There are many valid reasons as to why you need an attorney, especially when owning a business. Hiring a lawyer will be beneficial to the future of your company. They can help you prepare for future contracts, lawsuit protection, and much more. Read the article below for 9 reasons why you should hire a business lawyer. If you are looking for a lawyer for your current business or need support contact us here at Mitchell Firm, we are here to help you! For more information call 540.443.9272 to learn how Mitchell Firm can help you navigate the process.
There are several things new businesses need. You need a great product or service, a market, employees, and the list can go on forever.
One of the many things entrepreneurs forget to do right off the bat is hiring a business lawyer. This attorney has a ton of value for your startup.
Sure, lawyer fees aren’t cheap, but neither is being sued for everything you’re worth.
Today’s post is going to hit the top 9 reasons why you should hire a business lawyer. Read on.
Being an entrepreneur has a unique set of challenges regular employees never see. Contracts are a major part of doing business. You’ll need them for some employees and clients, vendors, and so on.
No one is going to understand contract development for your business more than your business lawyer. They know how to make the contracts iron-clad so all parties are protected.
When you need to sign a contract for any reason, your attorney will be there to spot problems and negotiate amendments to any contract with loopholes that could end poorly for you and your company.
No building, relationship, or business will stand the test of time if built on a weak foundation. This is where your business lawyer can really shine.
They can advise you on matters of incorporation. Every type of business has different tax responsibilities and opportunities for breaks and credits.
If you need to partner with another organization for whatever reasons, the lawyer will be by your side to ensure things go smoothly so you don’t catch a bad break and put your name on a document you shouldn’t have signed. The lawyer doesn’t just review documents, they also craft them.
These kinds of early key decisions can make or break a new business in the long run.
3. Real Estate
When it comes to property, the seller is going to do everything they can to make sure the deal has the greatest benefit to them. This includes leasing space for your business, warehousing, etc.
You lawyers can review contracts and leasing agreements to make sure they’re legitimate. These types of documents are complex and it’s really easy to just scan and sign. It’s your attorney’s job to go over them with a fine comb and give you the thumb’s up or down.
4. Intellectual Property
While most patenting and copywriting is done by intellectual property specialists, your lawyer can get the ball rolling for you so you can focus on building your company in other ways.
Lawyers are part of legal networks. They know a lady who knows a guy kind of thing. Even if they don’t specialize in a certain type of work, such as trademarking, they will know someone who does, making your life much easier.
5. Lawsuit Protection
There are a lot of people out there who want something for nothing. Waiting to hire a business lawyer after a civil suit has already been filed is a mistake. You want an attorney “watching your six”, ready to pounce on anyone who tries to take what is yours.
Once a lawsuit occurs, your attorney can help get every document in order so you can prepare properly.
Let’s say you get sued and it turns out you’re at fault. You lose the case and your business has to payout. A great lawyer can mitigate damages.
Chances are, you don’t have this skill and any attempts to mitigate on your own will hurt your case more than help.
6. Employee Issues
Disgruntled employees can do a lot of damage to your business. From poor reviews on major websites to workman’s comp and lawsuits.
An attorney can not only help combat problems with knowledge of codes, regulations, and laws, but they can also help navigate potential issues to stop them before they happen.
Providing a safe, fun, and happy work environment will help you retain great employees and hire more of them in the future. Great employees combined with an awesome business lawyer can help provide the foundation you want for your startup.
Your lawyer can also help employees to know the laws and their rights as employees. They can draft the employee handbook and educate your staff about your business.
7. Buying and Selling
As your company grows, you’ll likely be buying property, buying out competitors, and possibly even branching out into new industries.
Your attorney helps with acquisition and purchasing agreements, can help advise you on wise buying and selling decisions, and can explain every piece of a legal document in terms you’ll understand.
Check out this post from De Bruin Law firm to gain a detailed understanding of mergers and acquisitions.
8. A Business Lawyer Provides Security for Others
Think about it. You have investors and stockholders. Every business venture is a risk for them.
Every move you make could cost the company, and in turn, your investors, a ton of cash. Having a business lawyer sealing the deal on everything from contracts to civil actions gives these people a security blanket.
They’ll feel safer knowing a knowledgeable attorney is watching over the company like a guardian angel. This will allow you to make moves to help the business be successful and may be the final push to get more money from investors.
The longer your business lives, the more you’ll realize that you need input from a business lawyer on any major decision.
This includes restructuring in the form of licenses and taxes, to terminating an employee like a CFO or COO, to handle a major crisis with a board of directors or stockholders.
Downturns and changes in the market may require your company to pivot and go into a new direction. Your attorney can help ease the strain on everyone involved.
As you can see, there are way too many valid reasons to have an attorney. You have no excuse for not having this kind of lawyer in your corner. Aside from an accountant, this should be one of your first hires.
The interview process should be similar to hiring anyone else. You want someone with experience who will go above and beyond for your business and has a proven track record of excellence.