As a business owner, there is always the thought of possible legal issues. After all, hiring the wrong person or a bad business deal can cause major issues. The best way to protect yourself and your business is to find the right business lawyer to help. Having a business lawyer allows you to have a reliable resource for any legal questions from payroll and contracts to lawsuits and employment issues.
As a small business, you may think a lawyer is expensive and unnecessary, but, it actually isn’t as expensive as you think. Use the guide below to help you find the right business lawyer for your needs that also fits your budget.
Hiring a lawyer before you actually need one is the best way to avoid issues. As such consider having a business lawyer for the following situations;
Choosing your business entity is an important decision that will impact your business growth. A lawyer can walk you through the benefits and downfalls of each entity to decide which is best for your needs.
When you are looking at raising capital for your business you need ironclad contracts. A business lawyer can ensure that investor contracts are set up correctly for any situation. Additionally, if you are looking to go into business with a partner, your lawyer can draft a detailed partnership agreement. This agreement can detail all the rights and responsibilities of each partner to avoid issues later on.
As your business grows, contracts will adapt and change. A business lawyer can help you ensure that the new contract is still favorable and check the fine print in detail.
Your business lawyer can also help with IP protection, employment issues, and more.
To find the right business lawyer for your needs, you will need to look at various law firms. One of the best ways to source a business lawyer is to use your own personal or professional network. Discuss your legal needs with your network to get recommendations and suggestions. This can be very beneficial as they likely have a professional connection with the lawyers they mention.
If your network is limited, or you only get a few recommendations, look to online legal directories. Most states have an up-to-date list of licensed lawyers in the area. Better yet, you can sort the list by area of expertise, making it easier to find a business lawyer.
Once you have a list of potential lawyers, it is time to meet with each of them. Many lawyers offer free or low-cost consultation meetings for this purpose. Aim to have an in-person consultation if possible so you get an idea of how you’ll work together. During your consultation meeting ask these questions and remember to record the answers.
By asking these questions, you can get a good idea of how well the lawyer will work with your business needs. It will also allow you to decide on if the fee structure will work for you and fit your budget.
Once you finish consulting with all the lawyers on your list, you should review each one. Work through the answers they gave to the questions above to decide which fits your business needs the most. Once you choose your lawyer, organize a meeting with them to sign your contract and sign a fee agreement.
If you can find a business lawyer for your needs before you actually need them you can save money and time later on. Being proactive ensures that your business is protected at all times. Plus, you have a great resource for any legal concerns you may have.
