In the United States, 13 million small businesses said that they had a significant legal event. However, over half of these businesses did not seek the help of an attorney.
Having a lawyer on retainer for your small business is essential and can help you with many common legal issues, like debt collection, tax audits, employee theft, contract review, and more.
However, there are many other benefits of having a lawyer on retainer.
Do you want to learn more about the top benefits of having a retainer attorney? Keep reading this article for the top 10 reasons you should consider hiring an attorney on retainer for your small business.
1. Keeps Your Business Running
One of the biggest benefits of hiring a lawyer for your small business is that it will keep your business up and running smoothly. As a lawyer on retainer, they are contracted to protect your business and help you avoid legal proceedings, lawsuits, and other legal issues.
When you have a lawyer on your team, they can also help you keep your business running more smoothly and organized.
2. Protects From Lawsuits
Lawsuits are a serious issue for many small business owners. Even if you are careful with your employment and operating practices, you will likely face a lawsuit and some point after opening your company.
By hiring a lawyer, you can avoid lawsuits in the first place. They know the legal regulations in your state and understand federal laws. A lawyer on retainer will ensure that your business is operating correctly and follows all of the right legal regulations.
This way, you can avoid lawsuits before they even have the chance to happen!
3. Helps Draft Contracts
As a business owner, you need to create high-quality contracts to protect your company. This is necessary for your employees, customers, vendors, and any other business relationship you have.
When you have a lawyer, they can help you draft high-quality contracts that will cover you and protect you from liability and lawsuits. Your lawyer will make sure that there are no loopholes or mistakes in your contract that can result in other serious issues for your business.
For example, your lawyer can help you create employment agreements when you hire new employees. Often, the knowledge of your employees can be seen as an asset. To protect this knowledge, you can create non-disclosure or non-compete agreements for your business.
This will protect your business from your employees when they leave and will provide you with legal protection if your past employees misuse these trade secrets.
4. Protects Intellectual Property
When you own a company, it is your intellectual property. If you don’t have the right legal protection when you start your business, there is a chance that someone can come along and claim it as their own.
To protect your intellectual property, it is best to hire a lawyer for your small business! They can help you get your business copyrighted to prevent others from stealing your work.
You can also protect other types of intellectual property including your brand name, inventions, logos, and even the services you offer at your business. When you have a lawyer on retainer, they can help you protect your company and retain the ownership and legal rights to your business.
5. Helps With Exit Strategies
While most people recognize the need for a lawyer when they are starting a business, it is also important to have a lawyer on retainer for when you are selling your business or need help exiting.
For example, a lawyer on retainer can help your business if one of your shareholders or partners wants to leave. Without a lawyer, there are many legal issues and financial problems that can arise in these situations.
With your lawyer, they can help you find the best way to exit a business without causing other problems.
6. Easier to Budget For
Another great benefit of working with a business attorney is that they are much easier to budget for. Because lawyers spend so much time in school, they often have high costs to cover the cost of their time.
When you have a lawyer on retainer, you can pay them a set amount each month. This fixed cost makes it much easier to plan for your legal fees! It also will help you get the legal help you need without always worrying about the price of your lawyer’s services.
To make it easier to budget for your unforeseen legal issues with your small business, it is best to hire a lawyer on retainer. To learn more about retainer cost or lawyer on retainer price, you can ask local attorneys for a free consultation.
7. Connect With Their Network
Something else that you will get when you hire a lawyer on retainer is connections with their professional network. While your lawyer can help you solve and prevent many issues for your business, you may have problems that are outside of your lawyer’s area of expertise.
Because lawyers have such a great network, they can refer you to other experts in the field that they are affiliated with!
For example, if you are dealing with a legal tax issue, your retainer can help you find a high-quality finance attorney to work with. If you need help balancing your books, your lawyer may be able to recommend a great CPA to work with.
By having a lawyer on retainer, you will not only protect your business but will also add a vital asset to your team.
8. Handles Paperwork
Lawyers also help business owners with all their paperwork. As a business owner, you have many documents and forms to stay on top of. Many of these documents can have confusing legal jargon, loopholes, and other weak points that are easy to miss if you are not trained.
When you have a lawyer on retainer, they can help you go over all of your paperwork to make sure you are protected legally.
Your lawyer can also help you with the paperwork necessary to start a small business. For example, you may need to get a business license or a trade-specific license. If you are building a storefront, you may also need to get permits.
As a new business owner, this paperwork can pile up and get really overwhelming. By having a lawyer on retainer, you can get help with all of this paperwork and take some of the stress off of your plate.
9. Helps With Legal Proceedings
Your lawyer can also help you with legal proceedings. You can never be too prepared for lawsuits or other legal issues, so having an attorney can help you protect your assets and protect your company’s best interests.
There are many things that can lead to potential legal battles. For example, you may have to recall a product that caused issues for your customers. Or, you may have a disgruntled former employee trying to sue you for wrongful termination.
In these legal battles, you will not be able to protect your business on your own. Instead, you must have a retainer attorney to help you through each of these legal proceedings!
10. Trusted Legal Advice
Finally, having a retainer attorney can provide you with trusted legal advice for your business. When you own a business, there are many legal matters that will come up. If you don’t have a legal degree, you will not be able to deal with these matters on your own!
A lawyer on retainer can guide you and educate you during the process to protect your business. It will also make it easy to get legal advice whenever you need it. Rather than having to pay a lawyer every time you have a legal question, you can simply reach out to your lawyer whenever you need them.
This will save you money on legal fees and will help you feel confident that you are getting high-quality advice that will help you grow your business.
Looking for a Lawyer on Retainer for Your Business?
When you have a lawyer on retainer, they can help you protect your business and keep it running smoothly. Because they are on retainer, you can budget for legal services more easily and get legal advice for any situation.
Do you need help finding a lawyer on retainer for your business? Smith Baird can help! Our practice specializes in small business services, business formation, and more.
Contact our legal team today to learn more about our legal services and to set up a free consultation with our legal experts.