It’s important to note, first of all, that there is no business that shouldn’t engage the services of a business lawyer on occasion, if for no other reason than to navigate the legal issues inherent in a wide range of business decisions. The question for many business owners and managers though is, how often should they consult with a corporate lawyer and when does it become justified to actually hire a dedicated company attorney?
Hiring a Corporate Attorney because of Business Activities
The first indication that you’ll want a corporate attorney is if you’re in a business that poses a high risk of lawsuits. As an example, if you perform a service like life coaching, in which your advice has an impact on people’s lives and actions, this could be a business that is more likely to be sued if your clients feel your advice was harmful. In a business like this, you should be more prepared for lawsuits and have a portion of your budget set aside for a part-time or full-time litigation attorney.
Hiring a Company Attorney because of Size
Another reason to look into a company attorney is based on the size of your business. As it grows in complexity and revenue, there’s greater potential for things to go wrong, both internally and externally. You face the possibility of an internal business dispute or human resources gaffe, as well as the possibility of a disgruntled customer filing a suit against you. The unfortunate reality of success is that as your business grows, you become a more enticing target for lawsuits, because you have a great deal of money. If your sales have hit more than $10 million per year, that’s a threshold at which you should seriously consider a company attorney.
Hiring a Business Attorney because of Assets
There are other reasons to have an attorney besides liability. As your business grows, any intellectual property you have becomes more valuable. You will want to have someone on your side to help enforce your intellectual property rights and potentially have the litigation lawyer ready to sue someone who repeatedly ignores your warnings of infringement. You might need a lawyer because of the volume of contracts you have to pour over. With so many different assets to protect, your business will want a business attorney available to consult with on challenging legal issues.
These are just a few reasons to look into hiring a company attorney. If you’re still not sure if your business needs an attorney right now, contact us for a consultation. We are happy to provide whatever assistance you need.