Every business needs a lawyer from time to time, it might be for drawing up contractual agreements, advising on intellectual property, or dealing with lawsuits and personal injury claims. Some businesses prefer an as and when approach only hiring a lawyer when issues come up, but that can lead to inefficiencies and higher costs. There is more chance of your business being suitably covered if you have a lawyer on your payroll. Read on to find out more about the benefits of business lawyers.
Suitable business structures
Without a lawyer for your business or entrepreneurial startup, you might create a business structure that isn't the best fit for your enterprise, this can lead to legal and financial issues down the road.
For instance, if you set your business up as a partnership or sole proprietorship rather than an LLC or an S and C corporation, you might be exposed to more liability than is necessary. A business lawyer who understands the legal obligations and outcomes of various business structures will give you the best foundation.
It's the unforeseen circumstances that end up costing your money and threatening the stability of your business. In the same way that prevention is the best form of cure for any illness, protecting your business legally from the start is the best way to protect your business.
Having a business lawyer on your side means that your business is less exposed to lawsuits from customers and employees. Hiring a business lawyer means your company will be well organised and optimized for state and federal employment laws.
Personal Injury claims
Whether you are employed or you are the employer you will have to contend with personal injury claims from time to time. Personal injuries happen in workplaces routinely, such as slips, sprains, burns, and neglect in the case of care homes.
Having a business lawyer on the payroll of your business means that you have the best protection against unfair claims made by employees and customers. On the other hand, a nursing home abuse lawyer is recommended for prosecution cases.
Business contracts are needed for hiring employees, freelancers, and contracting with third party operators. You can draw up a contract yourself but it's unlikely to hold water legally unless you have the knowledge needed to create legal employment contracts.
Whether you have a business lawyer on your payroll or you hire one independently for the task of drafting contracts, a professional lawyer is a must to ensure the contracts you sign with your operators are fair and legal.
Protects intellectual property
Chances are your business has intellectual property, this includes things like product designs, business services, trade secrets, original works, logos, and inventions. If you don't have intellectual property protection you risk losing core ideas to cheaper competitors.
If you have a business lawyer on your payroll they can offer the best advice on what intellectual property should be protected and draw up the papers you need to keep your business covered. Having a business lawyer on payroll will also grant better rates.