Sometimes business can get pretty murky, and you may need the services of a business attorney to iron things out. Large multinationals usually have large teams of business attorneys to handle their business affairs. Understandably, it’s easy for multi-million companies to get caught up in legal wrangles, but what of SMEs?
Small businesses have their fair share of legal trouble, but only businesses with the best business attorneys emerge unscathed. The success of any legal tussle concerning your business largely depends on your lawyer. So while a business attorney doesn’t seem very important now, you’ll be begging for one when someone decides to sue you.
In this piece, we’ll expound on what business attorneys are, and what makes them so important. That way, you can decide for yourself whether it’s a good idea to hire a business attorney.
Who Is a Business Attorney?
A business attorney/lawyer is a professional who gives legal services for matters that concern business operations and regulations. Business attorneys typically handle business disputes, compliance, and business transfers, among other issues.
These attorneys do a lot, but they don’t handle every legal matter relating to business. For instance, stuff like employee mistreatment, discrimination are matters of employment law. An employment lawyer handles such issues.
Most business owners think that they only need a business lawyer when they run into some legal trouble. While you certainly need them for legal trouble, business lawyers do much more than just dealing with lawsuits.
Regardless of your business knowledge, you’ll probably need a bit of legal help with a few things here and there. So do businesses need attorneys? And if yes, why?
Business Attorneys and the Court
Business lawyers are excellent litigators, and yes, they can battle it in court if need be. However, if you get a good attorney, you won’t even need to set foot in court. A good attorney will look for better and more cost-effective alternatives to going to court.
You need a business attorney before someone files an actual lawsuit. If someone sues you, you’ll have to dig deep in your pocket to pay all the legal fees. These fees include attorney and court fees, and the settlement if you lose the case.
When to Call a Business Attorney?
Small business owners have an ill-conceived notion that attorneys charge unreasonably high rates for services they don’t even need. As such, businesses only hire lawyers if they have surplus income or when they really need them. However, having a business attorney is more of a necessity than a luxury.
Here are a few situations when you definitely need a lawyer.
Starting Your Business
If you want to get your business off on the right foot, then you need to start it with a good business attorney. You won’t realize you made a wrong decision until you realize you have to pay outrageous business fees down the line.
A business lawyer will help you decide whether you should choose between an LLC, Scorp, or any other business type. To start your business the right way, start it with a business attorney.
Complying with state and national regulations is mandatory for all businesses. Hiring a business attorney is a sure way to sidestep the hefty fines that come with non-compliance.
There are plenty of cases where business owners have been hit with fines for not complying with regulations they didn’t even know. To prevent this from happening, get a business attorney to guide you through compliance.
Drafting and Signing Contracts
Contracts aren’t as straightforward as they seem. So before you put pen to paper, make sure you have a business lawyer to ensure everything is seamless. The other party might be trying to shortchange you, so have a lawyer with you, just in case.
You’ll definitely need a business lawyer to draft your own contracts. Also, you’ll need a business attorney to straighten things out. A good attorney will try as much as possible to avoid the courts and only take matters to court as a last resort.
Acquisitions and Mergers
There reaches a point in a business’s life cycle when it becomes wise to merge with another company for a mutually beneficial partnership. Sometimes businesses might want to buy out the competition or acquire another company for its expansion objectives.
Mergers, acquisitions, and even business transfers are complex processes that you shouldn’t do alone. You need a lawyer along with a business broker or advisor to guide you through the process and ensure it goes seamlessly. Do you want to know how a business broker can help you? Click to find out here!
Real Estate Disputes
Does your business own or lease property? There are a lot of complications that come with businesses owning property. As such, you’ll need a business attorney to help you navigate the convoluted field of real estate and business.
Losing your property might deal your business a huge blow, which it may never recover from.
Where to Find a Business Attorney
You can start your search for a business attorney with the American Bar Association or ABA website. From the website, you can find tons of information about the different types of lawyers and law in general. Then click on the “hire a lawyer section” where you can access public service referral programs.
If you join one of these programs, the ABA will point you to where you can get a business attorney. If you land yourself a good lawyer, you can wave all your business legal issues goodbye.
Business Attorneys Are Important
Let no one tell you otherwise; business attorneys are very important and are a necessity for any serious business. These attorneys don’t necessarily dent your business account, plus they can save you a bundle in the long run.
However, you have to get a good lawyer to do your bidding; otherwise, you’ll be throwing money down the drain.
For more tips on how to run a successful small business, check our blog section.