As a small business owner, it is smart to obtain the services of an attorney in certain situations rather than trying to handle them yourself. Of course, attorneys are expensive, so handling whatever you can on your own is a good thing. It is imperative to know when you can handle it and when it is more cost effective to hire a professional.
When possible, handling something yourself can save you hundreds of dollars per hour in lawyer fees. Some issues, however, would be much more costly in the long run to try to take care of yourself. How do you know the difference?
Save Your Money
Generally, you can save your money when it comes to general start up tasks and the day to day running of the business. Choosing a name, writing the business plan, obtaining financing, and even choosing a legal structure, are all fairly straightforward tasks. If you do not feel qualified yourself to handle these steps, you can hire someone else that is qualified for much less than a lawyer would charge.
Spend to Save
There are times when hiring an attorney, even for $200 an hour, is a much more cost effective choice than the alternative. In certain cases, not having professional legal help can end up costing much more in the long-term. Examples include discrimination cases, especially related to the hiring and firing of employees, environmental issues, investigations into complaints about illegal activity, and the acquisition or sales of a business or its assets.
Of course this is not a complete list. A good rule of thumb is that if the police or courts are or could become involved, you likely need professional legal help.
Keep Costs Down
Preventing legal issues from occurring is the best way to keep legal costs at a minimum. Take it upon yourself to be a responsible business owner and know labor laws, know what is and isn’t acceptable when hiring and firing employees, know environmental issues that could arise and where your business stands in relation to them, and follow the law. Spending your own time researching these things is much cheaper than paying an attorney to handle issues that could have been avoided with just a little research and an ounce of prevention.
You may consider hiring an attorney in a consultant type role. This will be cheaper than paying for a lawsuit, and you can ask questions as needed, with their guidance as to the research you need to do to stay on top of things.
Attorney’s help with legal matters, and Biz2Credit is here to help you with your financing needs. Our extensive network of lenders offers various types of small business financing, and we can help you find the perfect lender for your business. Visit Biz2Credit.com today to find out more and get started.