Owning a business comes with all sorts of responsibilities and risks. Hiring a legal team is something that you will very likely have to do at some point. If you are on the fence about it, this article will give you some reasons why it is so important. A legal team can enhance and protect your business in several ways. A legal team can cost you a pretty penny, which could be a big motivator not to have one. However, this could be a big mistake that leads you to several risks. Continue reading to learn more.
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Advice
The law is a large and complex area. It is almost impossible for you to make sense of the sections of the law that apply to your business. A legal team brings knowledge, experience, and professionalism that will ensure your business is protected.
A professional team can provide advice and highlight the legal consequences of almost any action you take as a business.
Being Sued
If you are ever in a situation where you are being sued and you don’t have a legal team, this can be a major issue. Once you have already been sued, hiring lawyers is only a defense mechanism. Whereas, with a legal team on hand, you may be able to prevent being sued or being taken to court in the first place.
Once you are taken to court, you can face many costs, potential penalties, and other punishments if the opposing party wins. This could all be avoided by having a legal team who will deal with the situation swiftly and promptly. The lawyers at Edwards & Patterson Law favor following an aggressive and compassionate approach. Having this attitude is important when you are being sued or are being threatened. Your legal team’s advice and work will help you avoid situations that leave you vulnerable to being sued.
A great legal team will have written up contracts or agreements in a way that gives you the advantage if you are sued.
Contracts
As a business, you will deal with several types of contracts. Having lawyers who can write up and check contracts will cover your back in several ways. Your legal team is on your side and is being paid to protect your business from any troubles. It can be so easy to overlook any issues arising from poorly drawn-up contracts; lawyers have a keen eye for this and can sense when something is not right.
If your contracts or legal agreements are not airtight, you could very easily be taken advantage of. Having a legal team will prevent this from happening.
Blind Spots
Being in business can open you up to a whole range of legal mistakes and issues. Whether you have been in business for a long time or are inexperienced, a legal team will be able to spot mistakes before they even occur. They can easily see where your weak spots are and help you deal with them effectively. As your business grows and evolves, so will your vulnerability to legal mistakes.
Intellectual Property
If your business is related to design, media, or other creative outlets, having a legal team on hand will protect your intellectual property. This is so vital to protect your hard work and creativity. In a world where it is so easy to get our hands on other people’s designs, art, or work, your legal team will prevent your intellectual property from being misused or stolen.
Even if you are aware of this yourself, you can’t do much about it on your own. Your legal team will stay on top of this and can very quickly prevent others from using your intellectual property.
Taxes
This is a huge one and getting it wrong could lead to huge penalties. Your accountant will be dealing with your taxes, but your legal team should be able to register your business correctly and understand any tax consequences. This will keep your business protected.
Real Estate
In case you are leasing properties or commercial areas, it can be very complex. Oftentimes, the contracts are drawn up to benefit the landlord as opposed to the tenants. These contracts are negotiable and your lawyers can negotiate for terms that will benefit you and not just the landlord.
Most lawyers are specialized and, when dealing with a business, you need a range of lawyers who will be able to deal with the situations that creep up. Having a legal team as opposed to having one lawyer or a couple ensures that they can deal with any legal problem as soon as it happens. A legal team can deal with several problems at the same time. If you are only using one or two lawyers, however, they will have to refer you to a specialist at some point.
