6 Smart Reasons Every Business Needs a Lawyer on Retainer
Business ownership can be exciting and profitable, but difficult and complicated legal requirements can significantly impact the future success of your company. From contract negotiations to employee disputes, how you navigate legal issues could help or stunt your company’s growth. Learn why you should consider having an experienced lawyer on retainer to safeguard the future of your company’s best interests.
Simply put, a retainer for a lawyer is a reservation for their time, experience, and knowledge. By paying upfront for a certain period of time as agreed by the client and attorney, this affordable option can also help to limit unexpected legal costs in the future. When choosing a lawyer, focus on choosing the lawyer with the highest quality to offer your company instead of the cheapest or priciest retainer. Here are 6 additional reasons every business needs a lawyer on retainer.
1- Contract Drafting, Review, Modification, and Negotiation
As a business owner, it’s imperative to understand contracts in full before signing the dotted line. A lawyer can both draft and review these contracts and make recommendations for modifications to prevent negative implications for your business. Additionally, a lawyer can help to negotiate favorable and fair contract terms for all parties involved.
2- Legal Counsel and Guidance
From client disputes, privacy concerns, and employee relations, it would be wise to consult with an attorney before making any legally binding decision. Having a lawyer on retainer means consistent access to beneficial legal counsel with someone already in your corner.
3- Industry Compliance
Every industry has different rules, regulations, standards, and laws to abide by for licensing, permits, patents, and environmental issues. Further complicating compliance issues, those legal requirements can also depend on where your company is registered to do business. A lawyer familiar with the industry and location-specific regulations can help your company maintain compliance, helping you avoid legal, reputational, and financial issues.
4- Lawsuits, Damages, and Disputes
Employee and client disputes happen in just about every workplace and can be costly if not navigated correctly. A lawyer can help to protect your company’s rights and interests throughout negotiation, mediation, or litigation. Additionally, an attorney can help prevent lawsuits and minimize damages.
5- Strategic Planning and Restructuring
Scalable business growth often requires strategic planning and restructuring. From selecting vendors, managing finances, and making vital decisions about business partnerships, having knowledgeable legal advice can help to point your company’s growth in the right direction.
6- Business Sales and Acquisitions
Purchasing or selling a business may deepen your pockets, but only if you are careful to avoid potential legal pitfalls along the way. Having a knowledgeable attorney to manage the process, accurately value the business, write up agreements, and transfer necessary ownership is vital.
When it comes to legal matters in business ownership, you can’t be too careful. Having a lawyer on retainer is a strategic investment in the future of your company. A lawyer can be your trusted partner throughout the legal complexities of managing your business. With an attorney’s support, you can focus on what you do best; running your business.