Your business is like your baby. You have poured your heart, soul, and energy into the development of your business. You have nurtured it and want to see it grow and succeed. Just as a parent goes to a doctor to make sure their child is healthy, a small business owner should consult with an attorney to make sure their business is safe. A parent doesn’t need a doctor telling them exactly how to raise their child, and you certainly don’t need a lawyer for every step of running your business, but a little advice can go a long way and keep you out of trouble.
What will an attorney do for you?
An attorney can help you navigate the many requirements of legal forms and documents.
They can offer support with reviewing lease agreements, help you create sound contracts that don’t leave you unprotected or open to unwanted legal complications, and they can help keep you safe from government entities filing complaints against your business.
Attorneys can help if your business is involved in any environmental issues, in the acquisition of another company or its assets, or if you want a special allocation of profit or losses in your partnership agreement.
Finally, a business owner’s greatest fear and also what lawyers are best known for, fighting a lawsuit. According to the U.S. Small Business Administration, approximately between 36-56% of small businesses are involved in litigation each year. This is a significant number and when facing this reality, one cannot afford to be unprepared. An attorney not only defends you throughout litigation, but by retaining legal services, you can know what statements you should or shouldn’t make or what questions you can and cannot legally ask during an interview, to avoid discrimination lawsuits. In the end, a good business attorney will provide valuable assistance in almost any aspect you may need.
Typically you only pay if you have legal work done or a meeting with the retainer attorney. The retainer is more like a “Check guarantee” if you will. It assures the attorney they will get paid if they jump into the situation, and they already have a relationship with you and your business
What is having a lawyer “on retainer?”
Many families have a family practitioner that is familiar with their medical history and is an easy go-to. Having a lawyer on retainer is a bit like having a family doctor. You hire a lawyer who becomes well acquainted with your business and is ready to jump into a situation when you need them. Just like you would with your doctor, you play them if you have legal work done or a meeting with the retainer attorney.
Overall, a relationship with a small business lawyer will provide you with peace of mind as you receive assurance your business is healthy. You have more than enough worries without legal issues being one of them. Having a lawyer enables you to spend your valuable time focusing on other important aspects of your business knowing that your baby is in good hands. Sumsion Business Law has years of experience in business formations, contracts, and disputes to help you along the way of your business journey.