Many business owners avoid retaining an attorney until a situation arises where there is no other choice but to hire an attorney to assist your business.
One common question posed by business owners, particularly the owners of small businesses and startups, is whether or not they should hire an attorney at the outset of forming their business entity. Another common question is whether or not the benefits of doing is worth the resulting cost. Because of these concerns, many business owners avoid retaining an attorney until a situation arises where there is no other choice but to hire an attorney to assist your business.
Hiring an attorney for your business will not necessarily constitute a large financial burden. It will most likely save you money in the long term. Let's review the benefits of hiring an attorney for your business, what to look for when choosing one and how to go about finding the right firm that fits your needs.
Why does your business need an attorney?
To the novice, hiring an attorney is often thought of as something that is only necessary if you're about to get sued, planning to sue someone else or otherwise have a direct and immediate need for legal counsel. However, waiting to retain an attorney until your need is immediate is an unfortunately common and expensive mistake. Working with an attorney from the outset can help your business potentially avoid litigation or prevent you from making the kinds of mistakes that lead to litigation.
Precisely why your business might need an attorney, of course, varies from business to business. However, below are some of the most common reasons:
- Ensuring compliance with both federal and local government laws and regulations in order to avoid fines or prosecution
- Advice regarding how your business can avoid unnecessary tax liability (or fines and penalties that can be charged due to misfiling or other common errors)
- Drafting a range of legal documents, including employment contracts, sales contracts, privacy policies, etc.
- Human resources issues
- Investor and shareholder relations
As mentioned, this list is a small sampling of the many different services that a business attorney can provide – all of which can save your business from a range of potentially expensive slip-ups down the line.
Questions to ask before hiring an attorney
Once you have decided to hire an attorney for your business, the next step is to establish what exactly it is that you are looking for from the lawyer that you retain (and ensuring that the firm that you choose can provide it). The criteria by which you need to assess your potential hire varies depending on your circumstances, but some of the questions and issues that you consider include the following:
- What industry-specific experience and knowledge does the attorney in question have in relation to your business sector?
- Is the firm local and available for face-to-face meetings and consultations?
- Is the firm fully conversant in local and state-specific laws and regulations that apply to your business as well as federal laws?
- How does the firm calculate their fee structure and is it in line with your expectations and requirements?
- Do they offer a billing option that suits your company, such as the provision of contingency services, retained services, hourly billing or flat-fee services?
- What does the potential attorney have in their standard client contract and does it meet your needs?
- Do you feel the attorney is a good match for your company in terms of ethics, business ethos, working model and personality?
It's always best to ask as many questions as possible up front to ensure you're getting all the decision-making information you need. While it can be exhausting at times, it's vital to find an attorney who meets your needs.
Where to find an attorney for your business
Once you know what you are looking for from a prospective attorney and what type of working model will be the best fit for your business, it's time to find the best options available in your area. A few of the recommended ways you can find an attorney for your business are outlined below:
- Yelp, Google, or Facebook. While these platforms are more social in nature, they still provide information about prospective firms. You can see user-generated reviews and written customer experiences that provide social proof from others like you.
- Avvo.com or Lawyers.com. These sites are well respected in the legal space and provide comprehensive profiles on each attorney or firm. They include all of the necessary information to find the attorney your business needs.
- Network referral. Your personal network is one of your biggest assets. In most cases, someone you know has an attorney they can recommend.
You need to find an attorney for your business now, not later. By doing so, you will save yourself time and money by prioritizing this decision from the beginning as opposed to waiting until you are faced with a situation that requires legal guidance before taking action.
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