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When most of us are asked to think about lawyers and corporations, it is all too easy to imagine something reminiscent of an exciting court drama rather than the everyday lawyers going through to avoid trouble.
Many businesses, especially small ones, may see a lawyer as something you only need if something goes wrong, or there is a problem that can’t be solved there and then. In reality, the range of services that lawyers provide can help a company and keep it running smoothly. Here are some of the top reasons a company might want to hire an attorney, from the levels of contract drafting and corporate tax to the chaotic areas of dispute resolution and corporate reputation.
When trying to avoid hypothetical arguments
If you run a business and have never had a fight or bad encounter with anyone, you need to tell me the secret of your success. Often times, a company is more likely to get into an argument over trivial matters. The most common example of this is agreements. An agreement that you’ve signed with someone else may not be entirely clear who is responsible for a particular service or role.
For example, when companies are looking for services, they will tend to outsource those requirements. You will see it in everyday life with hospital cleaners, the meals you get on flights, etc. Even such as your local public transport system can be operated through agreements with another provider.
This leaves the possibility of disputes much higher. Any company knowledgeable will avoid this by having an attorney monitor the original agreement to make sure it is airtight and in your favor.
When trying to avoid the blind side
What’s worse than getting into an argument with someone? Never see that it’s your own fault.
You never want a company to go blind after making mistakes that can be considered extremely simple. Again, lawyers will help highlight potential areas that you may come across. First and foremost, I recommend finding lawyers in your industry as they will know firsthand the mistakes other companies have made in the past, especially if you are new to an industry and are not 100% confident about your skills .
I know the “blind side” is an American reference, but for myself based in the UK, I was surprised at how many different business lawyers and attorneys there are. From personal experience, I recommend Brodies LLP who have worked with many companies to avoid simple mistakes.
When people want to get paid
Businesses that rely on bills on set dates often run the risk of customers either dragging you along and not paying you, or enabling you to rely on credit. Lawyers have none of this for lack of a better term. If you pay them for their help and they depend on those bills as much as you do, they will take appropriate action when a customer doesn’t move.
When you want to relax
A lawyer is just as useful when things are on the up as when you want to close shop. Any company in the liquidation process wants to avoid loose ends, especially if it won’t be a pleasant experience.
When you need protection
No company is bulletproof, but if the right steps are not taken, it can have a negative impact on wealth. I bring this up last because it is a good final thought to leave you. Speak to a local attorney, even if it’s just about how assets can be protected by trusts or powers of attorney, as this will help keep a company on solid ground.
If there’s an excerpt from this article, it’s just that every business needs a lawyer, whether they know it or not.