legal liability - especially if your company is in its early years.
A business lawyer is qualified to give you reliable advice to help you prevent unnecessary costs.
2. Deal with Contract Glitches
Getting help from a lawyer comes in handy for business contracts as well.
After all, who would be more qualified to deal with all the terms and clauses a contract entails?
Plus, for many companies, contractual clauses need to be adapted to local regulations and customs. This is critical for global service providers.
An attorney's eyes are trained to spot any ambiguous claims which are potentially harmful to your interests.
This is just one more reason to work with one.
3. Stay on Top of Your Business Game
Lots of elements are out of our control. The same goes for business ventures. No matter how qualitative your services are, there's always the possibility of unsatisfied clients.
The problem arises when they decide to take legal action against you - even for the most meager of reasons.
Not only will your finances be affected, but your brand and reputation could suffer as well.
That's when you wish you'd have invested in hiring a business lawyer either to prevent the litigation or to get the best settlement agreement. It is usually not a good idea to wait until you are sued before you start looking for a good business lawyer.
Ultimately, an attorney can become your ally, someone who will help you protect your business.
At Tony May Law, we always strive to be the best partners for our clients. So you might want to hear about our complete array of services.
4. Benefit from a Business Lawyer's Negotiating Skills
Business litigation comprises everything from contract disputes to negotiating and entering into franchise agreements. You can see why it is best to have someone in your corner who can ensure the best possible outcome.
Attorneys are skilled negotiators who'll stand by your side no matter what.
They can advise you on the best course of action, always having your best interest in mind.