A good lawyer can be the key to your small business’s success. Lawyers help their clients navigate complex issues and avoid pitfalls in contracts, real estate transactions, and other aspects of running their businesses. A lawyer can also be an expensive proposition. So, when should you call a lawyer? The answer is simple: When you need one. Hiring a lawyer can be prohibitive for many small business owners. However, that doesn’t mean you shouldn’t have coverage when you need one. Businesses often overlook the value that a business lawyer, such as corporate lawyers from Beyond Law Group, can bring to the table. Still, it’s essential not to ignore this necessity for your organisation moving forward. Read on for 5 reasons your business needs a lawyer…
Protect your brand.
Your company’s brand is its most valuable asset. It’s also an intangible asset that can be difficult to protect. A good lawyer can help you create a plan to protect your brand and ensure you’re not infringing on other businesses’ trademarks. This is especially important if you’re planning to sell your business. A strong brand can distinguish between a quick and easy sale or a drawn-out, complicated process.
Avoid legal mistakes in hiring and firing.
One of the most costly mistakes a business owner can make is getting into a legal battle. Hiring and firing employees is something that every business owner has to do at some point, but it can be challenging to navigate without a lawyer’s help. No two employment lawsuits are the same, and hiring the wrong employee can be incredibly expensive for the business. When you hire a lawyer to help structure your employment contracts, you can save yourself a lot of headaches down the road. A lawyer can also help you avoid some legal pitfalls of firing employees, like discrimination claims.
Review your company’s contracts.
Every business owner should have a lawyer vet the contracts they sign. This can help you avoid all kinds of problems, like getting stuck in a bad contract or signing away your rights when you don’t intend to. A lawyer can help you review all kinds of contracts, from your lease to your employees’ contracts to your vendors’ contracts. Hiring a lawyer to review your contracts doesn’t cost that much more than checking them yourself, but it can help you avoid costly mistakes down the road.
Help you buy or sell a business.
If you’re buying or selling a business, you’ll want to ensure you have the best contract possible. This can be incredibly difficult to do independently and is best left to a lawyer. If you’re buying a business, you want to ensure the contract protects you from the seller walking away at any point. If you’re selling your business, you want to make sure you’re not giving away too much equity without getting enough in return. A good lawyer will help you create a contract that gives you the protection you need while also providing the buyer with what they want.
Negotiate terms with vendors and suppliers.
Negotiating terms with vendors and suppliers is something every business owner wishes they could do better. This can significantly impact your cash flow and your ability to grow your business. Whether you’re trying to get a better price on a service or a product or extending the payment terms, a lawyer can help you negotiate the best terms possible. If there’s one area where hiring a lawyer is worth the cost, it’s with these vendors.
Every business owner should have a corporate lawyer they can turn to when they need to ensure they are operating legally.
Featured image: Photo by Karolina Grabowska: https://www.pexels.com/photo/a-lawyer-talking-to-the-woman-wearing-brown-blazer-7876197/