As a business owner, you are tasked with managing several facets of a company. One of those is the legal aspects.
There are several reasons why you should hire a lawyer. Here are a few reasons and some information to consider.
What are the Different Types of Lawyers?
In the field of law, there are several types of lawyers. There are environmental, personal injury and malpractice lawyers as well as tax, family and intellectual property. Professionals who practice law pick a niche, and then, become specialists.
The two types of lawyers that are going to be discussed here are business lawyers and corporate lawyers.
When is the Best Time to Consult Your Business Lawyer?
There are several moments when it is a good idea to consult your business lawyer. As soon as you are ready to establish your business is one. When you need to sign a contract is another. A legal professional is an extension of your company. If you are a small business, it might be too expensive to retain one. There are ways to negotiate rates so that they agree to be available to you as necessary. You can find a business lawyer who focuses on small businesses, for example.
Typically, business owners consult with a legal team for questions about:
Trademark and intellectual property questions
How Do Lawyers Help Businesses?
A lawyer helps a business by lending them their legal expertise. The United States is currently a legal and legislative maze for companies. In the best cases, attorneys read over contracts to make sure the terms are fair and nothing is missing. They ensure that your legal structure is correctly set up so that when tax season rolls around, the process is as easy as possible. If a supplier or manufacturer delivers product late or it is damaged, they help you recover losses by re-negotiating the contract.
In the worst case scenario, a lawyer represents you if you have to appear in court. Usually, if requested, most will try to avoid appearing before a judge by reaching a settlement that is acceptable to all parties.
What Questions Should You Ask During a Consultation?
During a consultation, before you hire a business attorney, you want to get to know this person. Questions you can ask are:
What is your experience?
What are your rates?
Are you familiar with my company’s industry?
What is your approach to legal cases?
You are trying to figure out this legal professional’s style. You also want to know how much experience they have overall. Whether or not they understand your company’s sector is important.
Differences Between a Business Lawyer and a Corporate Lawyer
A corporate lawyer usually works for a large corporation. Their duties include overseeing the sale and distribution of goods. They are tasked with governing the legality of commercial transactions. A corporate lawyer also gives legal advice to the corporate officers.
A business attorney, on the other hand, deals with tax issues, business transactions and intellectual property. They represent their client in court, or they can attempt to reach a settlement.
Ideally, the larger the company, the more important it is to assemble a legal team that has both types of legal knowledge.
Reasons to Hire a Business Attorney
Hiring a business lawyer is highly encouraged. Having a lawyer on your team is like acquiring an insurance policy against legal liabilities. This is a better safe than sorry situation especially if your company conducts business in a state that has a litigious environment.
To find the best lawyer for your company, ask for a referral within your business network.