Small Businesses Shouldn’t Be Afraid Of Seeking Legal Advice
Unexpected legal costs can be an unwelcome drain on a business’s budget, but with some simple planning they can be prevented says Carl Nelepovitz on Linkedin. Indeed, when it comes to legal advice, prevention is better (and often cheaper) than cure.
Business owners generally have an antipathy to legal matters that when aligned with a fear of potential cost, means they often try DIY [do it yourself] methods rather than seeking out expert advice. However, when you look at the long-term costs of an ongoing legal issue, or even worse the costs of a failing business, it becomes clear that seeking out legal advice and addressing any legal issues well before they are encountered is the more sensible route.
Fortunately, there are lots of options out there that can help you keep costs to a minimum and give you some great advice. Indeed law firms themselves, run drop-in clinics where owners can have one-on-one sessions with lawyers. Be sure to take advantage of these where possible.
Planning for legal meetings:
If you do decide that you need to see a lawyer, it is important to prepare thoroughly to get the most out of the session. While you might not know all the questions you need to ask, let alone the answers, you should have a clear idea of what you want to get out of the meeting. Analyse your business and break it down into its constituent parts, being clear about what you want to talk about in each of them. Generally these will be:
- The ownership of the business
- What service or product the business is going to sell
- What rights the business is going to use in providing that service or product and who owns those rights
- Who is going to provide the service or manufacture the product (whether employees, consultants or contractors)
By explaining your problems clearly, an experienced lawyer will be able to intuitively pick up on the issues you will need to consider, hopefully before you take action.
Legal costs shouldn’t be a financial burden
Clearly costs are important, but they should not be the overriding factor in choosing a law firm. Most law firms are prepared to offer reasonable fixed prices for their work. Indeed, if a law firm refuses, that should be an indication that they are not used to acting for start-up companies.
As with all aspects of running a business, the key regarding legal issues is to try to find out what you are letting yourself in for before any costly problems arise. When it comes to legal advice, prevention is better (and often cheaper) than cure!
What if instead of shelling out hefty fees for a few days of legal help, you paid a monthly retainership and got a law firm for life? Well, we’re taking legal representation and making some revisions—in the form of accessible, affordable, full-service coverage. Finally, you can live life knowing you have a lawyer in your back pocket who, at the same time, isn’t emptying it.
Some Legal Concerns of a Small Business
- Regulatory Compliance
- Post Incorporation Due Diligence
- Corporate Services
- Corporate Restructuring
- Tax Services
- Debt Recovery
- Labour and Employment Issues
- Intellectual Property Protection
- Corporate Insolvency