SME Advice: The Pros & Cons of Legal Representation
Written by Amy Morin
It’s important to investigate the potential risks and benefits of having legal representation because making the wrong move could cost you not only some bad PR and money, but even your entire business.
Pros of Obtaining Legal Representation
The biggest benefit of obtaining legal representation is that you may be able to stop problems before they start.
Instead of waiting to hire a lawyer because you’re being sued, hiring a lawyer up front can potentially save you a lot of money and a lot of hassle.
If your business ever faces litigation, having a lawyer already on board can help reach a favorable outcome sooner. Dealing with litigation is stressful and costly and having a lawyer already up to speed on your business can be a big step in getting the matter resolved quickly.
In addition to addressing litigation issues, lawyers address taxation issues.
Often, local and federal laws are complex when it comes to taxes and a good business lawyer can offer advice about the best approach.
Cons of Obtaining Legal Representation
The biggest downside of hiring legal representation is the cost.
Many small businesses feel they are being charged too much for a service that they aren’t even sure they need.
Sometimes small businesses aren’t certain how a lawyer can help and they may find meetings to be cumbersome and expensive. Other small businesses express concerns that their lawyer doesn’t contact them promptly or doesn’t understand their business.
When to Seek Legal Representation
There are certainly many circumstances where it makes sense to obtain legal representation.
Businesses entering into any sort of contract should have legal representation to ensure that the deal is legitimate and won’t place company at any type of unforeseen risk.
Businesses that buy, sell or lease property should also have legal representation. Even companies who buy and sell websites should obtain a lawyer.
Businesses should consider hiring a lawyer to help create employee and customer policies as well. Privacy policies, for example, can be quite complicated and should be addressed by a professional. Lawyers can also help with intellectual property rights, trademarks and patents.
Hiring a Lawyer
Businesses can benefit from taking a proactive approach to discussing legal fees. There are many different ways in which lawyers are paid.
Some lawyers will negotiate a flat fee for a service and others charge by the hour. Understanding the various options can help a small business obtain an affordable lawyer who can meet their needs.
Seek out a lawyer with expertise in the right area. Hiring an expert can save a lot of time and money.
Also, finding a lawyer you feel comfortable with is essential. Feeling as if your lawyer respects you and values your time will make the fees seem worthwhile.
Whether you decide to hire a lawyer or not, it’s important to do your homework first. Hiring the right lawyer for your business can save you a lot of time and money.
About the Author
Amy Morin writes about psychology, business and healthcare topics such as physician recruiting.