Despite the well-known importance of having legal counsel, many business owners put off hiring an attorney until it’s too late, and they are being sued.
Apart from that, most also rely on themselves when dealing with legal matters such as licenses, taxation, employee benefits, and other legal aspects of the business, often without prior experience.
Many business owners forgo hiring legal counsel for the sake of saving money. And combined with the overconfidence that there’s no way they can get into legal trouble, this can easily lead to a whirlwind of problems later on, not to mention the risk of financial pitfalls.
If the reasons for hiring a business attorney is not yet clear to you, keep on reading.
A business lawyer will help keep you in compliance
Just as a spinal cord injury lawyer specializes in resolving spinal injury cases, a business lawyer is well-versed in both federal laws and the laws in your locality. It’s their job to know all of these laws, keep track of the changes on these laws, and be aware of antiquated laws as well.
And as a business owner, you will likely not have the time to memorize all of these laws and ensure that you are staying compliant at all times.
Unfortunately, not having the time to learn all the laws is not an excuse when you suddenly get into legal trouble for non-compliance.
This is one of the main reasons why having a lawyer to guide you through all your business’s legal aspects is so important. With a lawyer by your side, you can ensure that you’re following all laws that are pertinent to small businesses, such as:
- Consumer protection
- Business formation
- Employment or recruitment
- Intellectual property
- License and permits
You can draft written agreements cheaper and more easily
One of the best benefits of hiring a business lawyer is the ease and cost-effectiveness they provide for contract drafting. They can help you draft contracts and labor agreements that will prevent disputes in the future.
And if your business is service-based, a business lawyer can provide a standard written agreement that you and your client can sign, eliminating the need to pay for a separate contract each time you need one.
Of course, since they know contract laws, a business lawyer will know what to do and what not to do when drafting written agreements. This will help eliminate potential loopholes that you might have missed and ensured that you are complying with both federal and local contract laws.
Hiring a lawyer before you are sued will save you more money
Back to our point before: many business owners don’t want to hire a lawyer because they want to save money, and dealing with a lawyer might not be their cup of tea.
But the moment you are sued, it’s already too late to prevent the issue from going into court, and it will take a lot of money to resolve the problem. That said, the cost of a lawyer keeping you out of legal hot water is much, much smaller than the price that you need to pay when you need to get out of trouble.
When you get into disputes, a good business lawyer will also be able to find alternatives that are easier and less expensive than litigation.
Examples of such alternatives are arbitration and mediation, which are far cheaper and less time-consuming than going to actual court.
It’s easier and less stressful to have a lawyer on standby
Apart from saving you from a financial drain, having a lawyer on standby will also keep the hassle to a minimum if you get sued. There’s no need to scramble to find a lawyer when you receive your summons. You already have one who is ready to receive the case and decide on the best course of action.
Moreover, you are also likely to be less stressed about the matter. You already know your lawyer and their capabilities; you’re confident that they can come up with a good resolution for you, unlike when you hire a lawyer that you barely know at the last minute.
Although getting sued will always be stressful for a small business owner, having a lawyer by your side can make the situation easier.
Having read these points, we hope that the reasons for hiring a business lawyer have become more apparent to you. If you want to minimize the risk of your small business getting into any legal trouble, having a business lawyer by your side should be one of your top priorities.