Regardless of the size of the business, the product you’re selling and who your target market is, all business owners have one thing in common: the drive for success.
Success in a business can mean a variety of things. It isn’t just contingent on sales going well. Success also means having repeat clients, solid accounts and a positive projection for the future.
Even when things are going well, you shouldn’t become complacent. You should always try to be better, and be proactive in finding ways you can improve further. One of the most effective ways to maintain your business’s momentum is by hiring a lawyer.
Do I really need a lawyer?
The short answer is yes. It doesn’t matter whether you’ve had no ‘big breaks’ or dozens of them. Due to the nature of business, you will still need the help of a lawyer at some point.
Lawyers are beneficial not only to help you when coming into difficulty, but also in preventing those issues from occurring in the first place. It is good to have someone in the legal field to consult when you’re considering contracts and deals, for example, to ensure they’re legal and don’t leave you at risk of litigation. They’ll be able to tell you if there are any hidden catches or help advise you on contractual terms you should negotiate.
All of this ensures you remain in a strong and secure position, and is often much better, cheaper and easier than bringing them in for damage control.
What kind of lawyer do I need?
Lawyers specialise in a variety of different fields. One common field among businesses is commercial law. The main role of commercial lawyers is to advise individuals and companies a on any business-related, financial or contractual issues. There are countless law firms that specialise in commercial law, and the most important thing is to find one who suits your business and that you can get on with. The lawyer can be in your local area or further afield..
To find a commercial lawyer to suit your needs, you can search “business lawyer” and then your location online. This will bring up various local law firms as well as individual profiles. So, for example, if you are based in Brighton, all you need to do to find the solicitor of your dreams is Google “business lawyer Brighton“. Speak with a number and see how they treat your initial enquiries – this may give you an indication of what approach and service level you can expect in the future.
Small business lawyers
The legal requirements of big corporations vastly differ from those of a small business. It’s worth tracking down a legal team who have experience in dealing with the unique complexities of start-ups and small companies. Hiring small business lawyers makes it simple to gain expert advice on the specific needs of your new business.
Such advice becomes even more essential if you have ambitions to expand into overseas markets such as the United States or Canada. Protecting your brand is essential, and applying for trademark registrations depending on the relevant market is something you can’t overlook.
These solicitors can also take a more active and personal role in the development of your business than general commercial lawyers. Some of the services small business lawyers can provide include:
- Exercising proper due diligence
- Advising on HR
- Protecting your intellectual property
- Helping you to comply with relevant laws and regulations
- Choosing the right business structure for you
- Registering your business name
- Drawing up various contracts for you like Employment Contracts, Non-Disclosure Agreements and Shareholder Agreements.
How much do business lawyers cost?
Business lawyers aren’t cheap, but it is important to remember that they bring a great deal of value to your company.
The cost of business lawyers depends on the service you want them to provide. When it comes to drawing up employment contracts – which are imperative to get right – costs usually start from around £250.
Meanwhile, when it comes to more complex tasks like arranging Shareholder Agreements, they can cost upwards of £1,500.
Many business lawyers offer retainer contracts to businesses. This means they are paid a monthly fee in exchange for legal advice and practical services as and when they are needed.
Deciding whether or not to recruit a lawyer is not a decision that should be taken lightly. You should spend time identifying the right lawyer and form a relationship before problems arise. However, it is clear that especially for small businesses, their early involvement can only mean good things for your company’s future.