Running a business entails much more than just ordering employees around. The sheer responsibility of keeping a whole company afloat can be too overwhelming for some people. However, you do not have to struggle to fulfill duties or sift through a ridiculous amount of paperwork alone. With a business lawyer by your side, you can say goodbye to pesky paperwork and focus on growing your company.
If you are still on the fence about hiring an attorney, check out the following guide to understand why it is a must and know how to choose one while you are at it!
Why Do You Need a Business Lawyer?
To Start Your Business
Are you a new entrepreneur who dreams of getting their big break? Going from an employee to a business owner is quite the shift, so, understandably, you may feel like you have bitten more than you can chew. This is why hiring a business lawyer can be of great help. When you establish your business, you will need to make sure that you have all the required documents, including business plans, partnership agreements if applicable, and employment agreements. Getting all these documents in order by yourself can be a headache. So, why not leave it to a professional instead?
To Negotiate Deals
Scaling up your business is a must, especially considering today’s excessively competitive market. So, it makes sense that you may want to broker new deals with partners, clients, and vendors. However, negotiating the terms of these deals on your own can harm your business, as you might end up with an agreement that gives the other party more rights than you. In this case, having a business lawyer to negotiate on your behalf can come in handy, not to mention that they will make sure that your contracts are structured correctly.
To Navigate Lawsuits
The business world is unpredictable; your business might be thriving at one moment, and the next, you find government officials knocking on your door. Since lawsuits are always a possibility, there is no way around hiring a business lawyer. Yet, reaching out for help when it is too late is a big no-no. Instead of waiting for a disaster to strike, you must look for legal representation when you are just starting your business. This way, your attorney will know the ins and outs of your company, helping you get out of sticky situations much easier.
How Can You Choose a Lawyer for Your Business?
When hiring a business lawyer, you must decide whether you want to deal with big firms, small ones, or independent contractors. Generally speaking, big firms often have more resources to offer, but they come with a hefty price tag, not to mention that you may end up dealing with paralegals instead of experienced attorneys. On the other hand, hiring a small firm will allow you to rest assured that your lawyers have enough time for your company. Going for a solo practitioner (freelancer) also comes with many advantages, including lower fees. However, skilled freelance lawyers are usually hard to find.
Area of Expertise
Not all business lawyers are created equal. In fact, some attorneys work only in certain niches. So, if you have a limited liability company (LLC), for example, you will need to find a lawyer who has vast knowledge about what LLC arrangements entail. Similarly, based on the information on revisionlegal.com/services/internet-lawyer/, e-commerce business owners face very specific problems, such as counterfeit and data breaches, which asserts their need for attorneys that have worked with other online businesses before. In most cases, you can get away with hiring a general business lawyer and resort to a specialized one only when required.
Of course, you have to set a budget before hiring a lawyer, but more importantly, you need to be comfortable with their fee structure. In a nutshell, legal experts have three main fee structures: hourly, flat, and contingent. There is no one-size-fits-all advice when it comes to picking a fee structure. All three options are viable as long as they work well for your business. You may also be able to find ones that work on a pro bono basis. However, most pro bono lawyers offer their services to unfortunate individuals, not businesses.
Building a business from the ground up is hard work, so why not make it a tad bit easier for yourself by hiring a lawyer? As you can deduce from the previous points, a business lawyer is certainly a great addition to your team regardless of your company’s niche. To make sure you are choosing the right attorney, you can ask for direct referrals from your friends or check online reviews.
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