Basically, all businesses are under the law. In fact, business Law is an individual branch in law studies that focuses on the legal aspect of running a business. As a business owner/manager, this is one of the most important things to consider running a successful enterprise. That is why you need to hire a competent lawyer to provide you with legal advice and support.
Like in any other field, a good lawyer is not easy to find. There are so many incompetent lawyers hiding behind the prestigious titles, and you can, with ease, end up with one of them. You must be very cautious in your search to find the best commercial lawyer for your business.
In this article, you will discover the best ways to hire a lawyer and why it is essential for your business.
- How to Hire a Lawyer
Before hiring a lawyer, there are several things you need to consider:
- Their Experience
During the vetting process, make sure you ask the lawyers about their experience and be direct about it. For instance, if you want to incorporate your business, ask them if they have ever represented incorporation, and if so, for how long? Make sure you verify that information just in case they are lying.
- How Connected are they?
No one knows everything, and that includes lawyers. Your lawyer should be quick to identify what they can handle from what they can’t and is well connected to find a specialist to deal with it. You do not have to hire a new lawyer each time you need special legal needs.
- Do they have any Other Clients in Your Industry?
Your lawyer should be familiar with your industry and its legal environment. And if that is not the case, they should be ready and willing to learn. Confirm whether they have other clients like you, or maybe it’s just you. Be careful with the lawyers who represent your business rivals. Although you are entitled to protection under the legal professional privilege, you do not want to leave any chances for accidental leaks.
- What type of a Lawyer are they?
There are three types of lawyers;
- A finder: good at scouting and recruiting new clients
- A minder: who can bring new clients and maintain the old ones
- A grinder: who is good at doing the clients works
Your ideal lawyer should be a combination of a grinder and a minder.
- How Flexible are their Fees?
Lawyers, in general, have the freedom to negotiate their fees, and this can go either way, depending on how you go about it. Make sure you confirm all their fees structure and all their terms of payment before you commit to any of their services. Also, find out whether their billing terms and conditions are fixed or negotiable. Your lawyer should consider your business needs before they charge you.
- Why is it Essential to Hire a Lawyer for Your Business?
There are several reasons why you need to hire a lawyer for your business. These are:
- To Choose the Right Business Structure
Different business structures vary depending on liabilities, tax obligations, set-up costs, record keeping, etc. you need to identify the business structure that works best for you to avoid any unnecessary legal problems. And this is the point where you need a lawyer.
- To Protect Your Business from Lawsuits
Conflicts are part of the business. So you cannot avoid them. But you can always minimize them. Remember, lawsuits cost time, and resources. The more you have, the more you spend, and this is not good for your business. You need a good lawyer to keep your business in check and prevent this from happening.
- Drafting Contracts
Do you need to buy or lease new business property or equipment for your business? Will you need supplies? Will you need to hire employees? All these and many more are instances you need to draft a contract between you and the relevant party(s). Regardless of the type of contract, you will need a business lawyer to review the documents and ensure that all your business needs are fully protected. And if you are not sure whether you need a contract for a particular transaction, your lawyer will advise you on the matter and set you up on the right course of action.
- To Protect Your Intellectual Property
Intellectual property includes logos, product designs, trade secrets, original works, and inventions. You need to protect your intellectual property for you to gain a competitive edge in business. You can do so by filing a trademark, copyright, or patent, depending on the type of intellectual property. You will need a business lawyer to advise on the option you need and protect your legal right to your intellectual property.
- To Better Understand the Law
Your business lawyer will not only handle your legal needs but also go the extra mile to ensure that you understand all your legal rights and obligations in business. Why is this important?
As a business owner/manager and one of the Major decision-makers, you need to ensure that everything you do is well within the law. Failure to that, you will always find yourself on the wrong side of the law, and that might cost you your business.
There are so many aspects necessary to run a successful business. But the law aspect is one of the most important of them.
All businesses start and end with the law. That’s why, as a business owner hiring a competent commercial lawyer should always come first on your to-do list.