Should You Hire a Lawyer for Your Business?
Running a business inevitably means dealing with legal regulations. Whether it be hiring new employees or executing contracts, it is likely you will need access to legal expertise at some point. As a business owner, it may therefore be the case that you need to seek legal counsel. For a wider view of the services offered by business lawyers, look up Ryan Gibbs on Pinterest. Here are a few factors to consider when thinking about hiring a lawyer for your business.
Lawyers can be notoriously costly, and in this respect, corporate law is no exception. Legal charges and fees can therefore take a substantial chunk out of your revenue if your company is relatively new. However, legal expenses cost significantly less than any potential penalties you could incur if your business is in violation of any relevant laws. Evaluating whether you can afford to hire a lawyer for your company from a fiscal perspective is thus the first thing you should do. Fortunately, lawyers today offer a multitude of different fee arrangements. You can therefore choose the payment basis which is most suitable to your business’s needs as well as your specific preferences. For one-off consultations or services, some legal offices offer services on an up-front basis. This can be useful if you only need a lawyer’s help very occasionally, but can get expensive quickly if you find you underestimated how often you would need one. At busier times, it may also be difficult to see your preferred lawyer, if you are only paying them on an up-front basis. If you need frequent and instant access to legal guidance and expertise, you may then consider paying a retainer to a lawyer you trust.
Drawing up Contracts
Another major thing to consider when thinking about hiring legal counsel is how much you need them. To work this out, it’s first important to know what aspects of your business lawyers can help you with. In particular, if your company’s operations require the production and ratification of a lot of contracts, a lawyer specializing in contract law could be a major asset. This is because they can ensure that any contracts your company produces are watertight and not exploitable by any loopholes. In addition, they can also help ensure that your contracts are consistent with legal guidelines, and help prevent you from being exploited by the party you are making the contract with. And while it is true that it is now possible to have contracts written by third parties without the use of lawyers, seeking legal counsel can still be advantageous, as they can specifically advise you based on your situation, and their expertise.
Protecting Intellectual Property
Alternately, it may be worth hiring a lawyer if your business regularly develops innovative new products or services. This is because it is important for these companies to protect their intellectual property from a legal perspective. This branch of the law covers copyright, trademarks, and patents. A specialist in intellectual property law can therefore protect from your business being undermined through illegal use of products or services you’ve developed. If you are already in a situation where you think a competitor may be misappropriating your intellectual property, a lawyer can also help you litigate against them continuing to do so.