There is no standard answer to the question of when to hire an attorney. Since every business is unique, even businesses in the same industry will face different legal challenges.
While there is no rule of thumb, it is helpful to balance the cost of getting a legal job done right against the potential risks of making a mistake. Getting professional help early in the process may save you time, trouble, and money down the road. In other words, the more money that is at stake and the higher the risk you are facing, the more you will want to make sure that you are handling the matter correctly.
Many entrepreneurs make the mistake of waiting until a legal problem arises before consulting an attorney. However, a good lawyer can help prevent problems from happening in the first place. If issues do arise, having a good lawyer will usually help you reach a good outcome with less time and money invested. An ounce of prevention beats a pound of cure every time.
But the legal aspects of your business do not just revolve around conflicts and problems. You will also want to engage an attorney to deal with opportunities that arise, such as buying a new business, getting a loan to expand your business, getting new investors, or buying or leasing a new place of business. In other words, lawyers do more than just sue people.
In fact, most business attorneys are considered transactional lawyers, meaning they spend most, if not all, of their time outside of court. They negotiate on behalf of clients, draft documents, form legal entities, counsel clients, and more. A big part of their job is keeping you out of court by ensuring that your interests are always protected when you enter into business relationships or transactions.
Therefore don’t wait until you are in serious legal jeopardy to call a lawyer. Instead be sure to avail yourself of good legal counsel whenever you have a lot at stake.
If you have any questions about launching a new business, an attorney can help.
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