No business owner wants to be on the receiving end of a legal notice. However, there will be times when lawyers become a valuable asset to your team. Knowing when to hire a lawyer is usually the hardest part of the process, especially considering their fees. Depending on the situation, however, it may be best to hire a lawyer earlier in the legal process. Here are four situations where legal advice is a must:
Lead Generation
While lawyers rarely get involved in the marketing efforts of your business, they will help protect your interests. Lead generation is about securing deals, and to do that, there needs to be a contract in place. Otherwise, both parties can renege on the sale and lose precious time and money. A competent lawyer should be able to draw up a contract which suits everyone and sums up the terms of the negotiations. In addition, the new data protection laws and cookie policy may warrant hiring a lawyer to decipher.
Being Sued
Lawsuits are a part of the business. Big companies, or firms with more resources than their rivals, understand the best way to win is to use the courts. Tying small organizations up in costly legal admin reduces the competition and strengthens their position at the top. So, the odds are high you’ll get served at some point. Because it’s common doesn’t mean it isn’t harmful. A quality attorney will have a battle plan and should be able to discover a way to win or get the case dismissed.
Suing Others
Let’s not pretend as if filing a lawsuit isn’t on the table. You may not use it in a shady way, but going to court is going to court. When someone does you wrong, getting a lawyer involved for financial reasons is essential. Otherwise, the other party will keep the cash and won’t get punished. There is also the principal factor. Not reacting makes the business seem weak and will attract more cowboys who try to steal. Plus, it’s an important step to look after employees and people affiliated with the firm.
Selling Up
In the end, you can’t be the boss forever. When the time comes, it’s best to sell the whole company or your share and retire or try new things. The latter doesn’t require an attorney because buy-sell agreements are cut and dry. Selling the company as a whole is different because there are stock, shares, and assets. Also, you want to get the market value in terms of cash. Don’t be on the losing end by doing it alone. Hire a lawyer and dot the I’s and cross the T’s.
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