Even if you have a small business, having a Business Lawyer at your disposal is helpful for things that involve contractual or legal agreements between more than one party. Business lawyers also serve as legal advisers to business clients who are involved in legal business matters.
When it comes to your business, a lawyer won’t tell you what you should do, but how you should handle the things you want to do with your business. This way, you are safe from any proceedings that could involve legal action against you or your business.
Hiring an expert in business law before your business needs one will not only get you and your business out of trouble, but can prevent any issues before it happens and may be cheaper in the long run. A good lawyer should be able to help with legal matters, corporate transactions, employment law issues, or any other legal problem you might encounter.
It’s always advisable that a company retains a lawyer if they are not big enough to have an in-house legal department.
What Do Business Lawyers Handle?
Business lawyers aren’t just there to analyze risks to your business. They can also help introduce you to new partnerships and opportunities through their connections. Most business lawyers will help you:
- Write a business plan
- Research and trademark different names, branding opportunities, and intellectual properties like slogans or domains
- Create, update, and document all legal partnerships, agreements, limited liability company (LLC) operating agreements, and even shareholder’s agreements
- Apply for employment identification number (EIN), and other licenses and permits your business will need
- Assist with any real estate issues and property proceedings
- Handle and submit necessary IRS forms and audits
- Help create a “special allocation” of profits and losses contributed to your property, partnerships, or LLC agreements
- Contract drafting and buy-and-sell agreements with customers, clients, partners, and employees
- Handle and hire employees, independent contractors, partners, and vendors
- Assist with former, current, or prospective employee issues such as hiring and firing
- Monitor environmental and workplace issues or proceedings with customers, employees, and partners
- Handle and file complaints or investigation on your business at the municipal, state, and federal levels
- Negotiate the sale or acquisition both yours and other business’
Things To Ask a Business Lawyer
It’s important to build a good relationship with your lawyer. Your lawyer should be someone you can trust with any aspect of your business. When hiring an attorney, ask them if:
- Do they have experience in your your field of work or industry?
- Are they connected with potential partners and other people in the community?
- Ask them if they represent or work with other clients that are in your industry
- Ask if they are willing to educate you on all legal proceedings and obligations to do with your business?
- Are they have flexible billing, and how they charge?
How Much Do Business Lawyers Charge?
Lawyers will usually charge a one-time fee for routine proceedings like an LLC. Always have open communication about how your lawyer will be charging you. Lawyers may charge you for other out-of-pocket expenses that may arise like filing fees.
Some lawyers are hesitant to quote a flat fee to a client because litigation and negotiations with other parties may be more extensive than originally anticipated. You can always ask a lawyer to “hold back” 10 to 20 percent of their flat fee to ensure the job is done well.
Some lawyers may charge you a retainer or deposit for future fees. If that is the case, make sure the money is used and not held in escrow. You can also ask a lawyer to return any unused portions of your deposit. It’s best not to offer trade for a portion or ownership of your business in lieu of a fee.
Always ask for an itemized bill when your lawyer charges you so you understand where all the charges are coming from. This is especially important if there’s more than one lawyer or associate on your case, as they may charge differently depending on the person. There are several ways a business lawyer may charge you:
Hourly or Per Diem Rate
Most lawyers will bill by the hour or offer a day rate if the case is extensive travel is involved.
A flat fee is recommended routine matters like reviewing a contract, tax issues, or closing a loan.
If you have a business with regular legal proceedings or questions, you should negotiate a monthly fee with your lawyer. This will ensure that you have open communication with a lawyer for business’ that may require regular contact with a legal service expert.
Lawyers may recommend a contingent fee for lawsuits and other complex matters.This means that your lawyer will only be paid if a lawsuit is won, otherwise, they will only be paid for out-of-pocket expenses.
Value Billing or Partial Contingency
Lawyers may charge a higher rate on business matters if they negotiate higher or favorable results. Try to avoid lawyers who use this method, and always ask for an itemized list of charges. Be completely transparent about how your lawyer will charge you, most contingency fees will only be 25 to 40 of a lawsuit’s earnings.
Your business needs a lawyer who can help with your legal matters, corporate transactions, employment law issues, or any other legal issues you might encounter now, or in the near future. It’s always advisable that a company retains a lawyer if they are not big enough to have an in-house legal department.
Business lawyers are helpful for things like corporate mergers and acquisitions, which involve some sort of legal agreement between the two entities. Business lawyers also serve as legal advisers to business clients who are involved in legal matters. These are just some of the roles that an experienced business lawyer might fulfill in the business world.
If you need to speak with a business attorney, let us connect you with the most competent and experienced one that fits your specific needs. We will also recommend a local partnering firm to whom you can turn to for any legal questions or guidance. Call us today at 1-844-980-1574 or fill out a request form for a free consultation.