Small or big business, Global or local, whichever type or scale your business is, one thing will remain common and that is the need of a corporate Lawyer, associated with your company to take care of all the legal issues your business faces. Hence, you agree or not but if you’re not having an in-house legal department or a working association with a Corporate Lawyer is mandatory and beneficial for your business. It saves you from paying up huge on the traditional ‘hire a lawyer when sued’ laidback ideology.
What is the need of having a Corporate Lawyer for my small business
You’re running a business and there’s no doubt that you’re capable of multitasking and taking care of almost everything on your own. But, there are few things that you can’t handle on your own and you will need some professional help to save a decent amount of dollars. The legal issues are very complex to understand and no matter how big business you’re, you will need to hire a Corporate Lawyer to help you out.
On which legal issues will I need a Corporate Lawyer or a law firm
There are certain issues which are time-consuming and full of legal tactics that are best left on law partners to deal with. Here are few of them:
- Your former, current or prospective employees are disappointed with you or angry with and decide to sue your company on the grounds of any form of discrimination. And, if you don’t have an expert legal help to save you, you’re behind the bars for a good number of years.
- Local authorities, state laws, or the federal government decides to file a complaint against your company for violations of any law.
- Negotiations on behalf of your company and documenting the purchase.
- Handling any accusation against your company by any former employee or business competitor.
- Any NGO (Non-governmental organization) or government body charges you of causing any environmental issue even if your company is not involved.
How can I save on the cost
You will be spending huge money paying the fee and other charges of your law firm, hence you should always try to solve some issues that can be solved on your own rather than paying your law firm to do the job and wasting money. Like,
- Writing a business plan
- Reserving a domain for your company
- Creating a legal partnership agreement
- Interviewing and hiring employees
Or you can hire an In-house legal department within your business and hir few lawyers and save the cost.
Hire an individual with prior experience of working in a firm
Law firms are almost like a business organization and hence will charge you more. You can hire someone who has a prior experience of working in a firm like your own and got good knowledge on how to handle legal issues. This step will save the enough money compared to the cost of partnering with a law firm.
Prerequisite questions to ask yourself before hiring a law firm
As soon as you get your prospects, you need to ask yourself few question before you say ‘yes’ to the deal. The questions are
1.Does this person communicate well: Some legal aides will only mind the money but a good one will always disclose the options that you have regarding whatever you want to do rather than just a simple ‘Thats OK’ or ‘NO’.
2.Do you like him: You are going to do business with him/her in the current year, and many other years to come. It’s important for you to like him, if you don’t, don’t hire him.
3.Is the office conveniently located: You will be visiting your legal aid very often to discuss or do some counseling, hence the location should not be far from your office.
4.Will he intervene in other matters of the company: Most law firms only mind the legal issues of the company and pay no heed to other non-legal issues. If your lawyer tells you that he will and if he doesn’t give a convincing reason for that, you should beware.