One of the biggest misconceptions when it comes to running a small business is the idea that you can do it all on your own. This mindset is particularly dangerous when it comes to tasks that require in-depth knowledge and experience from the industry like accounting or legal services. The truth is that even the smallest of enterprises need a lawyer. Even if you can’t afford to hold a legal expert on a retainer, you can at least have a reliable lawyer on speed dial, so that you can ask for advice when the situation requires it. With that in mind, here are the top four reasons why your small business needs a lawyer.
In order to ensure that all your employees are under a valid contract, as well as that everything that’s expected of them is in agreement with the law, you need to have an attorney advisor. This is especially true in scenarios where you decide to terminate one’s employment (for whatever reason). In a lot of cases, the person in question will feel like they’ve been wrongfully terminated, however, you need to ensure that there’s no ground to these claims in order to avoid both legal and PR disaster.
Injury compensation is one of the most dangerous scenarios that your business can be entangled in. First, if what has occurred is your own responsibility, you might end up entangled in an expensive lawsuit. Sure, your employees need to be properly compensated, however, you also need someone to look for your own interests. Someone to prevent a scenario where you pay more than what you’re due. While someone getting injured in the line of work is no short of a disaster, there are a lot of people who are willing to scam their way into the early retirement. You can’t allow yourself to suffer from one such attempt.
The main reason why you need a lawyer is in order to ensure that your contracts are ironclad. You see, as a business, you’re making contracts with your clients, suppliers, partners, investors and virtually any party that deals with your organization. Therefore, you need to ensure that these contracts are valid, legally binding and that there are no ambiguities. If there’s an ambiguity in a contract, the court favors the party that didn’t draft it. Keep in mind that you also need a local lawyer, in order to take state regulations into consideration. For instance, an NSW enterprise would do best to hire expert contract lawyers from Sydney to do the work.
One of the major issues that your business may face is the accusation of false advertising. Sure, it’s a job of every marketing department to portray your business as better than it really is and your product superior than it actually is. Therefore, it’s quite easy to see how you could cross the line of false advertising. Sometimes, nonetheless, the line is not as obvious. This was proven true when Red Bull had to pay $13 million in settlement money because their energy drink didn’t actually give wings to their consumers.
The last thing we need to mention is a paradoxical scenario where people avoid hiring a lawyer in order to save money. From all the above-listed, it becomes self-evident that by neglecting your company’s legal services, you’re putting your business at risk of causing it a financial ruin through fines, penalties and avoidable settlements. In other words, entering a business world without having a great lawyer is one of the biggest risks that you could possibly ever make.