Did you know that 82% of businesses fail because of cash flow problems? Due to legal problems, this stat can increase astronomically.
If you’re facing legal issues then you’ll want to find the best business attorney that you can. What makes a good business attorney, and how can you find the right one? Read this guide on how to choose the right business attorney for you today!
Determine Why You Need a Business Attorney
First, decide why you need a business lawyer. As you raise money for your business, you’ll want a business attorney to help you sift through different security laws and term sheets.
The best law firm can also help you with forming your business entity as well when you’re first getting started. They can help guide you in choosing the right business entity for you as well.
They can also help you with obtaining IP protections, handling employment problems, and drafting different agreements. IP protection is important in various industries including the research, tech, and health fields.
While you think that you don’t need to hire a business attorney before you even begin, it can help protect you for the future. It’s a good idea to look at the different ones in your area in case you do wind up needing one.
When doing a comparison of local lawyers in your area, it’s important to ask questions. Many lawyers will offer a free consultation to meet with them and see what your options are.
This can include an in-person consultation as well. If they offer this, it’s a good sign that they’re interested in getting to know their clients. Meeting with them in person will also show you whether your personalities match each other.
When you meet with them, find out about their previous experience working with other small businesses. If you’re looking for a particular solution, find out if they have past experience with similar situations.
Next, find out if anyone else will be involved in the different issues that could arise when it comes to your business. There could be law clerks, associates, and paralegals. Having multiple people on your case could be a positive situation.
Choosing Between a Large or Small Firm
When it comes to the legal industry, it’s up to personal preference whether you go with a small or large firm. If you go with a larger firm, keep in mind that the rates tend to be higher.
While you might be tempted to use a small firm, keep in mind that they might not have the skills that you’re looking for. While a large firm can have different specialties. If you need help with one case then that’s all well and good, but for a lawyer that you can use over and over for different reasons, a larger firm might be a better option.
Keep in mind that larger firms also tend to have respect in the local community. They can also have various skills and experience under their belts. Larger firms can help you with connections such as introducing you to financing sources or other options.
Before you ask others for referrals, it’s a good idea to do a search online. Check out their reviews on their site and on the search engines. While one bad review isn’t necessarily a red flag, watch out for those with multiple bad reviews.
Reach out to friends and family as well. See if they have any recommendations for business attorneys in your area. Keep in mind that their idea of a good attorney might differ from yours.
Reach out to other business owners or colleagues to see if they know of any good attorneys. You can also head to the state or local bar association and see what pops up.
Don’t just take their word for it, look into their credentials. See what testimonials that they have from previous clients, and see if they’ll allow you to reach out to others.
Check Past Legal Issues
It’s a good idea to make sure that they don’t have any violations in the past. Check the lawyer’s history from a state agency to make sure that they have no past questionable behavior. Keep in mind that every record doesn’t mean that they’re disqualified from helping you.
Willing To Understand Your Business
Find a local attorney who will want to understand your business. While if they already understand your business that’s great, if they don’t, make sure that they will. If they don’t understand how your business or industry operates, then they’re less likely to be able to help.
Find a lawyer who will be willing to learn and understand the ins and outs of your business in order to help you. If you work in a highly specialized business, then you’ll probably want to find someone who understands these different legalities already.
Has Strong Resources
Find a law firm that can benefit you in the long run. This means a client who has different events where you can meet other professionals in your area. They could also give you and others introductions as well.
Finding the Best Business Attorney in Your Area
After exploring this guide, you should have a better idea of what to expect when it comes to the best business attorney in your area. Take your time speaking with different attorneys in your area in order to find the right one for you.
Would you like to read more informative business content? Check out our other articles today!