If you run an SME, surely one of your biggest fears may be being sued. No one is immune from that. No matter how carefully you protect your business, you can always hire the wrong person or a deal that may have gone wrong can turn into a bad deal. his against.
The best way to avoid problems in the present and future is to invest time and resources in having a good business lawyer Law tutor.
A good business lawyer is like a partner to your business and can help you get through the toughest times for your business. It can also be a great resource to have legal advice in your company, whether to draft agreements, handle labor matters of hiring or firing, raising money, reviewing contracts, and possible lawsuits.
A million-dollar lawsuit can bankrupt a company that is not adequately advised, but the good news is that hiring a good lawyer does not have to go beyond your budget; protecting yourself in time can save you from many legal problems.
1. Determine first why you need a business lawyer in your company
The best time to hire a lawyer for your business is before you need one. That said, there are crucial situations in which small and medium-sized businesses should consider hiring a business lawyer:
Choosing a Business Entity: Your choice of a business entity will ultimately impact your ability to grow your business in the future. An SME lawyer can help you identify the pros and cons of different business entities and decide which one is right for your company.
Raising money: When raising venture capital and selling shares to investors, it is advisable to have a business lawyer advise you on drafting contracts and researching the stock market.
Drafting founding agreements: If you are going to do business with partners, the rights and obligations of each party must be agreed in advance to avoid conflicts in the future. A business lawyer can help you with the processing of partnership agreements and legal statutes.
Contract review: companies grow by forming contracts with other companies or clients. An attorney can help you negotiate favorable contracts and make sure you understand all the fine print.
Handling problems with employees: as a company grows, it generates more jobs and to avoid labor and union conflicts, the intervention of a lawyer is essential to help comply with labor legislation and resolve possible claims for unjustified dismissals.
Obtaining IP protection: For companies in the technology, healthcare or research sectors, obtaining a trademark or patent can be important for the future of the company. Business lawyers who specialize in intellectual property, also called trademark attorneys , can help you protect your business creations.
Many business lawyers focus on specific practice areas, while other lawyers are generalists who can help you with a variety of legal queries, both have their advantages and disadvantages, it all depends on the needs of your company.
2. . Search for lawyers through your social networks or legal directories
Whether you are looking for a general small and medium business business attorney or just legal advice for a specific situation, there are some best practices you can follow to find the right, if not ideal, attorney for your business.
That being said hiring a lawyer is in some ways similar to hiring a lender, accountant or your next employee. It is important to have multiple options to compare. We suggest meeting with different lawyers, and based on the options, choose the ideal lawyer for your business.
Another option is to look for lawyers near you, from your personal and/or professional network. Opting for the recommendation of trusted friends, a close family member, or an industry owner who has the same business as you, because they surely face the same legal concerns as you. You can also have the recommendation of another professional who works with you such as your accountant, assistant, etc.
You can use online legal directories to find the lawyer you need near your area, social networks such as LinkedIn where there is a wide range of professionals offering their professional services.