When starting your own business, finding a lawyer likely isn’t one of the top things you consider doing, yet gathering the appropriate legal team to support your company is imperative. Legal assistance can help with a variety of tasks that you may not be well-equipped to handle at this stage, from employment contracts to trading licenses.
If you are a business that is still developing, you may not currently have a steady cash flow to fund a qualified legal team; however, this can be a make-or-break decision for a new-found business, which is why you may consider taking out an unsecured business loan to support you during these stages. To help you get started, we discuss how you can find the right legal team for you and what you should be looking out for during your search.
What can Lawyers Help With?
Lawyers can help with a multitude of legal issues that businesses can face when trading. They can also assist with start-ups, such as choosing the ideal structure for the business during the early stages, where contractual agreements between shareholders need to be drafted by an experienced professional. You may also not be aware that certain industries require a business license – a lawyer can help you apply for one should you be involved in any of the trades below:
- Beauty and health
There are other areas that may also need a license to operate, even if this is a standalone event, which is why hiring a legal expert is essential.
For well-established businesses, lawyers can aid with buying, selling or renting premises, as commercial property can be complex for the lay individual. Expanding or growing businesses need to draft additional contracts if hiring new employees or suppliers; it can be tempting to do these yourself to save time or money, but if done wrong you could face unacceptable liabilities and legal obligations.
What are the Ways you can Search for Legal Assistance?
When looking for a lawyer or legal team, it can be easy to simply go for the first opportunity you come across, although, it pays to look for a competent corporate lawyer. Also, determine what area you expect your legal aid to specialise in – these fields can range from employment law to tax law and even mergers and acquisitions.
Recommendations from associates and your accountant may be a good start, particularly if they have well-established connections they could introduce you to. In England and Wales, there is an online directory that has proven useful for businesses; the Law Society’s Find a Solicitor site can help you to find suggested legal professionals within your proximity, some even offering a free consultation to see if the collaboration would be in your best interest.
What Factors Should you Consider When Choosing a Legal Firm?
Once you collected a variety of fitting candidates, you’ll need to whittle down your choices by following a set of criteria. Don’t stress if you find the match doesn’t work for you in the long run, you can change firms if you decide to do so in the future.
So, what are some of the key factors you should consider in a legal professional for your business?
Expenses – You’ll want to consider the funds you have available before hiring a lawyer or legal team, particularly if you sign a long-term contract. Set yourself a budget and find out their pricing structure for things like creating contracts, etc.
Appraises – Try and scout reviews of the firm or individual online or via word of mouth to assess if they are right for you. A plethora of positive reviews will indicate a job well done and you are less likely to be faced with issues going forward.
Expertise – Ensure that the legal professional you hire is well-equipped to handle the work – do they have the expertise? Could they point you in the right direction?