If you are starting a business or already own one, a business attorney can help you grow. Attorneys work with you every step of the way as a partner who understands the nitty-gritty details of every contract and negotiation. They work to keep your relationships with employees, partners, vendors, and clients on solid footing so that your business interactions reap benefits for your business. Let’s look at 6 reasons you may need to hire a business attorney.
Contract Law: Basis of Every Business Relationship
Contracts are the bedrock of any organization. They are the binding legal basis for every business relationship with vendors, clients, partners, and employees. With iron-clad contracts, your relationships suffer less strain because all parties fully understand their responsibilities and what happens without following through on their promises.
Hiring and firing employees is an excellent example of a need for solid contracts. Your attorney works with you and your employees so that everyone understands the laws and their rights. Another example could be a vendor that does not follow through by sending quality goods or services. In this case, you need to understand your next step legally. Your rights as a business depend on your contracts.
As your business grows, your attorney helps with acquisitions and mergers. You may need an attorney to draw up agreements to purchase or buy out another company. Perhaps you need a new tax status to save money or a major restructuring of all your foundational documents. Your business attorney stands ready to make these changes with you as a trusted partner.
An attorney understands the language of the law. In contract law, most people struggle to understand the significance of particular words and legal terms fully. At first glance, it may look like your contracts will keep you safe from legal trouble.
However, terms that are simple in English may hold a deeper meaning in contract law. If you can’t decipher your contracts the way that a court of law will interpret them, you need legal experts to comb through your agreements before you sign. You can bet that lawyers for the other side of a contract are going through the detailed meanings of every word.
Your attorney can ensure that you understand your contracts, what they can and can’t do, and how to change them in your favor. A business attorney can keep you apprised of whether your agreements can protect you from painful and expensive lawsuits if a crucial relationship goes south. An experienced business attorney can also help you amend contracts already executed to protect your future.
Lawsuits: Prevent and Mitigate Issues
Don’t let breach of contract lawsuits or other relational disputes stop you from reaching your business goals. Your attorney uses contracts to ensure you have a solid positional stance. However, should someone threaten to file a lawsuit, it is best to work with an attorney to mitigate damages before the case reaches the courthouse.
Your attorney gathers the facts surrounding the issues at hand and prepares what you need to resolve problems before they force you into a courtroom. This prevention can save you time and money, as litigation can cost you quite a bit.
Let’s say you had to let go of an employee, who then responds by filing a workman’s compensation lawsuit for an injury they received at work 2 years before. In addition, they threaten to file a civil suit for discrimination in the workplace. This is not a situation to take lightly. An attorney may negotiate with the former employee and find remedies that satisfy their need for a lawsuit.
Your attorney understands the codes and regulations involved and what will and won’t work in a courtroom for the employee and your business. They can see how the case might go over in court and prevent significant losses.
Negotiations Beyond Your Scope
You may enjoy negotiations with other companies for high-dollar contracts or revel in the back and forth of a conversation leading to a deal. However, hiring an attorney to help with negotiations gives you an extra ace in your pocket.
An experienced business attorney can help you identify issues you may not think about and spot problems before they arise. They also understand the best way to jump through loopholes in potential contracts. Knowing the inside scoop on a possible contract can help you negotiate with others while thoroughly understanding what the future holds.
Every business needs a solid framework of legal documents supporting its structure. These documents include your business plan, organizational status for taxes, contracts for funding, agreements with new employees, vendors, and business partners. A business attorney may advise you in these matters.
However, they can also take everything on so you don’t have to muddle through all the paperwork. Having a business attorney can free you up from writing contracts and doing background paperwork so you can focus on your relationships.
You may ask them to accomplish the contractual details of everything you need to get started. A brief conversation about your goals and vision for the future may be all they need to set your new business on solid legal ground.
If you are starting up a business, an attorney looks at the current economic climate and advises how best to start your business and find investors. In addition, they research the best tax status for your unique organization before you start signing the contracts that form the basis of your company. You can’t go wrong bringing in a legal expert to ensure your foundational documents are rock solid.
If your business is solid but needs help restructuring, a business attorney is an asset. They work through licensing and taxation issues, handle management crises, draw up severance packages for employees you must let go, and present cases for change before a board or stockholders.
Your Business Attorney Protects You
Your business attorney protects you like no other. They keep your relationships on even ground, help you buy and sell real estate or other businesses, watch over the economic climate, and walk you through negotiations and potential lawsuits. Your foundational structure and everything built upon it needs solid communication, negotiation, and clear contractual commitments.
A business attorney is an advisor who is always on your side, letting you know what is best for your business. Unlike others you might think of consulting who have vested interests in how you run your business, your attorney understands your success is their success.
In addition, a business attorney gives investors, other business owners, vendors, employees, and others the confidence to do business with you. An attorney imbues your communications with depth and authority. Others see that you mean business. In the business world, your attorney makes others stand up and pay attention to you.
We Can Help
Many pitfalls can cause your business to go under, but with the advice of your business attorney, you are ready to grow, thrive, and fight against any who dare to bring you down. At Hill Law, we specialize in all kinds of business law, including contracts, mergers and acquisitions, start-ups, and negotiations or mitigation work to prevent lawsuits. We also shine in helping new companies work with investors to secure the money they need to get started. Whether you are still an idea, a new company, or an experienced business owner, we have the skills and mindset you need to move forward. Contact us today and find out how we can put our expertise to work for you.