There are two professionals which every business will need. These are an accountant and a solicitor. While the reasons for the hiring an accountant is pretty obvious because eventually, you will need to have your business books in order. The reason for hiring a business solicitor may not, however, be so apparent.
A good business solicitor will be able to provide vital assistance in almost every aspect of your business, from basic zoning compliance and copyright and trademark advice to formal business incorporation and lawsuits and liability.
Here are a few important rules to remember before hiring a solicitor:
At the time that you are being sued, it is too late to look for a solicitor. Do not wait until you have court officials knocking at your door. You need to make sure your business has the protection of a professional solicitor before you or your business is sued. While many people do not like to regularly pay for the services offered by a solicitor, nobody wants the added expense of needing a solicitor once their matter arrived in court.
The first thing you should consider when choosing your solicitor is whether to go with a small firm or a larger one. The general rule here is that the larger the law firm is, the more overhead expenses they have. Therefore they will charge higher rates. There are however advantages that go with choosing a larger firm. These include the ability for the firm to cover a larger number of specialist areas. Making use of a single practitioner may leave you requiring several solicitors to cover different matters.
A larger law firm will be able to handle your new lease, file patents, deal with lawsuits and advice on employment law and oversee an annual general meeting. A smaller or solo firm may not be able to handle all aspects of your business dealings. At some point, a solo practitioner may need to refer you to specialists. Larger law firms also have more clout in the local and national legal community.
Your solicitor and their law firm will be able to take instructions from you and also advice on the best route forward should you run into legal trouble. In most cases, if you have a standing agreement with a law firm, you are like to have already received the information you need before the matter appears before the courts. This will give you a distinct advantage in the unforeseen circumstance that you are taken to court.
It is always better to be prepared than be caught unawares. And, it is for this reason that many entrepreneurial businesses and small as well as large corporations choose to have legal representation from the moment they open their doors. The field of business is constantly changing and evolving. Making use of the services of a well-trained solicitor in today’s times is an absolute must for any business whether you are looking to branch out or simply start a new venture.