For some entrepreneurs and smaller businesses, working with a solicitor can seem like a needless expense. While there can be a perception that the fees will simply cost too much, businesses can actually benefit hugely from a solicitor who will be able to help them reduce risk, secure intellectual property rights, protect money and a range of other things.
As your business grows you will inevitably need a lawyer so it is actually a great idea to get one on board early so that they understand the nature and goals of your work. Here are some things that a great business solicitor can do for you:
Bring expertise and experience
Solicitors are able to bring a high level of business experience and expertise to your company. This can be truly invaluable especially if you have never had to run a business before. There will certainly be things that you haven’t thought about and painful bureaucracy to deal with. Your solicitor will be able to handle this and allow you to get on with what you are good it.
It is always going to be a good idea to get someone involved who has a comprehensive understanding of business laws. Whenever you have an idea, you can talk through the potential pitfalls and benefits with your solicitor who will be able to offer a different perspective and come up with solutions.
If you offer a unique product or service, one of the most important things you can do is protect your intellectual property. While you might think that someone is unlikely to copy your idea, you need to be aware that the more successful you become, the more likely you to have imitators. A good solicitor will be able to help you copyright or gain other intellectual property rights on anything you offer that is unique.
Help understanding contracts
One of the most important roles that a solicitor can play in your business is help you to draft contracts and other important legal document. This could be related to anything from freelance and employment contracts to terms and conditions for the services that you provide. These are the kind of crucial details that your business is founded on and if you attempt to do things without the help of an experienced solicitor it can lead to you getting into legal trouble.
Comply with employment law
If you run a small business that has always been something of a one man band, the concept of hiring and firing staff might be completely foreign to you. This can be a problem when you need to employ people for the first time, as there are a lot of legal issues and responsibilities that you need to be aware of. Having a solicitor around to offer advice and guidance is absolutely essential.
Save you time
Hiring another employee to help you with the running of the business can free up your time – and using a solicitor yields exactly the same results. Your solicitor can take on any legal issues and present them to you in a simplified form so that you don’t waste any time.
Save you money
While this might seem counterintuitive, a good lawyer will be able to save you money in the long term. Of course you will have to pay the applicable legal fees, but as your business grows, a solicitor will be able to keep you out of trouble and keep you from losing out. Some businesses can often come unstuck because they haven’t followed the correct legal procedures – this often happens when small companies begin to evolve into larger ones and realise that they have made mistakes in setting up the legal framework of the business. A solicitor will ensure that you avoid this and help the company make a smooth transition rather than waste money having to fix problems.