5 Reasons to have a law firm for your business

#smallbusinesstips #businessownerhelp #howtorunabusiness

Nearly one quarter of business owners had to close during the pandemic.

Many of the businesses closed due to legal issues that could have been prevented. Having an attorney for your business is essential for protecting and growing your business. It’s easy for business owners to make a legal mistake that could be costly.

Most business owners are not legal experts. You will not get sympathy due to your ignorance in front of a judge. Ignorance of the law excuses no one. Just because you don’t know doesn't mean you're not responsible for complying. Even your own success may expose you to lawsuits. Competitors could file claims to slow your progress or disgruntled employees could make claims that aren’t valid.

Here are 5 reasons you should have an attorney to protect and grow your business.

1. Contracts and Documents

The old saying goes, “the bold print giveth and the fine print taketh away”. According to data published by JP Morgan Chase from the U.S. Census Bureau, 56% of small businesses have one to four employees, and 32.1% have five to 19 employees.

Some business owners have an attorney but they don’t want to spend the money to use an attorney every time they have a legal problem.

Some business owners never update the Employee Manual. Also, getting contracts on the internet is a bad Idea.

Having google at the palm of your hand may make you feel like you are an expert. Not everything online is true. You’ve never met the person who wrote the online contract. Courts have overturned contracts based on one word. “Hereby assigns” verses “hereby agrees to assign” hold two very different meanings.

2. Advice

Many business owners use google to run their business. Do you have access to an attorney every time there is a decision that can cost you money or your business? Do you leave a signed check for your secretary so they can talk to the attorney when you are not available? Most business owners leave their business to their assistant making google decisions for everyday issues.

Most business owners do not want to be charged every time they need to talk to an attorney so they handle the situation without getting information from an expert. It's better to be proactive and preventive than reactive and defensive.

3. Debt Collection

The old saying goes, the more people you serve, the more money you make. Cash flow is the life blood of your business. Non payments can accumulate and ultimately damage your business. Most business owners do not have clients lined up at their door. According to a study by U.S. Bank, 82 percent of small businesses fail due to poor cash flow management. Collection agencies will charge the business owner anywhere from 15 to 50 percent to recoup the money that was owed to the business owner. Getting a debt collection letter from a lawyer will save the business owner time and money.

Is your business vulnerable? Find out HERE

4. Lawsuits

The threat of a lawsuit is very real. over 100 million cases are filed in US state courts every year.

Contract disputes make up 60 percent of the 20 million civil cases filed every year. Tort cases are another issue business owners face. This type of lawsuit includes employment discrimination, slips and fall cases and wrongful death suits. Even your own success may expose you to lawsuits. competitors could file claims to slow your progress down. disgruntled employees could make claims that aren’t valid. It’s important to have a fund set aside to have lawyers take care of these issues for you to protect your business.

5. Legal Correspondence

A businessman writes and receives letters in his day to day activities. It is not always possible to meet people face to face. A business correspondence letter makes it easy to reach and communicate with different parties. The correspondence letter helps maintain proper relationships between parties. Also, it helps in the internal communication with your staff. A demand letter is a letter written by an attorney outlining the dispute between two opposing parties demanding the recipient take action. The Letter is to start the negotiation process that will result in resolution to avoid filing a claim in court. The opposing party may ignore the correspondence letter with your company's name on the top of the letter, but they will feel obligated to respond if they see a letter from the Law Firm.

My team and I put together the 12 Maximum business checklist that can assist your business. Downloading the 12 Maximum business checklist will help protect and grow your business.

Join our PRIVATE FACEBOOK GROUP