You might believe that you only need a lawyer in business if you step on the wrong side of the legal line. But this is factually inaccurate. Indeed, there are many times in business when a lawyer will not just be useful but absolutely vital to your business model. That’s why companies often have legal teams on hand or are at least just a phone call away. While it’s quite expensive to hire a legal advisor as part of your in-house staff, there are certainly outsourcing alternatives suitable for all business budgets. Here are some of the times when you’ll be glad you made this hire.
It’s possible that you end up with a contractual dispute with one of your business partners. The most basic example would be a disagreement with a supply. Let’s say that you’re running a manufacturing business and rely on a company to provide you with a certain level of sheet metal to make your product. For whatever reason, the business is then unable or unwilling to match their requirement. Now, you’re out of pocket, your production comes to a halt and you start to lose on your profitability.
If you have a legal advisor, of course, they can help in two ways. First, they can be present during the conception of the original contract to ensure it is ironclad. Second, and perhaps more importantly, they’ll make sure that if a business is responsible for your losing money, they are held financially accountable.
It’s also possible that you need to deal with a personal injury issue in your business. A personal injury claim will often come from an employee and be the result of an unsafe environment or potentially poor practices in the office. While a personal injury can be devastating to your finances and cost you as much as 500K, it’s quite possible that you can fight back. You can use a legal advisor to prove that you are not liable for the injury or at the very least ensure that the employee settles before things get out of control.
Of course, this isn’t the only issue with an employee that you might face. Beyond personal injury, a lawyer may also be able to aid you with immigration. These days, it’s best to search both far and wide for the right people for your business team. This might mean bringing in employees from other countries. While an individual can hire an immigration lawyer themselves just as they can hire a personal injury lawyer, you can take this step for them. That way, you’ll be able to ensure everything proceeds smoothly. It’s just one example of another employee issue where legal advice or support may be necessary.
The Tax Man Cometh
Last but certainly not least, you might need a lawyer to handle tax issues in your company. It’s crucial to stay above board when it comes to taxes and not to slip into any dangerous situations here. The best way to do this to get a lawyer on your side from day one. Let them guide you through the tax maze.