Whether you already have your own business or are thinking of starting one, it’s important to consider the benefits of retaining a business attorney to handle the complicated legal matters your company may face. From formation to helping with small-scale, internal legal situations or assisting in strategic planning, to the intimidating world of litigation, your business can benefit from outside counsel no matter what its size. Although many business owners may think it unnecessary to hire outside counsel, here are some reasons why retaining a business attorney is the best way to keep your business safe and secure.
- Familiarity with your company’s needs.
Every company comes with its own unique purpose, cast of characters, and complex issues. When you retain a business attorney, it means that you have a trusted advocate who learns these complexities and is able to leverage your strengths in order to achieve success. In keeping a business attorney on retainer, you do not have to worry about what to do if an unexpected legal issue comes up. Instead, reliable legal advice is just a phone call away. Your attorney will become an important associate who is able to remain neutral, and work to problem solve in order to find the best course of action for your company’s unique needs based on a trusted working relationship.
- Cost-effectiveness.
Cost-effectiveness and legal counsel are not usually two terms that people hear together. However, hiring outside business counsel can be financially beneficial because your business can have the advantage of its own lawyer without any of the added costs of a full-time employee. Further, if you choose to keep outside counsel on retainer, you don’t have to spend extra resources getting a new attorney up to speed each time a legal issue arises.
Alternatively, having outside counsel can keep costs down based on the various ways in which lawyers bill their time. There are options of an hourly or per diem rate, a monthly retainer, or a flat fee. Although not all firms offer each kind of billing, outside counsel provides a unique flexibility to develop a system that suits your business needs best, meaning your business can avoid the stress of unknown and unanticipated legal bills.
- Keep your focus on growing and running your business.
With the use of outside counsel, you and your team are relieved of the burdens of dealing with legal functions. This allows you to focus on what really matters for your business and leave the legal woes for someone else. Learning how to run a business is more than a full-time job, and owners shouldn’t be expected to deal with a new lawyer every time a new legal issue arises. In outsourcing legal counsel, your company can remove that burden and streamline your time and company assets in a more effective way.
- Flexibility.
When you outsource legal counsel, your company retains the benefit of flexibility. As mentioned above, there is no added stress of maintaining a full-time legal employee or placing the burdens of legal work on you and your staff. Instead, you can channel your valuable resources into areas that need it the most and bring in counsel when it best suits your needs either on a one-off or more consistent basis.
- Reduce the risk of litigation.
Getting served with a court order is something no business owner wants. Unfortunately, it can happen before you know it—and you may not even know why. Legal trouble can crop up over even the slightest oversight. Business lawyers have the experience and background to understand the issues from both a business and legal perspective. This comprehensive understanding will safeguard you and your business from risks associated with running a company by finding out what went wrong, what was missed, or what you can do to prepare for the future. Whether it is satisfying all of the necessary requirements for corporate formalities, negotiating fair deals to reduce future risk, or figuring out if you’re in violation of any statutory laws, outside counsel will be able to pinpoint any weaknesses and work to close the gaps before it’s too late.
Building an outside legal counsel relationship can help you achieve your economic, commercial, and operational goals faster by clearing the way of messy legal situations and providing room for your business to grow. If you are a business owner or are thinking of becoming one, contact Ser & Associates at 305-222-7282 so we can discuss your unique needs. And ask about our My General Counsel program that provides you with an on-call attorney at an affordable monthly rate.
