As your business grows, your time becomes ever more valuable. Out of necessity, your priority should be to focus on the work that moves your business forward, and that only you can do. One of the best strategies to maximize your own productivity is to hire outside professionals to support your processes and reduce your burden. Working with an attorney is imperative to ensure that you make the best, most well-informed decisions for your business that you can, so that you can avoid problems, stay compliant, and grow. When it comes to hiring a business attorney, it is best to develop a relationship when things are going smoothly, rather than during a crisis. Here are some ways that having an ongoing engagement with a business law attorney can positively impact your business.
Contractual agreements demystified
Contracts, whether they are presented to you to sign, or agreements you create for outside companies, can often include confusing, complicated or long-winded verbiage. Shorter contracts are no safer, because that one-page agreement may be missing critical details that should be there. When it comes to your business, understanding the elements of a solid contract is critical in order to avoid legal problems. Even the “boilerplate” of a contract matters, and the impact of an overlooked issue can be disastrous. Instead of becoming a legal expert yourself, having a lawyer on your team who can distill the essential elements before you sign on the dotted line will help you to avoid costly oversights and mistakes down the line.
Get in front of lawsuits
Having a working relationship with an attorney allows them to become well acquainted with you and your business. Instead of always operating in damage control mode, your attorney can intervene early in the process to minimize risks, resolve any problems early, and position you for success if disputes ever do occur. Having a trusted advisor in place before a crisis occurs will help reduce panic situations. If ever your business is threatened with legal action, your attorney can get to work fast to resolve the issue.
An extra safeguard
Whether you’re running a new startup or are a seasoned business owner, there are always potential legal hazards. Every business has a name, a logo, a website, plus some form of confidential information. All of these elements are crucial to your business and are often overlooked from a legal standpoint. Without an attorney in your corner, your business assets could be at risk. A lawyer can help avoid problems that you didn’t even know existed, which will save you time, money, and stress in the long run.
Cash flow made easy
Are you dealing with non-payment of invoices? If phone calls and emails do not result in a check, your lawyer can send a letter on your behalf. This type of communication often motivates quick action and resolution. If that doesn’t work, your lawyer will deal with the issue further. Having an ongoing, working relationship with an attorney will get payment issues solved much faster.
A network of experts
Most lawyers have specialties and will immediately know what type of work is beyond their scope. Choosing a well-connected lawyer will allow you to take advantage of their network of other attorneys and professionals to assist you. You will be provided the same level of care and quality you know and trust from your business lawyer.
As your business grows you may be presented with many opportunities and challenges when the assistance of an attorney would be helpful. This might include opening new locations, offering new products or services, or having new employees or investors come on board. Finally, when you decide to retire it would be advisable to have an exit strategy in place. You will require the services of your lawyer to sell your business to an outside party, or transition ownership to an employee or family member. The benefit of having a long-term relationship with a trusted attorney in these situations cannot be overstated.
Saving money in the long run
As a business owner, you likely run into new legal issues often. Any interaction you have with people, whether it be a customer, partner, contractor, or investor, could present a new legal challenge. Company Counsel offers a low monthly subscription rates, depending upon your needs. With these plans, our clients never get an invoice for excess hours, so you always know what your legal budget per month is in advance. Rather than pay higher one-time fees, and perhaps not receive the timely attention you need, our subscription programs may be the best solution for your business.
Call (484) 325-5660 to speak with our team about our monthly legal service plans.