Business Matters Feature by Clive Rich: More than 50% of SMEs feel 'at risk' due to high cost legal advice

You can view the original article here. Research released today by the online legal service LawBite has revealed how the high cost of obtaining legal advice is threatening the UK’s 4.5 million small businesses. More than half of business owners worry their company is “at risk” because they haven’t paid for proper legal advice and support. With experienced commercial solicitors charging between £250 and £600 an hour, an overwhelming majority of businesses blame law firms’ high rates for putting them off seeking professional legal advice. The survey of UK small business owners was commissioned by LawBite, a new online platform that offers growing businesses affordable, easily accessible legal documents written in plain English, as well as access to a virtual law firm. Its conclusions are stark – nearly six out of ten small businesses feel lawyers offer poor value for money. Most damning of all, 44 per cent say they resist hiring a legal professional as they feel lawyers have their own interests at heart, rather than their clients’. More than half of business owners worry their company is “at risk” because they haven’t paid for proper legal advice and support. With experienced commercial solicitors charging between £250 and £600 an hour, an overwhelming majority of businesses blame law firms’ high rates for putting them off seeking professional legal advice. The survey of UK small business owners was commissioned by LawBite, a new online platform that offers growing businesses affordable, easily accessible legal documents written in plain English, as well as access to a virtual law firm. Its conclusions are stark – nearly six out of ten small businesses feel lawyers offer poor value for money. Most damning of all, 44 per cent say they resist hiring a legal professional as they feel lawyers have their own interests at heart, rather than their clients’.   Journey further...