When Should I Retain an Attorney for my Business?

Lawyer giving advice to a business owner
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Whether you run a new or established business, it is important to have strong relationships with trusted advisors who can guide you through the constantly changing business landscape. Whether navigating our litigious society, dealing with potential legislative issues, or even the effects of a pandemic, every business owner needs a good relationship with at least an insurance agent, an accountant, and an attorney. These are essential expenses for the protection of your business.

Some small business owners think business insurance is too expensive, but if anything were to happen to an uninsured or underinsured business not only would the business itself be at risk but so would the owner’s personal assets. You can run a business without an accountant and many businesses do. However, this could prove very costly especially at tax time. There are many businesses that do not see the value of having an attorney on retainer. They may use an attorney to form their business but that is where the relationship ends.

Most businesses will maintain some type of relationship with an insurance agent and an accountant because of immediate need. Unfortunately, when it comes to an attorney many believe this is an expense that they can do without. Then when a legal problem arises, they have no one to turn to. They find themselves seeking legal advice from people that they do not know and do not trust. This is doubly stressful because if they need an attorney, it is already potentially a serious matter.

Considering our constantly changing society and the pace of our economy, a good relationship with a business attorney is more important now than ever. You may be in compliance today but tomorrow, without warning, you may find yourself with extra expenses as you scramble to comply. Having an attorney on retainer may give you the heads up to prepare. The advice of your attorney can help you respond with budgeted expenses and to transition in an orderly way saving you not only money but also stress.

When you have a strong relationship with your business attorney, he knows you and understands your business. If a legal issue comes up that could affect your business, your attorney will bring it to your attention. Together you can decide on the best course of action to keep you and your business protected from adverse legal action. Your relationship with your attorney is like having legal insurance. You have someone to advise you before disaster strikes.

When you and your attorney are partners, you always have someone to call for legal questions. How many times have you had a quick question but did not know where to find the answer? You could spend hours researching and still not be sure that you have the correct answer. When you have a trusted attorney, one phone call is all it takes. If your attorney does not have the answer, he has the experience to know where to look and has a network of trusted partners in all types of specialties that he can refer to you.

A good relationship with your attorney is one of the greatest assets you can have for your business. As a trusted advisor, your attorney has your best interests at heart. He or she will guide you through complicated legal matters relieving your stress levels and saving you money from legal action. You have someone on your side for quick responses to legal questions. You also have access to his trusted network of specialists that can assist you in many different aspects of your business. For all these reasons and more, having an attorney on retainer is one of the best investments you can make to proactively ensure the safety of your business from legal action and to ensure your peace of mind.