Your company is successful. Things are going well. As the owner, you’re focused on growth and personnel management. Then conflict arises. Perhaps an employee who is upset about being fired or a breach of contract. Maybe a competitor is infringing on your intellectual property rights. What do you do? For the larger companies, the answer is easy. Call your lawyer. Many small businesses find themselves in a bind because they didn’t think they could afford a lawyer. Then they find they can’t afford not to have a lawyer on retainer.
Wade Richardson, with RichardsonClement, P.C., says it’s best not to wait for a time of crisis to bring in a lawyer. Wade states, “If a business owner waits until a crisis hits to call a lawyer, they are then often left scrambling to find one who can meet their needs.”. “It’s difficult to obtain the best results or accomplish what you could if you had planned in advance.”
Relationships are Smart Business
Hiring a lawyer on retainer may be the answer. A “retainer” is an amount of money that is kept in the law firm’s trust account. The retainer remains the client’s money. The client can request the funds back at any time (provided there are no unpaid legal fees). Once the retainer is in place, the client can quickly access their lawyer. Clients can obtain answers to their legal questions with a simple phone call.
Richardson says, “One benefit of having a lawyer on retainer is that it helps to build a relationship. The attorney can gain a thorough understanding of the company’s operations. It will help them respond more effectively if faced with a crisis. This will allow the lawyer to gain a deeper understanding of the business owner and their company.” The attorney will also educate the business owner on which issues are important to have attorney involvement as they arise.” A lawyer on retainer acts as a silent, unseen business partner to help guide the owner in making decisions. Decisions that are always in the company’s best interest.
What About Costs?
Many business owners don’t consider hiring an attorney on retainer because they think they can’t afford one. A low hourly rate may be an indication of a lack of experience. However, business owners can find experienced and qualified attorneys without the high overhead of a large firm.
In addition, it’s essential to find a business attorney who is highly skilled in business matters. Those matters include contracts, intellectual property, taxes, and licenses. Richardson says that the investment of having an attorney on retainer may save the company money over time. “The right attorney can often help with difficult business issues and keep legal costs down over the long run through regular consultation,” he says. He adds that a good attorney can even identify potential legal problems in advance. That recognition can save the company time and money. It’s an investment that can help to offer the business owner peace of mind.
For more information on retaining an attorney for your business, contact us. We’ll be happy to help guide you to the perfect lawyer for your needs.