A series of questions that pop-up in the minds of many people during a startup of their business – whether they need a Business Attorney? If yes, when is the right time to hire an attorney? Do they have a legal implication to hire the attorney for their business? Why do really need a business lawyer anyway?
Well, the answers to all these questions are hidden in the nature of your own business! In this article, we are going to share everything you need to know to hire a lawyer for your business.
Right Time To Hire Law Attorney For Business
While most people assume that there is a certain business phase where they need to hire a business law attorney. However, the reality is quite different! The best time to have a legal advisor for your business is long before you need one. Yes, you are reading it correctly.
Here are common situations when an attorney can be proved useful for your business.
- Choosing a business niche.
- Selecting the right kind of business entity that will be appropriate for your future business expansion.
- To raise the money for business capital and selling the equity shares to potential investors.
- Drafting documents for securities, outline the partnership agreement – specifying each partner’s right – and mapping out the corporate bylaws.
- Entering into contracts with clients & other business – negotiating the favorable contract terms for your business – and helping you to understand the contract.
- To obtain IP protection for tech, research, or health business sectors.
- To tackle all the employment issues without any inconvenience.
If you are still unable to understand what does a business law attorney do, for your business – then the simple explanation is – they legally protect both your personal and business interest! So hence it means that a legal attorney is certainly one of the crucial components of your business.
Tips To Pick-up The Best Attorney!
When you look for a lawyer for your venture – you come across a number of options. Each one claiming to be the best of the bests! While not all of them are worth spending your money, some of those who really are good – are quite expensive to hire for your small business! So what should you really do? How do you pick the right attorney for your startup? Simply, by checking these boxes – you can hire the best attorney for your business within a reasonable fee:
Examine Your Business Needs:
The first rule to choose the right lawyer for your venture is to understand why it really needs the help of a legal advisor? Whether it’s a one-time situation or you need the attorney in the long-term strongly influences the decision to hire a small business attorney.
Look For Attorneys Within Your Professional Network:
No doubt, there are a number of law firms offering legal advice services – the best practice to hunt down a legal attorney for your venture to look around your professional circle. Ask your business partners, clients, or investors to recommend lawyers. List your options and then compare all of them based on their experience, expertise, skills, and service quality.
Ask The Right Questions:
Narrow down your list of lawyers to 2-3 attorneys and then finalize the best one for your startup! The only way to do this is to ask all the right questions from them. Clear all your queries, ask them how they tackle a certain situation, what’s their course of action, etc.
Agree Upon A Fee That Suits Your Budget:
Another step is quite important, is to create a budget! Allocate a budget that you want to spend on the services of your business lawyer. Hire the one with consultation fee within your budget, yet provides best services. You can also negotiate your fee budget with the law firm/attorney!
Understand When You Don’t Need A Lawyer:
One thing that most entrepreneurs and business owners understand wrong, is that they need a legal advisor for every decision/situation. That’s not how it works. While your business needs an attorney most of the time – you can handle certain situations without your small business attorney as well – such as filling articles of association, etc.
Read More: How To Start A Lawn Care Business 9 Steps
Cost OF Hiring A Business Lawyer
Usually, hiring a law firm to assist you with the legal matters of your business – is quite expensive! However, the overall cost you may have to spend on the business legal advisors depends, how they charge you.
Just like your financial advisor, accountant, etc. attorneys also choose two ways to charge your business:
Hourly Fees Rate:
For small business ventures, lawyers usually prefer to charge on an hourly basis. On average, the service fee ranges from $150 to $325 per hour. However, this rate can go up to as high as $1,000 per hour – depending upon region, size & popularity of the law firm, experience, and the business type!
Flat Fees Rate:
The other way is to charge a flat fee rate for the lawyer’s legal services. Most people prefer this mode of charging fee – as it would provide them an estimate of exactly how much they need to set aside! Flat fee legal service charges vary from $500 to $2,000.
Whether you have just started your business venture, or its already thriving and throbbing, it’s always better to have a legal advisor to protect you and your business from any uncertain situations!