5 Reasons Why Hiring a Business Lawyer is Necessary and Not That Expensive
If you are a small-business owner, contacting a lawyer is often a scary proposition. It appears to be costly and only a little bit comes back in return. But legal advice and guidance in varied forms is vital to any small business. It is true that you will get a bill. However, hiring an attorney doesn’t have to break the bank.
Here are five business reasons why your company may benefit from the involvement of an attorney:
1. You’re starting a business
Most budding entrepreneurs decide to start running their business before ever calling a lawyer for legal advice. Don’t make the same mistake. Before you receive a penny, contact a lawyer to review your business structure, legal ramifications and other elements designed to protect your business and help it flourish. Remember that a lawyer isn’t someone you go to only when you’re in trouble.
2. Check your contracts
Make sure that any contracts that you have are in writing. Oral contracts often mean an unpleasant lawsuit later. It is important for an attorney to review every contract you use in your business, both with customers as well as suppliers – or draw up suitable contracts if none are in place.
3. Check if any money is owed
An attorney can help by devising a course of action to collect any funds. In the alternative, if you owe money a lawyer can often provide defenses and negotiate on your behalf.
4. Plan for your retirement
You probably want your business to continue when your retire. A business attorney can address succession.
5. Resolve a business dispute
Just hiring an attorney will signal that you mean business. Hiring a lawyer early may help you avoid lengthy and costly court action.
And, don’t fear the cost. Legal advice costs money. But it doesn’t need to be as prohibitively expensive as you might fear. Some matters can be handled on as-needed basis and you may not need to a large retainer.
ABOUT THE AUTHOR:
Fred Abramson is a New York based attorney specializing in business law and litigation. In addition to advising small business owners, he has successfully represented a range of New York companies, from non-profits to executive search firms. You can find him on Twitter: @fredabramson, or check out his website and blog.