There’s no doubt getting legal help as a business owner can be expensive, but the cost of not getting it could be even more costly. Here are five reasons why a business owner may need to hire a lawyer. Keep these reasons in mind if you’re facing legal issues, want to protect your business, or are a new entrepreneur looking for help.
According to Brandon Gaille, the consulting industry is responsible for over 2 million American jobs. Lawyers are the best consultants when it comes to getting the best legal advice. A lawyer will have a comprehensive understanding of all applicable laws and regulations, as well as an in-depth knowledge of the court system. They can also specialize in your area of business.
For instance, if you’re a real-estate developer, an experienced real estate lawyer can provide invaluable advice when it comes to leasing agreements, zoning regulations, and other related issues. An attorney who specializes in trademark law will also be able to help protect your intellectual property from infringement. These are just some examples of how legal specialists are vital and can help your business.
Whether you’re starting a business or managing a well-established one, having legal representation is important to protect your interests. For instance, the cost to recover from a ransomware attack has doubled over the last year, costing companies an average of $1.85 million per company. Lawyers can help protect you against ransomware attacks, help you get justice if you experience any wrongful termination or discrimination, as well as protect your data from being mishandled. Your lawyer can also help you craft contracts that clearly define the rights and responsibilities of both parties to ensure everyone is in agreement.
Unfortunately, not having a lawyer on hand can cause more harm than good. If you don’t have the right legal advice, you could end up making decisions that are not in your best interest or in compliance with the law. For instance, if you don’t have a lawyer to assist in the drafting of an employment contract, you could be exposed to numerous liabilities. Lower your liability risk and get legal help instead.
The U.S. Chamber of Commerce estimates employees steal between $20 billion and $40 billion a year from companies. While surveillance cameras can help deter theft, hiring a lawyer is the best way to ensure you can recover lost assets. Not only will they be able to help in criminal proceedings, but they can also provide advice on how to pursue civil action against former employees or other parties. They can offer assistance with filing paperwork and legal documents, as well as represent you during any court hearings or negotiations.
Negotiations between business partners can be complicated and emotionally charged. Having a lawyer on hand can help ensure that all parties are treated fairly and that any agreements are legally binding. A lawyer can also offer neutral advice so the negotiations don’t become too heated or too one-sided, as well as provide guidance on which decisions are in the best interest of your business.
Contracts can be complicated and full of jargon, making it difficult for a layperson to understand the terms. A lawyer is well-versed in contract law and will be able to explain all the clauses clearly so you know exactly what each part means. This can help protect you from liability or ensure that you don’t enter into a contract that is not in your best interest. A lawyer can also help ensure your company is compliant with state and federal laws, as well as provide advice on how to handle any disputes that may arise.
Whether you’re launching a new business venture, expanding an existing one, or managing day-to-day operations, having a lawyer by your side can help protect your interests and ensure you are making the best decisions for your business.