When business people are setting up new businesses, they consider human resources like insurance agents and accountants as part of the cost of running their business. Unfortunately, attorneys are not given the same priority. When it comes to legal matters, you cannot do it yourself. Sure you can carry out research on the internet about how to deal with certain lawsuits and legal actions. However, you need to understand that one legal mistake can put an end to your business. Therefore, why take that risk? Here are the reasons why every business requires an attorney.
1. An attorney knows your Business
If you hire an attorney when you are in a legal complication, the person you hire can take up a lot of time before catching up. A reasonable attorney needs to understand the history of your company, and the only way that he or she can do that is by asking many questions. As a result, a lot of time gets wasted. However, if you have an in-house attorney, you bypass the whole process of getting to know one another. The attorney begins the process of assisting you immediately because he or she understands your business model, the industry, and vital information.
2. Employment Agreements
Technology companies consider the knowledge of their employees to be their most crucial asset. The problem is that businesses fail to guard the assets using non-disclosure and non-compete agreements with their employees. At some point, employees are going to leave your company to look for greener pastures. What will happen if the employees take your company secrets to your competitors? You can end up going back to the drawing board to come up with new strategies. To avoid such a situation, get an attorney for your business that can protect your assets.
3. Exit Strategies
Business owners are usually in a hurry to start a business that they forget what happens if one the shareholders decides to leave. The moment a significant shareholder chooses to walk out of business, it might threaten the ability of the business to continue. Corporations that are closely held need to ensure that they have buy-sell agreements so that in case a partner decides to leave, they can do so without any legal complications. Therefore, to avoid such a situation that may cripple your business, invest in an attorney from a reputable firm such as prime lawyers.
4. Intellectual Property
The intangible assets of businesses should be protected legally. The log and name of your company need to undergo copyright protection. If your company comes up with a new invention in the market, you need to get trademark registration. If you want to protect the things that give your business an edge over your competitors, consider trademarks, copyright, and patent registrations. Without the knowledge of an attorney, your business might end up losing out on such things.
Getting a good attorney is not a cheap affair. However, if you are willing to spend money on other consultants that help your business, you should spend money on a good attorney as well. And from the article you can notice that an excellent attorney is worth every dollar.