Every business will need these two professionals the moment they start their operation: a certified accountant and a lawyer. The pretty apparent reason for hiring a certified accountant is because you need someone knowledgeable in charts and numbers to help you review your expenses, your income and everything related to numbers, most importantly, taxes.
You do not want IRS going after your business, right? The accountants will prepare all the important and necessary state, local and federal tax returns for your company. The reason why you need to hire a business lawyer to be so apparent.
If you want to know more about business or corporate attorneys, you can visit https://en.wikipedia.org/wiki/Corporate_lawyer for more information.
A good business lawyer will give vital assistance in every aspect of your company or your business, from essential permit compliance and trademark or copyright advice for dealing with lawsuits, liabilities and formal business incorporation. First, let us take a look at the general rules when dealing with a business attorney.
If you are getting sued by someone, it is probably too late. A lot of small and startup businesses ignore the importance of hiring a good business attorney until a sheriff knocks on their front door and serve them with a summon. That is a terrible mistake to make when you are running a business.
The best time to hire a good business attorney is before someone takes legal action against you or your company. Once the sheriff serves the summons or the complaint to you, it is too late. The problem or the case has already been filed, and it is just a question of how much money the complainant will get from you and how much you will pay to the state or the city.
For example, you are running a restaurant in Miami. You don’t want to hire a Miami business attorney after someone got poisoned inside your restaurant, you want to hire them during the planning stage of your business to help you with all the requirements like business permits, food safety licenses, etc.
These lawyers will make sure that your business will run smoothly and avoid cases like food poisoning, run in with the food inspector or problems with the business permits. The United States judicial system is like a dirty and cheap motel; it is easy to get in but difficult to get out once you have been trapped. All lawyers agree that although nobody likes to pay lawyer’s fees for anything (nobody likes dealing with lawyers in general), the money you are paying these lawyers will keep you out of trouble that might cost a lot more if you do not hire an attorney.
Small or big law firms?
Generally speaking, the larger the firm, the higher their overhead costs, that is why their hourly rate is a lot higher. But there are advantages in hiring big and established law firms over smaller ones. For the past 20 years, legal counsel has become incredibly specialized with their services. If you are a minor or a startup business, it is disadvantageous for your company to hire a small law firm since there is a big chance that they don’t have the necessary skills and resources to help you grow your business.
Very few small law firms that have less than ten employees can handle lawsuits, negotiate the lease of retail spaces or offices, file a trademark or patent, draft software license agreements, advise the business owners when it comes to terminating disruptive employees or oversee the annual corporate meeting of a small or startup business.
Sooner or later, people will refer you to specialists, and your company will be dealing with not only two or three lawyers but even more. With larger and more established firms, they are more expensive and have two significant advantages over their smaller counterpart.
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They have the legal skills that your business need. They also have a lot of regional, local or national connections in the legal community. A letter from an established law firm with 30 offices all across the country is more intimidating than a letter from a small town lawyer.
Also, being connected with a prominent and well-known firm has a lot of intangible benefits. These firms may be willing to introduce your business to financing sources, or they can let you use their name for reference when looking for a partnership arrangement.