Many small business owners operate under the impression that they don’t need to worry about hiring a business attorney because their company is small. But this kind of mindset might cost you massive financial damages in the long run. Why? Because if another party sues you, your lack of experience can cause you to make regrettable decisions. Hiring a lawyer will not only help you prevent such a scenario, but it can also win your case if things escalate to court. And that’s not all! Below are ten valid reasons why you need a business attorney.
1. You Will Get Sound Legal Advice
Unless you’ve studied law, you’ll find it hard to navigate the treacherous world of legalities. Fortunately, lawyers exist for that reason. A good attorney can provide protection and guidance to your company to avoid liability, mitigate problems, or address issues like lawsuits from unhappy customers. He can also help you make decisions that don’t put your company at risk of committing violations.
2. Contract Review and Drafting
A contract is a binding agreement between parties. In business, it typically outlines the terms of an arrangement or transaction. This includes provisions for everything from finance to warranty and liability issues. Contracts are essential because they protect the rights of both parties as well as help establish mutual expectations and responsibilities. That’s why you want to hire an attorney to make sure your contracts reflect your company’s best interest. At the same time, he can also review documents sent to you and find potential loopholes in the clauses.
Hiring a contract lawyer in Chicago or any other major city may cost money upfront, but this investment will pay off during crucial times. It’s worth noting that an attorney with experience in small businesses may do much more for less than one who focuses on giant corporations.
3. Obtain Peace of Mind
Running a business is already stressful enough, and a business attorney can help you feel more at ease. With his intricate understanding of law how it applies to your specific situation, he can develop action plans that will protect your company from any future litigation.
4. They Can Help You With Negotiations
Disputes over contracts are pretty common in the business world. A lawyer can help you negotiate with your partner before signing to avoid situations where everyone has different expectations. And if there are any issues after, he will know how to resolve them in court as well. Negotiations are not just about contracts. You may also need to talk through disagreements on projects or deals that haven’t been going smoothly. The attorney will serve as an impartial mediator and ensure both parties feel heard while preventing future legal battles from arising.
5. You’ll See Your Business in New Light
As a business owner, it can be challenging to look at your company as a whole with everything going on. But once you have someone knowledgeable in the field of law, your mind will also open up to concepts and possibilities you’ve never thought of before. For example, you’ll be wary of what contracts need updating or whether there are any conflicts between your employees. All these changes will help keep your business running smoothly and efficiently!
6. Protect Your Intellectual Property
Another good reason why a business attorney will benefit your business is to safeguard intellectual property. If someone threatens or steals your creative work, brand, or logos, an experienced lawyer can help shut them down. In addition, he can guide you on how to register your trademark and preserve what’s rightfully yours.
7. Prevent Lawsuits
Protecting your company from unforeseen legal troubles is one of the primary jobs of a business attorney. The last thing you want is to be blindsided by a lawsuit, especially if it concerns something preventable. Avoid any surprises, ensure your company’s success, and make your employees happy by enlisting the help of an experienced lawyer.
8. Tax Liability
Tax liability is a big one for small business owners. It can mean fines or, worse, possible jail time for failing to report on them appropriately. It’s not only the accountant or bookkeeper that gets in trouble but your entire company as well. That’s why everyone involved should know their roles in filing taxes. A business attorney can educate your employees on how to handle tax obligations. In fact, many lawyers offer free consultations where they’ll answer any questions concerning payroll responsibilities. Don’t be shy to ask!
9. Company Policies
An attorney can help you draft company policies, like nondisclosure agreements, which are set in place to prevent backstabbing and spilling of trade secrets. These policies will also serve as a guide for your employees to perform their best for the company.
10. Represent Your Company In Court
This is perhaps the most crucial reason why you need a business lawyer. If someone sues your company, they will try everything in their power to get the best deal and may even use dirty tactics to bring you down. A good attorney can help protect against these types of situations by defending you in court when needed. He can also help develop a type of settlement offer that won’t hurt your company as much. In addition, if it actually goes to trial, having representation from a skilled attorney makes all the difference between winning or losing your case.