Hiring legal counsel for a business can be a tricky endeavor. The individual has to direct the issues for the organization’s best interests and ensure that he or she understands all legal aspects of the business. What’s more, he or she may, at times, have to oversee expenses, a process that can sometimes be managed with just a few simple steps. When deciding whether or not to hire legal counsel, cost will always be a consideration, but it shouldn’t be the main focus. Michael del Vecchio, a long-time business advisor who has been involved in companies in the US, Malta and Panama, understands how important shuffling the papers in the correct order is and offers some guidance to small businesses considering hiring legal counsel.
A recent survey revealed that the biggest threat business owners face are legal issues. One-quarter of small business owners don’t feel confident when dealing with the legalities of the business. However, despite this hesitation, entrepreneurs aren’t going to legal counselors as regularly as they should. The reason? 51% of all entrepreneurs believe that legal assistance is too expensive.
Says del Vecchio, “Neglecting to turn to a legal counselor is regularly more costly than contracting one. In reality, getting lawful assistance is really a shrewd method to set aside cash for your business. A decent legal counselor can enable you to forestall exorbitant issues later, spot escape clauses in contracts and understandings that can cost you cash, help you save money on business leases and that’s just the beginning.”
Luckily, it’s conceivable to utilize an attorney without spending a fortune. There are five steps to consider when trying to keep legal costs under control.
Some lawyers bill hourly, some daily and some on a monthly or quarterly retainer. Lawyers may likewise charge level expenses for standard employments like contract audit. Regardless of what technique your legal counselor utilizes, ask the right questions to make certain you comprehend the subtleties. For example, if the lawyer has aides, would you say you are charged for their work at the lawyer’s rate? Likewise get some information about additional items — a few attorneys will pass the expense of faxing and making duplicates on to the customer, while others won’t.
Time equals money for a legal advisor, so when you meet with or converse with your lawyer, prepare to keep the time as brief as could be expected under the circumstances. Make a list of what you want to know so you remember anything you have to ask; at that point focus on what you have to do.
The less work the lawyer needs to do, the less you’ll get charged for. Give the legal counselor reports needed prior to meeting face to face. “Have your data all together,” asserts del Vecchio.
“Send one point-by-point email as opposed to 17 short ones with many questions. Like any representative, legal advisors value it when you make their activity less complex.”
In the event that you have an intricate task with a lawyer, request an itemized bill. Go over it in detail to ensure that there aren’t any mistakes and that you comprehend what you’re being charged for.
A few entrepreneurs are terrified to converse with their legal counselors because of a paranoid fear of causing a charge, so they let little issues become bigger. Make it a point to speak with your lawyer consistently – but briefly – and raise any issues of concern. Along these lines, you can check issues from the beginning and exploit open doors for development when they emerge.
Similar steps that you use to oversee costs likewise help you keep away from a significant number of the disappointments that customers frequently feel. Those disappointments incorporate horrendous surprises that can arise from battling lawsuits for a considerable length of time (when you could have done it a lot before and spared endless dollars and hours), to transactions that fade away from “overlawyering.” Adds del Vecchio, “You can avoid misunderstandings between you and your legal counsel by communicating regularly. By making expectations clear from the start, you – as well as your lawyer – will be in a much better position to handle legal obstacles that may arise.”