Retaining an Attorney is Just Good Business Practice
Most reputable businesses work hard to ensure everything they do aligns with the letter of the law. These same businesses find it to be a smart strategy to hire a lawyer on retainer so that an attorney is always available should they need one and to collaborate with one prior to starting their business.
And while there are numerous reasons why a company may need legal services, we’ve narrowed the list down to these five common ones, which are particularly relevant in today’s world.
They need to file for bankruptcy or are seeking debt relief.
Companies with floundering financials may need to work toward debt settlement or bankruptcy filings to stay afloat. Businesses should seek help from an experienced debt settlement attorney who specializes in bankruptcy filings and more.
These attorneys can help business owners get relief from business debt and remove their personal liability of this guaranteed business debt. Filing for bankruptcy does not resolve this type of debt. A debt relief attorney can help business owners navigate their debts and resolve financial predicaments and help determine the best type of bankruptcy to file – if at all.
In today’s post-COVID world, small business bankruptcies are more and more common. A properly executed bankruptcy can leave a business owner in a better financial position than before.
Their employees are suing them for discrimination.
If being accused of discrimination, a business must quickly loop in their attorney to help settle the matter and protect the business. A discrimination case could require paying a large sum of money to settle or as a result of the court’s ruling. An attorney well-versed in employment law can help a business avoid all of this.
Even if a business isn’t currently facing a discrimination case, it’s wise to stay informed about what constitutes discrimination and ensure that it isn’t ingrained in how the business operates or how employees are hired. Managerial training for all supervisory staff can help to reduce your risk as well.
They’re negotiating a merger or acquisition.
Acquiring another business or merging with one is a complex process that must be completed carefully and meticulously. Business attorneys protect your business, the investment you’ve put into it, and help prevent you and your business partners from assuming unwanted personal, financial, and legal liabilities.
Attorneys for both companies on each side of the merger or acquisition help both companies navigate the process and ensure that terms of the transaction are agreeable for every stakeholder, including investors.
They are being accused of violating the Americans with Disabilities Act.
The Americans with Disabilities Act, called ADA, became law in 1990. This civil rights law prohibits discrimination against people with disabilities, including at work, in school, on transportation, and anywhere else open to the public.
Failing to provide reasonable accommodations or not allowing well-behaved, trained service dogs or miniature horses into a business or public place where they don’t present a nuisance are two of the most common reasons why businesses may be accused of violating the ADA, although there are many other actions that can be in violation of this civil rights act.
ADA violations are generally punishable with monetary fines paid to the person with disabilities. Awards can range from a couple thousand dollars to hundreds of thousands of dollars, depending on the circumstances of the civil rights violation.
They want to prevent legal violations as they pertain to their business model.
Business owners whose companies have unique business models and operating strategies may want to consult with a lawyer to ensure they are not violating any laws simply by operating a certain way.
Unusual business models include those with unique employee scheduling, multi-level marketing companies, and more. A business lawyer can review the business plan before the business begins operating to ensure that everything is above board and that there shouldn’t be legal trouble down the road as a result of operating.
This list is, of course, not an end-all-be-all compendium of reasons a business may want to hire or retain an attorney. Businesses can run into all sorts of legal troubles, which is why it’s beneficial for those looking to start their own businesses to speak with a lawyer and hire one on retainer – or hire one to work full time, if it’s a large company.
There are certainly businesses who regret not working with a lawyer sooner, but most people are probably willing to bet that no business has ever regretted speaking to a lawyer before trouble arises.
Interesting Related Article: “Hiring a Lawyer: What Type Do I Need?“