Owners of small to mid-size businesses are frequently confronted with the question of whether to hire an attorney. Unfortunately, it is common for business owners to neglect hiring an attorney, even when issues arise.
There is a general misconception that business lawyers charge high rates. Not only is this not true for all attorneys, but waiting until issues have escalated into a problem, is almost certain to cost substantially more. Seeking legal help early and frequently will likely result in lower operational expenses, more time, and less headaches.
Yes, there are certain tasks that can be handled without the need for legal counsel, but knowing when to hire an attorney is critical to the smooth and successful growth of your business. Whether you need help drafting or reviewing a contract, or you’re facing a potential legal issue, when should you hire a lawyer for your business?
You may not need to hire an attorney for the most straightforward, easy tasks, in starting your business such as choosing a business name and domain name, writing a business plan, applying for an employer identification number (EIN). That said, getting strategic advice from a lawyer regarding the different entity options for your new business enterprise, considering issues around taxation, and avoiding personal liability can be crucial to help you decide how to setup your business. Additionally, legal counsel can be extremely valuable when it comes to other seemingly-straightforward tasks, such as drafting or updating partnership agreements and negotiating and documenting contracts.
A business attorney is crucial in the scenarios above, but the best course of action is to prevent legal issues from ever occurring in the first place. That is where fractional general counsel comes in; having an attorney on hand that is familiar with your business, and can help make important strategic decisions to enhance the business’ growth can be essential.
Where in-house counsel is a full-time employee, fractional general counsel is a lawyer who works with your business on a part-time basis, as an independent contractor. He or she can provide ongoing legal services at an agreed upon rate, in exchange for a certain number of hours per month. With fractional general counsel, you receive:
You don’t necessarily need an attorney to mitigate every issue, but having an attorney who you trust, and one who is familiar with your goals and objectives, is invaluable to the security, growth and success of your business.
In an attempt to save money, countless small and mid-size businesses waste time, money, and stress by failing to consult with an attorney early and often. Contact Attorney Marjorie Ochroch today to learn more.
marjorie@ochrochlaw.com
Serving Montgomery County and the Greater Philadelphia Area