Small business owners are tasked with making sure every part of their business runs smoothly. Legal issues of many kinds impact small businesses and can create major financial and emotional problems for small business owners. Business attorneys help small businesses navigate legal issues when they arise and can help businesses avoid them in the first place. Small businesses can get numerous benefits from hiring a business attorney on retainer instead of waiting to hire one when legal issues emerge suddenly. This blog post will lay out 6 reasons why it may be wise to have a lawyer on retainer for your small business.
1. Immediate, Trusted Legal Advice
Lawyers hired on retainer will provide their clients with legal advice whenever they need it. By having a lawyer on retainer, small businesses that frequently need legal advice will be able to have all their legal questions answered without needing to retain an attorney each time they have a question. Also, hiring a lawyer on retainer allows business owners to develop a strong working relationship with an attorney, and get their legal advice from an attorney they trust.
2. Avoiding Lawsuits
Over 43% of small businesses are threatened with a lawsuit at some point during their lifespan. Many lawsuits are entirely avoidable if a business receives good legal advice about how to avoid them. Lawyers hired on retainer can provide their clients with invaluable advice about how to avoid lawsuits for unsafe premises, workplace injuries, wrongful discharge, employment discrimination, delinquent payments, and other types of lawsuits that are commonly brought against small businesses. Litigation expenses and damages can run in the hundreds of thousands or even millions of dollars and can force a business into bankruptcy. Legal counsel can help your business avoid lawsuits in the first place by properly complying with pertinent laws and regulations, and preparing for litigation that cannot be avoided.
3. Drafting and Reviewing Contracts
Well-drafted contracts can protect your business from contract disputes and problems involving loopholes or ambiguous provisions. Lawyers can review your business’ contracts and make changes and additions that will protect your business. Expertly drafted contracts can prevent employees, clients, or customers suing or taking advantage of your business, so having a lawyer on retainer to review your business’ contracts can be an invaluable investment.
4. Protecting Intellectual Property
Any creative work or invention you or your employees create for your business qualifies as intellectual property and may be protected by law. A lawyer can help your business protect any original brand names, logos, designs, and even business practices your business creates or develops. Competitors may attempt to use these things if your business does not take proper legal action to protect them. You may read about the difference between copyrights and trademarks, the two most common types of intellectual property for small businesses, in our blog posts.
5. Mergers and Acquisitions
Lawyers can help your business merge with or acquire another business. They can also help you sell your business if you decide to do this. Experienced business attorneys can guide you through every step of the process of these transactions, from negotiations to regulatory compliance, and can advise you on how to avoid legal issues arising from them.
6. Peace of Mind
Legal issues are stressful for the people affected by them. Knowing you have an attorney you trust on retainer to help you navigate any legal issue that may arise will give you peace of mind about the possibility of legal affairs involving your business. An experienced attorney can help your business avoid legal problems, and help you navigate them effectively when they do arise.
If you are looking to hire a lawyer on retainer for your small business, contact McNeelyLaw today. Our experienced team of Indiana business attorneys can assist you with all your business’ legal needs.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.