Trusted Business Lawyers: Safeguarding Your Business Interests Effectively
Entrepreneurship has its fair share of ups and downs, but finding yourself lost without legal guidance is not a situation you want to find yourself in.
Business owners get hit with legal and financial consequences without appropriate protection or before a mistake happens. That's why it's essential to have trusted business lawyers on your side.
In this post, I'll take you through the best practices of finding trustworthy, experienced, and knowledgeable business lawyers that can protect your business's best interest. Let's dive right in.
Here's The Blueprint:
Understanding Why Business Litigation Is Skyrocketing
The Real Cost Of Not Having Legal Protection
What Trusted Business Lawyers Actually Do
How To Choose The Right Legal Partner
Common Business Legal Issues You Need To Know
Understanding Why Business Litigation Is Skyrocketing
Did you know that almost 80% of companies have experienced at least one lawsuit in their lifetime?
Now, it gets even worse, according to a report released by a reputable law firm. Business litigation has grown significantly over the years. For instance, 2023 alone saw 15% growth in breach of contract disputes after a sharp pandemic-related decline.
Business disputes and regulatory proceedings are on the rise. Regulatory proceedings have increased significantly, with 70% of companies reporting being involved in at least one regulatory or administrative proceeding during 2024 compared to 61% who said the same in 2023.
Business disputes have also increased due to factors such as a more complex business environment, changing regulations, and a highly litigious society. The constant growth in cybersecurity concerns, intellectual property infringements, and the changing technological and digital environment has also contributed to this growth.
So if you've been wondering why litigation in the business environment is increasing so rapidly over the years, these are some of the most likely culprits.
Key Takeaway: Business litigation is becoming increasingly common, and your business is not immune to this. No matter the size of your business, business owners need to understand that it is normal for litigation issues to arise and affect their companies.
The Real Cost Of Not Having Legal Protection
The most significant legal implications are financial. You will also need to pay extra money for new paperwork to cover the mistakes you made during a prior transaction.
In some cases, where businesses face costly legal repercussions such as class-action lawsuits, it's nearly impossible to find your way back to profitability. The longer it takes, the less likely you are to recover.
In addition to financial setbacks, a lawsuit may cost the business its good name. Reputation is essential, especially in this digital age where we are one tweet or one false news headline away from losing customers, and finding our way back to having a trustworthy brand is challenging.
A lawsuit is a stain on any business' history, and it can take a long time for it to be washed out.
Key Takeaway: Business owners should never forego legal protections because of the additional legal costs and fees that might be involved. In this scenario, it is always wiser to have "insurance" and protection than none at all.
What Trusted Business Lawyers Actually Do
Trusted business lawyers do a wide range of things. They start by taking the extra time to understand the needs of the business owner or the company in order to provide an efficient and comprehensive legal service.
Professional and reliable lawyers will take part in building the business from a legal perspective and this also requires a good understanding of the business owner's or the company's long term and short-term vision. In addition to understanding the vision and goals, these lawyers also work proactively with the businesses to ensure that there are no, or at least minimal legal battles along the way.
Key Takeaway: You can get professional and reliable lawyers that will take an active role in your business. Lawyers can be effective business partners by investing time and effort in understanding your vision and goals to help make that vision come true.
How To Choose The Right Legal Partner
If you have taken the time to do your research well and have understood the needs of your business, the next step is getting to know the lawyer. It is highly recommended that business owners and entrepreneurs take their time to understand the lawyer and their manner of work before engaging them in a contract.
In most cases, you can request an in-person meeting with the lawyer and their team to understand them better and also to see if you "click" well. Business owners and entrepreneurs should not settle for the first lawyer that seems to fit their vision but should instead conduct interviews and give them time to get to know you.
There are multiple questions you should ask your lawyer to determine if they are the right legal partner for you. Questions such as;
How much experience do you have in the field/industry?
How often do you communicate with clients?
Are you transparent with your fees and billing practices?
What are your greatest achievements or success stories in the field of business?
The more you talk to the lawyer, the better you will be able to determine if they are the right legal partner for you or not.
Key Takeaway: Business owners should take their time to identify a reliable lawyer that has been in the industry for a while and who is willing to get to know them. In addition, it is best to interview the lawyer or even meet with them to see if you are a good fit for them and if they are a good fit for you.
Common Business Legal Issues You Need To Know
As a business owner or an entrepreneur, you should also pay close attention to some common legal issues that most businesses have come across. This is because if you familiarize yourself with these legal issues, then it is not a new thing when you face it.
This way, you will be able to prepare for them, and you will be proactive about such legal issues.
Contract Disputes
Employment Related Issues
Regulatory Compliance
Cybersecurity and Data Privacy
The last one is very vital in today's digital and technological environment, and is something to keep a close eye on, as 40% of organizations reported increasing exposure to cybersecurity and data privacy disputes over the last couple of years.
Bringing It All Together
Finding the right lawyer or a team of lawyers to take part in the development of your business is essential in today's environment. Business owners and entrepreneurs should take their time to look for the right lawyers, instead of settling for the first one that seems professional.
Some of the important questions to keep in mind while looking for a lawyer are; What are your rates?, how much time do you put into each client, and how do you make your clients understand the concepts you deal with? These are some of the important questions that can help you determine if a lawyer is the right partner for you.
Do not wait until it is too late, engage the services of a professional and experienced lawyer today.