Lawyers can provide assistance to business owners when they’re facing serious legal issues, but what about in other instances? It’s not always clear when a business is in need of legal assistance. Some businesses operate under the mindset that they always need a lawyer and some prefer not to work with lawyers at all. It is a matter of preference but hiring the right lawyer can save you time, trouble, and even money.
Almost all business dealings are conducted through contracts. These legally binding agreements are very imported and it is crucial that they are reviewed by a professional before you sign them and commit yourself and your company to something. The first thing you need to decide is what kind of law firm you want representing you. The choice usually boils down to a big or small firm. Both have their distinct advantages and disadvantages.
Bigger firms can afford to have lawyers with narrow specializations. This means you can get experts on exactly the matter you need. They also have far more clients, so their lawyers are very experienced and know what they are doing. The downside is that they cost considerably more. Large law firms have massive overhead expenses, so they have to bill their clients more on an hourly basis. Small firms are cheaper and more affordable. For some generic work, they can be fine, but as your company develops, they will be forced to refer you to a specialist sooner or later. That way you will have to deal with several lawyers and pay all of them.
Larger firms also have more gravitas. It isn’t exactly a legal term, but if you ever had dealing with them you know what we are talking about. When you receive a letter from a big firm with offices across the country, it isn’t quite the same as when you get one from some solo practitioner from out of state. This goes double if you want to intimidate someone, which can be useful in certain situations.
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Big law firms also carry a lot of weight in various circles that can be a helpful trait. If you are planning on going public with your company, having a law firm that is well-known in financial circles is crucial in establishing trust with your potential investors.
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Managing Lawyer’s Cost
There are several strategies that you can use when it comes to reducing your lawyer’s bills. There are several ways your lawyer can bill you. The most usual is an hourly rate. If traveling is involved, you may want to look into the per diem rate, as it can be cheaper. For some routine dealing, like reviewing a contract or negotiating a loan, law firms can charge you a flat rate.
A monthly retainer is another way of charging their clients who have a lot of these small, routine matters. For court matters, some firms charge a contingent fee. That means they will charge you a percentage of the court-awarded settlement. If they lose, you will only pay their expenses. Finally, there is something called value billing. The amount of the bill will depend on the money they saved you via their actions.
When Do You Need A Business Lawyer?
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Businesses may not immediately see the value in hiring a lawyer to work with them on a regular basis. According to Forbes, on average, a junior lawyer may cost somewhere between $125-$200 an hour.
Lawyers can help your business deal with the government, third parties, the public, and others vested in the business. You’ll probably need an attorney under the following circumstances:
- You need to make circumstantial or special allocations of losses and gains in your partnership or LLC agreement
- You want to add an attributed property to a partnership or LLC
- You buy a business that presents an environmental issue
- You are being sued by a former employee for discrimination or sexual harassment
- You want to sell your company or are purchasing a company
Improperly handling these issues could cost your business a lot of money so it’s important to speak with a trusted business attorney. If you’re in need of a Florida business lawyer to help you protect your assets, please contact Attorney Parikh.
When You Don’t Need A Business Lawyer?
There are lots of issues that arise in business that you could handle yourself. If you’re a bigger business, then hiring an attorney may be more beneficial for you. If you’re a small business, then you may want to consider handling these tasks yourself:
- Trademarking for your business
- Filing a fictitious business name statement
- Reserving the name of your corporation or LLC
- Purchasing an internet domain
- Creating a partnership, LLC or shareholder’s agreements.
- Forming a partnership, LLC or corporation
- Applying for an employer identification number (EIN)
- Filing for business licenses and permits
- Leasing a commercial space, and
- Interviewing and hiring employees, and registering them with the IRS
Types of Business Lawyers
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It is very important to consider how a lawyer fits in with your business. There are different kinds of business lawyers and you want to find the right one to assist you. Here are a few types of lawyers that can help your business to flourish:
- A lawyer that can review, revise, and edit contracts
- A lawyer that can help register, license, and provide permits for your business
- A multi-state business lawyer for companies operating in multiple states
- A real estate attorney who can assist with property law
- A taxes and license based attorney
- An intellectual property attorney who can help protect your creative products
How You Can Team Up With The Right Lawyer?
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As your business continues to grow, and you become more versed in the legal issues pertaining to your field, then you can hire an attorney as a consultant. Your attorney can advise you on business decisions, and review documents that you have prepared, to ensure they are satisfactory to the law. When working with any legal professional you want to make sure that you build a rapport and find the right fit.
