Managing Your Company’s Legal Needs

Not every company has the opportunity to have a corporate legal department on staff, especially when it would cost a not so small fortune. Many small and medium-sized businesses don’t even have the need for a dedicated legal team because there wouldn’t be enough to keep them busy. The needs of a small or medium-sized business are unique. They have a need to protect their own interests, but they can’t afford a team of lawyers.

It’s important to research and find a tailored solution to every small and medium-sized company’s legal department management needs. Finding a law firm that you can contact that has experience in business matters is essential. You don’t want to contact a lawyer down the street just because it is convenient. They may be friendly people and assure you that they can handle the contracts and business, but if they don’t have the actual years of experience dealing with the specific needs, then find someone who does.

New business owners usually do not consider the need for legal assistance at the beginning. They are too busy finding a building to rent, hiring employees, and creating a website. They just do not realize what is in store for them if they do not have an attorney familiar with business needs. The legal advice that they will need could save them a small fortune later on.

Things to Consider
When determining which lawyer will be the one you choose, ask around for other business owners to share who they use. If they can give a glowing review on their legal help, then you might want to meet with this lawyer. Finding a lawyer can be as much fun as dealing with a car salesman, so it could save you some serious time if you do some researching ahead of time.

While there is a need for a great business lawyer, there are costs involved. It is always good to hear early on about their rates. There is no sense in finding the best lawyer possible if you have to remortgage your house to hire them. Small and medium sized businesses have to watch their budget closely. One wrong move and they could be quickly out of business. Do not be ashamed to ask others how reasonable they are in relation to how much they charge.

Perhaps some of the best advice a lawyer can provide you with early on is determining whether your business should be a sole proprietorship, partnership, limited liability corporation, or s-corporation. A good business lawyer will be able to recommend which one would be best for your situation. It can be a bit tricky figuring these things out for yourself, especially if this is your first business. There are always changing tax codes, so discuss with your lawyer what would be suitable.

Businesses enter agreements with vendors, landlords, distributors, and many other companies. If a contract is not in writing and ironclad, it will be challenged. Not all contracts are worth the paper they are written on. A lawyer can assist with creating contracts that will hold up in court if needed. Hopefully, it never comes to that. A carefully laid out contract could prevent a lawsuit down the road.

Having an experienced business lawyer will give you peace of mind immediately. There are many other things that a business owner will have to worry about. Let the lawyer guide you through the legal hoops that you will have to jump through. The correct lawyer from the right law firm can cover all the bases. Hire one with enough experience that you will not have to second guess any of the legalities. Be ready to ask for advice from others that have been through it. If you do the proper research, then hiring a well qualified business lawyer will just be another step in making your company successful.