As the owner or managing partner of a business, you need to know when it’s time to hire a business lawyer. There are many different instances where having legal counsel is in your best interest, and it’s important to be proactive about protecting your company.
You’ve spent months, maybe even years, developing your business plan. You’ve finally launched your company and things are going well. But sooner or later, every business will face challenges that fall outside the scope of their expertise. That’s when it’s time to hire a business lawyer.
Here are seven instances when you should consider hiring a business lawyer:
- 1 Here are seven instances when you should consider hiring a business lawyer:
1. You’re Ready to Incorporate
If you’ve been running your business as a sole proprietorship or partnership, there comes a time when you might want to incorporate. This can offer personal liability protection and tax benefits, among other things. But incorporation can also be a complex process. There are different types of business structures to choose from, and each has its own pros and cons. A business lawyer can help you determine which business structure is right for your company and walk you through the incorporation process.
2. When You Need to Draft or Review Contracts
One of the most common reasons businesses need lawyers is to draft or review contracts. Whether you’re entering into a lease agreement, partnering with another company, or hiring employees, it’s important to have someone on your side who understands the law to make sure that the contract is binding and fair. Trying to navigate the legal jargon on your own can leave you at a disadvantage and open you up to risk down the road.
3. When You’re Facing Litigation
No one likes the thought of being sued, but sometimes litigation is unavoidable. If you find yourself on the receiving end of a lawsuit, it’s crucial that you have a business lawyer on your team who can help you navigate the legal system and protect your interests. From start to finish, they’ll be there to provide guidance and advice so that you can focus on running your business.
4. When You Need Advice on compliance
There are myriad laws and regulations that businesses need to comply with, and it can be difficult to keep up with all of them. A business lawyer can help you understand which laws apply to your company and make sure that you’re in compliance with all applicable regulations. This will save you time, money, and headaches down the road if you’re ever audited by the government or sued by another party.
5. When You’re Ready to Expand
If you’re thinking about expanding your business by opening up a new location or growing into new markets, a business lawyer can provide valuable guidance on the best way to do so. They can also help you navigate any complicated zoning regulations or liquor licensing requirements that might come into play as you’re expanding your operations. Trying to do this without legal counsel could end up costing you time and money in the long run.
6. You Have Employees
When you have employees, there are a whole host of HR-related issues that need to be taken care of—from payroll and benefits to compliance with employment laws. If you don’t have someone on staff who’s knowledgeable about these things, it might be time to hire an outside consultant or lawyer who can help keep your business compliant and up-to-date on all the latest employment law changes.
7. Disputes with Other Businesses
Unfortunately, disputes between businesses are all too common. Whether it’s over a contractual disagreement or an issue with goods or services that were provided, disagreements happen. And when they do, it’s always best to try to resolve them amicably if possible. But if you’ve been unable to reach an agreement, hiring a lawyer may be your best course of action moving forward. They can help assess the situation and advise you on the best way to proceed—whether that means going to arbitration or court.
Bottom line: A good business lawyer is an invaluable asset for any company. They can provide peace of mind knowing that someone has your back when challenges arise. If you find yourself outside your area of expertise, don’t hesitate to reach out to legal counsel for help. It could be the best decision you ever make for your business.