When you start a business, you’ll need a team that can help you in your daily business activities and meet the challenges of growth and success. While your team members will be mostly internal, such as your salespeople, back-office employees, contractors, and vendors, you will, eventually, need the services of external members as your business expands. These people, who will ensure seamless operation of your business, may include auditors, broking houses, bankers, and yes, lawyers.
Typically, most small businesses aren’t concerned about hiring a law firm, but expert lawyers can help businesses — regardless of their size — overcome many critical issues that entrepreneurs might not be aware of. If you choose the right law firm, they can educate you on legal matters, protect you, and be of more value than the fees you are paying. Here are a few things to consider when you are looking for the right legal team for your business.
Decide What Kind of Lawyer Your Business Needs
If your enterprise requires a lawyer for general and infrequent tasks, such as drafting business contracts, preparing partnership agreements, or getting a trademark, you can get the job done by any lawyer on a case-to-case basis. But, if your needs are frequent and more complicated, related to matters like cross-border taxation, obtaining state-specific licenses, or acquiring certificates of compliance, then you should have a law firm on your side that can handle such complex issues and defend you in case of any dispute. Figure out what exactly your business requires, and then decide on the lawyer that is best suited to serve that purpose.
Find a Law Firm that Handles Your Niche
Nowadays, lawyers, like doctors, are increasingly becoming specialized. With the subject of specialization varying from one law firm to another, you need to find a legal team that has a solid experience of working in your niche. For instance, if you are in the health and safety sector, a Newcastle law firm has an impressive track record in that domain. Likewise, if you are in the business of e-commerce transactions, tie-up with a law firm that has an understanding of cyber-crimes and cyber laws. Whatever your line of business is, always choose specialists over generalist lawyers. Even if you have to pay a little more, you will end up winning in the long run.
Find the ‘Right-size’ Law Firm You Can Afford
If you are a small company, you don’t need a law firm that deals with Fortune 500 companies and charges several thousand dollars as an appearance fee. Large law firms will not have the time for your small business and firms that are too small cannot represent you properly.
To get the perfect legal team, you need to strike the right balance. Explore the law firms in your state and find the ideal one that you can afford by asking straightforward questions about the fees they charge. Request a quote that includes their fixed fees, hourly rates, billing cycle, and payment plan. If there are any issues, get them solved before starting work. If your business cannot afford the fee, politely decline the offer and look for the next option.
Treating your legal team as a key component of your business, and hiring high-quality legal services offered by a reputable law firm will make your business more productive and provide you with peace of mind.