There are an array of expenses when starting your own business - you could think that adding the cost of a Business Solicitor into the mix is unnecessary.
Nothing is further from the truth. Our Commercial Solicitors have seen time and time again the cost of contract disputes, trademark issues, shareholder problems or partnership disagreements could have been so easily avoided if legal advice was obtained when the business was first launched.
Here are three reasons every business owner needs to develop a strong working relationship with a lawyer.
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Most people who start a business don’t know much about running one
Think about it – you probably started your venture having spent years learning a skill or craft. Thanks to your talent and foresight you saw a gap in the market that you could fill. However, you may never have actually run an organisation, employed people, worked out your shareholder structure, set up data protection policies, drafted terms and conditions and commercial contracts, and sought investment.
You will learn these things as your business grows. Investing in the advice of a Commercial Solicitor at an early stage will ensure you are meeting any regulatory compliance related to your sector and avoid time-wasting, stressful and expensive mistakes as you develop your commercial acumen.
2. Well-drafted contracts are essential
2. Well-drafted contracts are essential
Yes, you can download draft contracts from the Internet. However, you risk leaving out key clauses relating to your specific sector that could result in the loss of thousands of pounds if the contract is terminated or a dispute develops. A Business Solicitor will ensure your best interests are always protected when drafting a contract. And if you are entering into a contract prepared by the other party, it is very good business practice that a lawyer looks over the terms and negotiates any points you wish to have changed.
3. Your intellectual property is one of your most important assets to be protected
3. Your intellectual property is one of your most important assets to be protected
For many start-ups, particularly in the tech industry, intellectual property is one of its most valuable assets. However, applying for a patent, design right, or trademark is complicated and costly in terms of knowledge and resources. An Intellectual Property Solicitor can ensure your application is made correctly, mitigating the risks of any objections, and advise and represent you if an infringement occurs.
Final words
A Business Lawyer will deal with many of the frustrations and problems associated with entrepreneurship. Take the time to choose one who you feel you can build a long-term relationship with and who will be by your side, helping you achieve your commercial ambitions and celebrating every success.
You can get legal assistance from LawBite
Accessing legal support for business has never been easier.
At LawBite we take the legal strain so you can focus on running your company. With accessible and affordable legal expertise available at your fingertips, our experienced, friendly lawyers will make sure you receive the legal advice your business deserves.
Getting a new business up and running can be an exciting new venture, but for many difficult to navigate. Why not take our legal health check for start-ups and see your legal fitness score - click here to get started.
LawBite makes it easy for you to get everything sorted out from the beginning, providing expert legal advice on key things you need to consider.
You can submit an enquiry on different legal matters through the LawBite platform or get a subscription plan with prices that suit everyone’s budget.
With LawBite, you will always have a lawyer in your corner, ready to work on your behalf when a new issue crops up. Get your free 15-minute consultation, just click here to get started.
Additional useful information
Questions All New Business Owners Need To Ask Their Lawyer
Choosing A Legal Structure For Your Start-Up
