There are several things new businesses need—a product or service, a market, employees—and the list can go on and on. One of the many things entrepreneurs neglect to do is hire a business lawyer. A business attorney brings value to your company, and while they come at a cost, their fees are far less expensive than the amount you’d have to pay if you were faced with a lawsuit. Here are nine ways business attorneys help your company.
Contracts are a major part of doing business, usually needed for employees, clients and vendors. No one is going to understand contract development for your business more than your business attorney. When you need to sign a contract for any reason, your attorney will be present to recognize any problems and negotiate amendments. They know how to make the contracts iron-clad to protect all parties involved.
No businesses will last if they are built on a weak foundation, and a business attorney can advise you on all matters of incorporation. If you need to partner with another organization, the lawyer will be on hand to ensure things go smoothly and you don’t put your name on a document that you shouldn’t have signed. These early decisions can make or break a new business over the long term.
3. Real Estate
When looking at property, the seller is going to do everything they can to get the best deal possible for their benefit. Your lawyer can review contracts and leasing agreements to make sure they’re legitimate. It will be your lawyer’s job to review these complex documents with a fine-tooth comb and grant approval.
4. Intellectual Property
Most patenting and copywriting is done by intellectual property specialists, but your lawyer can get the ball rolling while you focus on building your company. Lawyers are part of vast legal networks, so if they don’t specialize in a certain type of work, they can recommend someone who does.
5. Lawsuit Protection
There are a lot of people out there who are quick to sue in hopes of a financial windfall. Waiting to hire a business lawyer after a lawsuit has been filed is a mistake. You want an attorney ready to strike when anyone tries to take what is yours. If a lawsuit occurs, your attorney can help get every document in order, so you are properly prepared for litigation. If it turns out that you’re at fault in the lawsuit, a great lawyer can help mitigate the damages.
6. Employee Issues
Disgruntled employees can create harm to your business, ranging from poor reviews on major websites to workers’ compensation claims or lawsuits. An attorney can combat these potential problems with knowledge of codes, regulations and laws, and help identify possible issues before they arise. Your lawyer can help employees know the laws and their rights as employees. Great employees combined with an expert business lawyer will provide the foundation for your business.
7. Buying and Selling
If growth is in your business plan—acquiring property, buying out competitors or branching into new industries—an attorney can help with acquisition and purchasing agreements, advise on buying and selling decisions and explain legal documents in terms you’ll understand.
8. Security Force
If you have investors and stockholders, every business venture is a risk for them. Having a business lawyer sealing the deal on everything from contracts to civil actions will put your investors at ease with a sense of security. They’ll feel safer knowing an attorney is watching over the company, allowing you to make moves to help the business be successful and push investors to contribute more to the company.
Over the longevity of your business, you’ll realize that you need input from your business lawyer on any major decisions, including restructuring, terminating high-level employees and handling a major crisis with a board of directors. Changes in the market may force your company to pivot into a new direction and your attorney can help ease the strain on those involved.
As you can see, there are many reasons that make a business attorney a necessity. Aside from an accountant, this should be one of your first hires. If you need more information on the benefits of a business lawyer and how the expert team at KC Law is here to serve you, contact us today!