When it comes to business, you will be needing two important people: an accountant and a lawyer. The reason for wanting an accountant is obvious: since you will be dealing with finances and money, and profit is what you want to obtain, you will be needing someone to chart your accounts and prepare all the necessary state and federal tax returns. However, the reason behind hiring a business litigation lawyer/attorney may not be that obvious to anyone. But the thing is, a professional business lawyer is able to help you in different legal aspects of your business, which are very necessary if you want to keep your brand name and integrity protected from potential harm.
So, here, we will explain to you the importance of having a business lawyer and give you some tips on how to hire one.
Small of Big Firm?
While this might not be applicable to all firms, bigger firms are better than smaller firms as the bigger the law firm, the greater the overhead. For the past years, law firms have become so specialized and this means that one lawyer focuses on certain issues and fields. Bigger law firm means that lawyers are exposed to different issues and are trained to be able to resolve different problems.
There are only a few lawyers who are able to negotiate the lease space, draft a software agreement for business, file a patent or trademark, and oversee the overall corporate. Some practitioners may need to focus only on one to two issues mentioned above.
However, you need to understand that the larger the firm, the more expensive it can get.
Questions to Ask from the Prospective Attorney
- Take note of the following questions that may serve as your criteria for qualifications:
- Do you have connections? – although lawyers tend to know everything about their field, a good lawyer needs to have more connections with whom he could refer to you for certain matters. This also showcases that the lawyer has a good network of professionals that could help their clients.
- Tell me about your education and experience? – ask previous cases and their method of winning the case. In this way, you will get to know how they run things.
- Do you have other clients in this industry? This is important to avoid leaks of information
Good Communication Between You Two
A good lawyer is able to communicate and keep in touch with you. The lawyer also pays respect on what you want to do although provides professional advice and judgment on the proposal you have. The lawyer also needs to be able to understand what the client needs.
Hiring a business lawyer can be costly. Consider the following strategies to save some cash:
- Hourly rate – if travel is involved, bill by day; if none, bill by hour
- Contingent fee – lawyers receive a percentage of the proceeds ranging from 25 to 40% of the cases is successful
Even if you think you will not be needing a business lawyer in the future, it is still important to be ready for the unexpected. By hiring a business lawyer, you are safe from the illegal activities that could harm you and your business.