Running your very own small business is an exciting adventure, especially when it is your passion. One of the most conceptually frightening thoughts is, after you’ve put all this hard work into it, another party could potentially bring a claim against your business and threaten to take it all away. Even the most careful business owners can run into legal trouble at some point. The best thing you can do is be proactive against this kind of situation and find the right lawyer for your business interests. Here’s what you need to know about finding the most appropriate business lawyer for you:
Figure out why you need a lawyer
It’s best to hire a lawyer before you need to use them, and here are some situations where it’s best for a small business to retain a lawyer.
- Choosing a business entity
- Raising money
- Drafting founder agreements
- Contract review
- Handling employment issues
- Obtaining IP protection
Research business lawyers
Whether you’re looking to have a lawyer on retainer or searching for someone for one specific situation, you’ll need to research lawyers in your area to find the best one suitable for you.
One of the best ways to find the right lawyer for small businesses is to speak to other small business owners. Word of mouth and personal experience is a great starting point. If other small business owners trust a particular lawyer with their business, then it’s a good sign that you can too.
Compare lawyers by asking questions
You don’t always have to go with the first lawyer you meet, and it’s perfectly fine to meet with multiple lawyers to interact and see how you feel about them. Arrange for a consultation so you can meet with them and ask the questions important to you, and they can also get to know you as a client.
During this you can ask them about their experience working with small businesses, who will be handling your account and if they can refer you to other lawyers if needed.
Work out the fees
We all know lawyers can get really expensive, but it can also be money well spent if your business lawyer can protect you from losing your business. During your consultation, you’ll want to work out a fee structure with your lawyer that works within your budget.
There are a few different fee structures lawyers generally work with, including
- Flat fee
- Contingent fee
- Equity in business
- Retainer fee
Your lawyer may have different fee types for each type of work they do for you, and they will lay out all their terms during your consultation with them.
Hiring a business lawyer can be a process, and it can be stressful thinking of the times you will need them. However, it’s better to have a name in mind before you actually need them than to try to go searching when you’re in immediate need of legal advice.
Contact Minhas Lawyers today
At Minhas Lawyers, our business lawyers have the experience and expertise needed to protect your small business. Call us today to learn more.
Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
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