Certain legal risks must be addressed whether you’re a startup or an established business. Fortunately, many of these risks can be mitigated by intelligent business decisions and timely legal advice.
Having a trusted advisor is one of the best ways to keep your business on track and avoid potential legal pitfalls. To find the right advisor, consider these 5 Essential Reasons Why Your Business Needs a Legal Advisor.
They Can Draft Contracts
A contract is an agreement between two legally binding parties and is enforceable by law. These contracts can cover various topics, including services, employment, and more.
A lawyer like Underhill Law can draft a contract to suit your business’s needs and protect you from future legal disputes. They can also ensure that your business can comply with federal and state laws.
Many businesses use form contracts that they can download online to save money on their legal costs. However, these self-drafted documents often need the proper language to protect you if another party fails to keep their commitments.
They Can Help You Resolve Disputes
Legal advisors provide legal advice and support to businesses, organizations, governments, or individuals. They help them navigate complex policy laws, draft contracts, and advise on how to avoid legal issues.
When disputes arise between business owners, they need to be resolved quickly and with as few financial setbacks as possible. These disagreements can be related to employee or client relations, conflict of interest, and breach of fiduciary duty.
A lawyer can resolve disputes through negotiation, mediation, or arbitration. They can also represent you in court if you need to take legal action against another party.
They Can Help You Avoid Legal Mistakes
Your business must comply with the laws and regulations; a legal advisor will help you. They can help you draft contracts, resolve disputes and protect your intellectual property.
In addition, they can help you avoid costly mistakes that could hurt your business financially and in the long run. For example, if you don’t correctly file your taxes, the government can come after you for fines and penalties that can devastate your business.
You can avoid these issues by hiring a legal advisor from the beginning. They will help you correctly frame your company’s laws, rules, and regulations so you aren’t at risk of a lawsuit.
They Can Help You Protect Your Intellectual Property
If you’re a business owner, protecting your intellectual property is essential. This includes everything from your website content, blog posts, and articles to your company’s inventions, product names, business logos, and online programs and courses.
Legal advisors can help you secure these rights and prevent the theft of your ideas and designs. They can also help you register your invention or another asset as a patent, trademark, or copyright.
Laws related to intellectual property vary from jurisdiction to jurisdiction, and it is essential to have a lawyer who understands the laws that apply to your business. You can ask other business owners for referrals or ask your bar association for recommendations.
They Can Help You Avoid Litigation
Litigation is expensive, time-consuming, and stressful. It can also damage relationships and lead to a deterioration of reputations.
Legal advisers can help businesses avert litigation by assisting them in drafting contracts, resolving disputes, and avoiding potential legal mistakes. They can also assist in developing strategies to prevent litigation before it starts. If it does, they can guide the business through settlement negotiations or mediation to resolve the issue as quickly as possible.
Human error is a natural part of business, and avoiding lawsuits by dealing with mistakes in a timely and effective manner is crucial to prevent them from turning into more significant issues. If a mistake occurs, it’s essential to communicate with the other party, explain the error, and put a plan in place to avoid repeating the mistake.
