Passing the Business Bar: 6 Benefits to Hiring Legal Counsel For Your Business
Whether launching or operating a business, it’s vital to have legal counsel. Attorneys are highly trained specialists who assist with the legal elements of commercial operations and advise clients on investment decisions.
While it may be tempting to bootstrap your way into a good legal standing, your research efforts are no match for the specialized knowledge of attorneys who dedicate their time to learning the most up-to-date laws, regulations, and precedents. Simply put, connecting with counsel now can save you a lot of time and money down the road.
You’ll be better equipped to address issues that arise and plan for the future with the help of a legal expert. Here are six winning-verdict benefits to hiring legal counsel for your company.
Protecting your intellectual property
One of your business’s most significant assets is your intellectual property. As an entrepreneur, you should always consult an attorney to understand how best to protect your ideas, products, or services.
For example, a business lawyer can help protect your company’s brand image and market share by filing a trademark renewal, applying for a patent, and even copyright protection. If you don’t file patents or trademarks for your proprietary branding and products, you’re inviting competitors to make a profit off of your efforts.
Though you could file intellectual property protection documents on your own, the time investment required is likely to pull you away from other pressing matters, and your patent applications are more likely to face rejection. Additionally, patents and trademarks require renewals at certain time intervals, which is another aspect of the process that an attorney can help you track. These services seem expensive, but they’re well worth it when you consider the market share that could be at stake if you allow competitors to profit from your ideas.
When you’re staring down the barrel of a thick block of tiny text, it’s tempting to skim a contract and sign on the dotted line as quickly as possible. But It’s important to understand every clause within so you don’t incur costs and penalties disputing an unfair or illegal contract.
An attorney will help you ascertain that a contract contains no hidden clauses or other issues. Some clauses could cause problems for your company if they aren’t correctly worded or understood. The last thing you want is to end up in court down the road or out a bundle of money because you didn’t understand the terms and implications of contracts you signed or delivered. An attorney-reviewed agreement is one of the best ways to ensure that you have recourse if clients or vendors don’t hold up their end of the bargain.
Having an attorney increases your business credibility
Having an attorney on retainer can dramatically increase your business credibility to clients and potential investors. It signals quality and reassures people they’re dealing with a serious company. For example, if a potential client brings their own attorney in to review a contract or other matter and notices that you haven’t hired one, that could give a poor impression. However, having your business counsel there and ready to discuss any issues can put the opposite party at ease about your professionalism and commitment to the best interests of your business.
A business lawyer will also help you with partnerships and distribution channels. Businesses with a law firm on their side generally have more funding opportunities available because lenders can see that you have the resources available to repay your debts.
Having counsel keeps you compliant with legal requirements
There are plenty of laws, rules, and regulations for any business to follow. But in today’s increasingly litigious environment, business owners can’t possibly keep up with them all without professional help.
Hiring a lawyer will give you peace of mind that your company meets the requirements. If an issue does arise down the road, you’ll be able to address it immediately.
Sizing up your business options and structuring your business in the right way can save you money, legal headaches, and other significant problems. A business lawyer will help you decide what structure to go with for your business.
These business structures are such as sole proprietorship and partnership. Each form has different tax implications and requires additional legal steps to run.
Expertise in business law & litigation
Even well-intentioned entrepreneurs don’t have all of their bases covered. It is beneficial to seek legal counsel when starting a business.
A business attorney can help you make intelligent and strategic management decisions that will positively impact your business and future endeavors. It is important to note that just because something may not be illegal does not mean it is advisable for your business.
Before you go
Hiring a lawyer is in your best interest if you’re serious about running a profitable business. While there are undoubtedly other ways to navigate legal issues, it’s almost always best if you can steer clear of dealing with things on your own.