When it comes to operating a business there are a lot of things to consider. As businesses grow, they often require additional help from accountants, tax professionals. and even lawyers. Hiring a corporate lawyer is something that many businesses need to do as they begin to expand. However, for some this can be a daunting task. Some business owners may even feel that a lawyer is not a necessity unless they are being sued. Here are three things to consider when hiring a corporate lawyer for a growing business.
The Sooner The Better
When it comes to a growing business, hiring a corporate lawyer sooner rather than later is often the best course of action. While there are plenty of legal tasks that can be performed by the business owner or employees themselves, other issues can be quickly solved by having a lawyer on retainer. If there is any possibility of being sued or being the recipient of complaints or investigations by the government, having a corporate lawyer on hand will be very beneficial. A corporate lawyer can identify potential legal hurdles before they become major issues.
Big Firm Versus Small Firm
When hiring corporate lawyers many businesses find themselves choosing between a big firm with dozens of lawyers versus a small firm with a handful of lawyers. Choosing between a smaller firm and a large firm often depends on the needs of the business. Larger firms hire corporate lawyers that specialize in a variety of legal issues. Smaller firms typically deal with general issues that a business faces. If the business doesn't require much in the way of specialized legal work, then hiring a smaller firm is often sufficient. Businesses that may encounter more complex legal matters are often better off hiring a large national firm.
Another thing that a business should consider when hiring a corporate lawyer is the overall cost. Costs can vary widely depending on location, the needs of the business, and the experience level of the lawyer. On average corporate lawyers charge between $150 and $325 per hour. However, senior partners in big firms often charge upwards of $1,000 per hour. Many firms will charge a flat fee for certain services. Lawyer fees when filing for incorporation typically cost between $500 and $1,000. Budgeting in the cost of hiring legal help is a must for growing businesses.
Hiring a corporate lawyer may seem unnecessary for many growing businesses, however, getting legal help early on is often the best choice. Hiring a corporate lawyer can prevent expensive legal issues down the road. Businesses also have the choice between a large firm and a smaller firm. In some cases the legal needs of a business are better suited to either a smaller firm or a large firm. Costs should also be factored in when hiring a lawyer for a growing business. Visit this page for more help.