How Do I Know If I Need a Business Lawyer?
Starting a business can be rewarding for any entrepreneur. However, there are a lot of things an entrepreneur have to be worried about. One of these things include whether or not they need a business lawyer. Unfortunately, many novice entrepreneurs shy away from hiring attorneys because there is an underlying assumption that they charge extremely high rates. Startup businesses, especially small businesses may not have the adequate funds to make such a purchase.
As a result, these businesses will only hire an attorney only when a serious legal problem arises. However, any business can save a great deal of money in the long-term by hiring attorneys before any legal problems begin. You should identify which situations dictate the help of a business lawyer, but you should also understand what they do.
What Does a Business Lawyer Do?
A business lawyer primarily operates under two different areas, which is litigation and transactional. If a business lawyer is focusing on transactions specifically, they will be focusing more on how to get your business off the ground and how to manage it. They will also look at acquiring other businesses and ensuring that your current business is complying with regulations set by the government.
If a business lawyer focuses on issues focused on litigation, this means they are representing you in court if you are being sued or if you are planning on suing someone else.
Issues You Can’t Face Single-Handedly
As an entrepreneur and business owner, you have a lot of responsibility in managing a variety of things. However, legal issues are most definitely something that you will need the advice of legal experts. While there are matters that you can learn on your own and not have to shell out $200 for someone to explain legal concepts to you, there are other things that will not get.
In any situation, business lawyers will be able to guide you through laws that are complex and can help you review business agreements. If things are not running smoothly, they can also help you through a lawsuit.
Some of the things that you will need help from a business lawyer include, but are not limited to:
- business-related environmental issues
- negotiating the sale of your company
- “special allocation” of losses and profits
- complaints filed by state, local or federal government entities
- lawsuits by employees on the grounds of discrimination
You will need legal counsel to help on these issues because they are way too complex to be handled by yourself. The wisest move is to get a business lawyer well before these issues arrive. You can consult Douglas Healy for more expert information on these legal matters.
How Much Does a Business Lawyer Cost?
Usually, a business lawyer will charge you at an hourly rate and will depend on how complex the matter is. These rates can also be contingent on where you live. This is why it is important to ensure that an agreed upon rate and cost is established before a meeting. Legal matters for businesses can be a very difficult thing to deal with, especially if you do not know what you’re doing. You can consult Douglas Healy for more valuable resources if you are having difficulty.
What Can You Expect?
When working with a business lawyer, the first thing they will typically ask you is what your goals are for the future and the history of how your business got started. Small business managers and owners are tied to their businesses, so if you want a lawyer to help you with your troubles, you should be well-versed in the intricacies of your own business.
Once a lawyer has a clear indication of what your current situation entails, they will provide you valuable information on where you currently stand on a legal basis. You can also expect to have an engagement agreement which will outline what your cost will be and what issues your lawyer will be working with you on going forward. Finally, after a while your lawyer will take care of what legal matters you currently face, and updates on their progress will be provided for you.
Do not wait for a legal issue to arise in order to get a business lawyer. This is a worthy investment that will end up saving you hundreds, or even thousands of dollars in the long-term