Is it necessary for entrepreneurs to hire a business lawyer? is one of their many concerns when starting or growing a small company. There is a misconception that lawyers are expensive, and many small businesses don’t have much, if any, extra money to pay for legal services.

Because of this, most small company owners only work with a business attorney when they have a serious legal issue (such as being sued by a client). Legal assistance is an expense of conducting business that, in most cases, saves money and benefits your company over time.

Even while you don’t require legal counsel for every decision you make when managing your company, it’s always better to be cautious than sorry.  This post will clarify when you require the services of a small business lawyer and when you can handle legal matters on your own or with little help from an attorney.

The services a business lawyer can provide

A business lawyer can provide you with advice on a wide range of business-related topics, including legal liability, business incorporation, and regulatory compliance. It is best to hire a company attorney as soon as possible. Your attorney will handle everything from business setup to contract creation, hiring of legal staff, filing for patents, business purchases and sales, and more.

What is the role of a business lawyer?

Many business owners, particularly those of small businesses, only consider hiring a lawyer or law firm when an urgent issue needs to be resolved. This strategy can be naive. Building a rapport with a trustworthy business attorney might assist in averting potential troubles as your company expands and new legal matters come up.

Select a legal framework.

You might feel pressured to set up your company as a straightforward sole proprietorship. This decision can make sense for certain business owners. But every circumstance is unique, and an LLC or S-corp can be a better fit for your goals.

You should be aware of the distinctions between limited liability partnerships and other legal structures if you are launching a business with someone else. It’s also important to determine if you intend to incorporate now or remain a tiny LLC indefinitely. A small business lawyer can help you choose the best structure and create the necessary documentation.

Corporate leadership

If your company is set up as a corporation, you will have to follow the legal procedures to maintain your status, which include making bylaws, holding shareholder or partner meetings, keeping minutes, and choosing executives. A lawyer can help you stay informed about these services, costs, and necessary policies.

Intellectual property

A lawyer can assist you in drafting contracts, copyright applications, and patents, as well as in securing nondisclosure agreements and other intangible asset protection, if your company is creating distinctive items or processes that need to be secured. It is especially crucial that a lawyer review any documentation before it is submitted if your business will be producing a lot of intellectual property that may one day be sued over.

Court Cases

You should speak with an attorney right away if you are ever the target of a lawsuit, such as one brought by an employee alleging harassment or discrimination against you or one brought by a client, business, or vendor. 

Due to their expertise in company law, lawyers can act as your champion and advisor if you are the subject of an investigation by a state or federal agency, such as OSHA. By now, privacy concerns might also apply, therefore a lawyer should be able to guide you through a typical NDA or privacy agreement.

Exit tactics

Many entrepreneurs are keen to launch a new company, but they might not consider the potential that a principal or significant stakeholder want to step down from management. Should things change in the future, a business lawyer can assist you in figuring out how much your company is worth.

What is the price of a business attorney?

Corporate attorneys with experience often charge between $300 and $600 per hour, depending on a number of variables, including the following:

  1. Place of origin. Attorneys in larger cities might bill more than those in smaller towns.
  2. Experience level. In a firm, a partner will be more expensive per hour than an associate.
  3. solid dimensions. Attorneys from bigger, nationwide law firms might bill more than attorneys from smaller firms.
  4. A lawyer may occasionally charge a flat fee for handling a particular transaction, like creating an LLC or preparing nondisclosure agreements and employment contracts.

Five inquiries to make of your first meeting

To assist you in selecting the lawyer to get in touch with and eventually hire, after you’ve reduced the number of possible attorneys in your search to a manageable number based on qualifications and fees, think about posing these questions to them:

  • In what industry or subject are you familiar with, and how many clients do you have in my business niche?
  • Will you personally handle my legal documents, or will you delegate it to a team member or associate?
  • Can I keep my expenditures down by having an associate or paralegal conduct some of my legal work for less money?
  • Do you bill by the hour, on retainer, or at a set price for a finished good?
  • Can you or your company manage all of my business needs, including litigation and tax law?

While not every business owner will require legal counsel when they first launch their company, the majority will eventually gain from the counsel and direction of an experienced business lawyer. Hiring an attorney is a decision that many new business owners do not regret.

Contact a Business Attorney Before You’re in Need of One

For any legal matter pertaining to your company, a lawyer won’t be required. When you do, though, it’s helpful to know where to look for the ideal one.  It could be too late before you realize you need legal assistance. 

Lawyers can assist you in abiding by the law and identifying potential legal problems early on. Find a local, knowledgeable small business attorney immediately to stay ahead of the curve.