February 5, 2014

Make the Right Call When it comes to Legal Advice

published this at 2:57 pm

Having the right attorney to handle your small business’s legal affairs can literally mean the difference between success and failure. But don’t make the mistake of waiting until you’re in legal hot water before finding a lawyer to represent you.

Paying an attorney to oversee and review all legal matters pertinent to your business operations can help to protect your company’s interests and keep you out of trouble.

The fees you’ll pay for this kind of ongoing legal service are relatively modest when compared to the costs you’ll incur if you put off getting legal representation until you’re already in trouble.

What to Look for

What should you look for when you’re shopping for legal representation?

Like medicine, the legal profession has become increasingly specialized over the past couple of decades. Fortunately, there are some law practices and individual attorneys that specialize in business or corporate law.

If your business operates in a small town or rural area with a relatively limited selection of lawyers to choose from, you should shop for an attorney with knowhow in areas of the law most relevant to business.

In an article for Entrepreneur.com, Cliff Ennico, author of “Small Business Survival Guide,” suggests you look for lawyers or law groups that can provide guidance in the following key areas:

Legal services aren’t cheap.

Generally speaking, large law firms bill at higher hourly rates than smaller law offices. However, larger law firms are more apt to have attorneys in virtually all specialties needed to address your company’s needs.

Seek Out Recommendations

If you want the best legal talent you can afford, talk to other business owners in your community to get their recommendations of attorneys or law firms that have served them well in the past.

If you’re new in the community, you might want to use the services of a lawyer referral service that can steer you to a select number of attorneys that specialize in the types of legal services you require.

Shopping for a lawyer based on ads in the Yellow Pages or TV commercials is definitely not recommended.

Retainer Agreement

When you find the attorney or law firm that seems right for your business, you can draw up a retainer agreement that outlines the types of services you will require, the rate at which such services will be billed, payment and billing terms, and guidelines that govern the renewal or termination of the agreement.

Lastly, you will probably be asked to pay a retainer fee that will be deposited into the trust account of the law firm and against which future bills for services rendered can be charged.

Photo credit: retailtrust.org.uk

About the Author: Jay Fremont is a freelance author who writes extensively about a wide array of business and financial topics, including where to look for the best personal financial advice.

Filed under Business Life | 1 Comment »

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1 Comment to “Make the Right Call When it comes to Legal Advice”

  1. February 6th, 2014 at 7:49 am
    Sunday said

    Invariably, every small business owner should be proactive when it comes to legal matters regarding its operations.

    I agree with the need for business to choose a proper legal representation out of any legal issue.

    However, sticking with the credibility, professionalism, and capability of the lawyer should be emphasized!

    This comment was also left in kingged.com – the content syndication, social bookmarking and social aggregation website for Internet marketers – where this post was shared.

    Sunday – Kingged.com


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