Between 35% and 53% of small businesses in the United States are sued annually. However, only about half of these businesses sought out the help of a business attorney. Having a business law attorney on retainer for your small business is essential. It can help you with common legal challenges such as debt collection, employee theft, tax audits, etc. Here are ten reasons to keep an attorney on retainer for your small business.
Ten Reasons to Keep an Attorney on Retainer
Smooth Business Operations
A significant benefit of hiring a business attorney for your small business is to keep your business up and running smoothly. Legal troubles can derail your business and lead to significant financial losses and business and personal liability. Lawyers on retainer are contracted to protect your business and help you avoid legal proceedings, lawsuits, and other legal issues.
Business liability is a danger that all companies face and try to avoid. Even if you’re careful with your employment and operating practices, you will likely face a lawsuit at some point during your company’s lifespan. By hiring an attorney, you can avoid lawsuits, as they know the legal regulations in your state and understand federal laws.
Help Draft Contracts
Business owners need high-quality contracts to protect their businesses. Well-written contracts are necessary for employees, customers, vendors, and other business relationships. Qualified business attorneys will help you draft contracts that cover and protect you from liability and lawsuits and ensure there are no loopholes or mistakes in your contract that could cause severe issues for your business.
Exit Strategy Guidance
While having a lawyer when starting a business is vital, having one when you sell your business or need an exit strategy is equally important. Your attorney on retainer can help you iron out contract and ownership issues during the sale of your business or when individual members exit the company.
Protects Intellectual Property
Your intellectual property includes your company. If you don’t have the proper legal protection when you start your business, there is a chance that someone can come along and claim it as their own. It’s best to hire an attorney on retainer for your small business to protect your intellectual property. Business attorneys help you get your business copyrighted to prevent others from stealing your work, protecting your brand name, inventions, logos, and even the services you offer.
Easy to Budget For
When you have an attorney on retainer, you can pay them a set amount each month. This fixed cost makes it much easier to pay for your legal fees and ensures that you’ll have legal help when you need it without worrying about the cost.
Lawyers are professionals with networks of their own. When you hire an attorney on retainer, you can get access to that network, which typically contains various professionals who can provide business solutions that an attorney doesn’t offer. Since lawyers have such a great network, they can refer you to other experts, such as experienced CPAs, to balance your company books.
Paperwork forms the basis of all business transactions. Typically, this paperwork is full of legal jargon and must be completed perfectly to prevent future problems. Your attorney can handle the legal aspects of this paperwork and ensure that it conforms to your wishes and legal standards. Your attorney can also help you with the necessary paperwork to start your business, from licensing to local building permits.
You never know when your business will face legal problems. Employees, other businesses, and the government are common sources of legal troubles that businesses can face, and having a business attorney on retainer can meet those legal challenges head-on when they arise.
Trusted Legal Guidance
An attorney on retainer can provide trusted legal advice for your business. When you own a business, various legal matters will come up that a lawyer can guide you through. A business attorney can also educate you throughout their time with you to protect your business and become a better business owner!
Trust Michaelson Law With Your Business Needs!
Our team at Michaelson Law includes various experienced business law attorneys that you can trust to guide you through your company’s legal challenges. Call Michaelson Law today to schedule your consultation!