Do You Need a Legal Team? |
Posted: December 19, 2016 |
Donald Trump spent half a million dollars on his legal team in September 2016 alone. Fortunately, most businesses don’t require such a weighty staff of lawyers, and alternatives are available to keeping one on standby all the time. It would be impractical for small businesses to keep a permanent legal team, but nonetheless, all businesses need legal advice at one time or another for many reasons, of which these are just a few. Employment Advice Whether you’re downsizing your workforce, or expanding it’s important to make sure you’re doing this in compliance with the law. Not following due process at the time could create both grounds for legal challenges in the future, and evenresentment from once valued employees. Seeking advice beforehand will equip you to feel more confident in the process of either letting staff go, or bringing more people onboard as your business grows. Property Advice Location is important. Putting your business in the right place lets you maximise foot traffic in retail, and having a suitable front door impresses the clients that need impressing. Renting or buying a property for your business is likely to be your most substantial cost, and it deserves due consideration. Having a lawyer look over your proposed contract could more than pay for itself, as they highlight problem areas like stamp duty and service costs which can inflate the initial cost of renting. Negotiation While most small businesses don’t look much like Dragon’s Den, negotiation is a daily fact of life. Whether it’s with a supplier, potential investor, employee or even a disgruntled customer, it’s important to enter negotiations prepared. A legal advisor can help you know exactly what you want from a negotiation, what you can be prepared to concede and what lines you absolutely cannot cross. They can also review agreements before you finalise them, to ensure you are getting the best possible deal. There are many alternatives that are more practical and affordable then keeping a lawyer on staff. Business solicitors frequently review draft agreements to suggest changes that can protect you in the long run, for a fraction of the cost of having a lawyer draw up a contract from beginning to end. Online legal advice is also available, allowing you tailor the service you get to precisely fit your requirements, and get the information you need from your desk.
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