When you first start up a new business, hiring a lawyer probably isn’t on your to-do list. In fact, many business owners aren’t aware they can hire a lawyer to help navigate tricky legal regulations. Understanding what a lawyer can do for you, why hiring one is a good idea, how much they cost and other basics can prevent lawsuits and get your business off on the right foot. Here’s everything you should know about hiring a business lawyer.
Reasons to Hire a Lawyer
Depending on the business you run, there may be many reasons hiring a lawyer is advantageous. Some businesses require important contracts and legally-binding documents that could prove detrimental to your business if written poorly, so a lawyer can make sure all your interests are covered. A local lawyer should understand the state and federal laws that affect your business practice, and they can help you avoid pitfalls or mistakes when it comes to filing taxes and following regulations. If you are ever sued, your lawyer will be there to make sure you pay the least amount in damages.
Cost can be a challenging thing to estimate without knowing certain details about your business or your chosen lawyer. For a small business, a lawyer may charge $150-350 per hour. An hourly charge is the most common form of fee for business law, but you may be able to negotiate for a flat fee instead. You simply have to sit down and discuss this with a lawyer before deciding to use their services. Be warned that if you live in an expensive area, like New York City, average hourly fees could be triple the usual amount.
Steps for Finding the Right Lawyer
There are hundreds of lawyers out there waiting to serve your needs, so choosing the right one can be a bit overwhelming. Fortunately, there are some questions you can ask them once you’ve narrowed down your choices to a few. Discuss their experience and what they specifically cover. Look into their past cases, backgrounds and success rates for other clients. See what kind of experience they have (this can play into their average cost, too) and how long they have been practicing in business law.
A business lawyer in Bethesda, MD, like from Brown Kiely, LLP, who has dealt with businesses similar to your own is more likely to have a full knowledge of legal processes involving it. Not every lawyer is a great fit, and you should never hesitate to speak to more than one until you are satisfied that you have found the right one.