Do I Really Need a Business Lawyer?

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Starting and running a successful business can be a complicated undertaking and involves a significant commitment of time, energy, passion and financial resources. A great business is a reflection of the care and dedication those responsible for creating and maintaining it have contributed. A well-functioning business not only turns a healthy profit but can become a positive force for change in the lives of all who interact with it; particularly for those who earn their livelihood from it.

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Yet these many benefits can be easily destroyed or severely compromised in one fell swoop. While it may be uncomfortable to consider, the introduction of a unpredictable legal factors can have a devastating effect on a business that can potentially topple it like the proverbial house of cards. When such catastrophe occurs, good fortune reverses and those responsible for the business are also the ones made responsible for picking up the pieces and trying to move forward.

The preceding scenario may sound dramatic and even unlikely but nonetheless it occurs over and over again with frightening regularity. The fact is that society has become much more litigious. With every year that passes more and more legislation is written that business owners need to be informed about and responsive towards in order to operate legally, safely and with minimal risk.

A lack of due diligence or awareness of one’s legal obligations in regards to business receives no sympathy when it comes to sorting out issues in a court of law. Not knowing ones legal responsibilities leaves one vulnerable and exposed to serious potential hazards. Securing the services of a business lawyer is one of the simplest strategies a business owner can take to protect themselves against legal risks and ensure their business continues to remains viable and a source of satisfaction rather than lament.

A business lawyer need not be intricately involved in every tiny detail of one’s business, but there are certain aspects and elements of business where it is crucial to seek professional advice and assistance in order to ensure the correct legal processes are being followed to the letter of the law.

Legal assistance and consultation is particularly vital any time agreements need to be negotiated or written contracts formalised. These may include issues such as:

  • Partnerships

  • Securing investors

  • Lease agreements

  • Securing additional capital

  • Contracts with vendors and suppliers

  • Mergers and acquisitions

  • Non-compete and non-disclosure agreements

  • Hiring and firing of employees

  • Dispute resolution

  • Asset protection

This is but a brief list of the areas where having access to expertise knowledge can help protect ones livelihood from the risk of future loss and untold heartache. Leaving oneself unprotected is not only foolhardy but simply bad business that keeps the door open to negative situations that could otherwise have been easily avoided.

It makes no sense to build up a business over time only to have the benefits of it snatched away and see it turned into a source of trouble and strife. The old adage of ‘an ounce of prevention is better than a pound of cure’ still holds true, particularly in the legal realm.

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