Large businesses spend a lot of money every year on business lawyers. In fact, they do not have just lawyers; they have entire departments working on their legal needs each day. Considering that these businesses are keen on cost-cutting to expand profit margins at every turn, one must wonder why they incur the hefty costs in the first place. The answer is simple; they reap more from having business lawyers in their corner than without. And with that understanding, small businesses too can learn a thing or two from bigger entities about legal representation.
It is said that the key to contracts is reading the fine print. However, without knowing what to look for one can never know what is right and what isn't. Businesses are always getting into contracts every day, small entities included. They have to do so with product suppliers, distribution agents, clients and employees among other bodies. Without a business lawyer, small businesses cannot know when they are getting a raw deal. A business lawyer can draft and proof contracts pertaining to employee hiring, leasing of premises, purchasing equipment and partnering with other companies. In so doing, they ensure that the interests of the small business are represented and financial loopholes are sealed.
Another common threat to small businesses is disputes. While larger businesses have the finance, connections and PR machinery to safeguard against them, small businesses only have the law to turn to. Instead of waiting for disputes to arise, small businesses have better chances of growth if they retain legal representation in-house. A business lawyer will advise on how the entity can avoid breaking legal regulations or attracting legal liability in its products, employee or client handling and all spheres of operation. They can also create proper frameworks to deal with disputes early on. By doing so, a business lawyer keeps the small business from liability fines that drain away funds needed for operation and expansion.
Identifying ripe opportunities
Last but not least, a business lawyer can help small businesses identify ripe prospects for growth. They can do so by evaluating the business' moves in terms of government red tape, tax inhibitions, open markets, pushing for patenting of products and services and investigating new partners and employees. This reduces the risk of wrong decision-making and averts costly mistakes on the part of the small business.
Although your small businesses may not afford an entire legal department, it sure can afford a business lawyer (like those from Anthonys Solicitors). The catch is not to look at the costs of hiring one but the gains that will be made from having one on your team, just like with large businesses.