Finding a Lawyer and working with him often seems confusing and difficult to us, especially if you have never done this before.
But when you start your Business, it is very important. With proper knowledge of the matter on your part, you need to be sure that the legal side of your business is in order.
We have compiled a short list for you on how to find a good lawyer to accompany your business and what to expect from client-lawyer relationships.
- What should entrepreneurs look for when employing a lawyer?
First of all, pay attention to how you “approach each other” (that is, look for a lawyer whom you trust, who you get along with, who you like to work with, who are interested in your business and understand you).
Recommendations from friends and colleagues is a good start. It is equally important to find a person competent, with experience working with those types of legal issues with which you will need the help of a lawyer.
The problems and tasks that accompany the restaurant business, for example, can be very different from the tasks when opening a software company.
You also want the right distribution of tasks between lawyers with different work experience. There is no need to hire a lawyer with 30 years of experience to prepare documents for registering a company, but you also definitely do not want a lawyer with experience in 3 years to negotiate for you with a large investor.
Finally, you should always take into account special cases for your company and be prepared to spend a little more on legal services if a situation arises that puts your entire business on the card. It’s worth it.
- Why does your business need legal support?
At the most basic level, your firm needs a lawyer to solve the following problems:
- With state and authorities. You do not want to violate the laws. You must also make sure that you do business without creating unnecessary tax obligations and that you only pay taxes that you owe.
- Third parties and the public. A lawyer is needed to take reasonable steps to control risks in your interactions with suppliers, customers, employee, users, and the general public.
- When several people decide to establish a business together, it is better to create the obligations and rights of each organizer before any differences arise.
- How much does legal business service cost?
Typical prices for legal services are in the region of 50-100 thousand dollars a month, but this depends on the business, of course.
The range of rates is huge. The junior lawyer in a small firm can receive only 25 thousand a month, while experienced lawyers in large law firms, as is known, cost more than 150,000 thousand dollars a month.
Therefore, it is worth considering whether a firm that you hire for legal support can provide you with lawyers of different levels (and different costs) for different levels of complexity of tasks.
- How much does it cost to open a new business?
The services of a lawyer in the preparation of all documents in the creation of the company will cost from 15 thousand to 50 thousand dollars, although some companies offer discounts if you agree then on permanent service. The price may vary depending on the complexity.
- When should you hire a lawyer, and when is it enough to apply only for legal advice?
The real value of a lawyer at the stage of starting a business is not really in the preparation of documents as such, but in that, he will help you understand what you need.
Just legal advice can be enough if you know exactly what you need, but we cannot advise you on what is appropriate for your particular situation, for this simply not enough information received in one hour of consultation.
- What is worth paying attention to in your relationship with a law firm?
First, if a lawyer is not able to speak the language of your business. If someone does not understand the world in which you work, it will be difficult for him to adequately represent you.
Further, a lawyer who seems to want to learn how to do something and is ready to work for a penny. If you feel that your lawyer is doing something completely new for him, he is unlikely to be able to do it well or cost-effectively.
And finally, a lawyer who presents unexpected additional bills. We all want lucrative solutions, so it is very important to reach an agreement with our lawyer on how much it costs and keep such surprises to a minimum. Lastly, establishing the ownership and capital of a company if there are several founders and ensuring the protection of intellectual property owned by the company.
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