Every business needs an accountant and a lawyer. These two are critical to keeping the company away from financial and legal problems. Every business owner will hire an accountant, but only a few of them will get an attorney. This happens because no one sees the immediate need to spend money on a lawyer. This is a mistake you should never make.
Why do you need a lawyer?
A common occurrence in the world of small companies is to avoid paying a lawyer at the start. People who do that tend to regret it later when the sheriff comes and serves them a summons. It’s too late to get a legal representative at that point, as the case against you is probably strong enough that you can’t avoid but to comply and pay your dues. So, getting an attorney before this happens is a must for those that don’t want to waste money on court costs, settlements and so on.
Now, the question whether you should get a lawyer or not is clear. One thing that isn’t clear to many people is who to hire as you have many big and small law firms that offer their services to business owners. Big firms require more money as their lawyers are specialized. On the other hand, small firms provide miniscule fees because their employees aren’t specialized in any branch of the law.
The obvious move is to hire a small firm and save some money. The thing that isn’t obvious is the fact that employees of such small firm may not have skills to deal with every obstacle your company encounters. You will have to spend money if this happens because the said firm will refer you to one that is specialized in dealing with these issues.
This can lead to you having to work with several law firms at the same time. So, if you want to hire a lawyer then go for a big law firm as they will have specialized personnel capable of dealing with any legal situation you encounter as a business owner.
A lawyer is a must for business owners
The question of whether you should hire a lawyer for your company is therefore non-existent. You will have to do it at one point in your business life. Now, it’s up to you whether it will be before you get sued or after.