Every organization must have a lawyer on board. There are countless documentations, rules and regulations that every organization must follow and adhere to. Having a lawyer on board helps you to avoid potential lawsuits and keeps you informed of the ethical ways to run a business. According to the law, there may be certain things that are unlawful even though to the regular person they are completely normal.
Startup attorneys specialize in law which specially applies to startups. If you hire a lawyer who specializes in the type of organization that’s yours you could benefit.
- Expertise
A lawyer who actively practices in the field of law related to your field of business is the ideal lawyer for you. Many firms and individuals specialize especially in startup law. These lawyers would have a disposition of business and know the workings of one. Subjects like intellectual property, business law, employee benefits and monetary disputes would be their forte. Discuss your company with the lawyer you are thinking of employing and their inputs will give you an idea about their level of expertise.
- Compatibility
You should be compatible with your lawyer. It sounds absurd but it’s true. Unless you are able to discuss everything with them frankly, you would not get the best results. There may even be conflicts. Your lawyer must have the same working ethics and bent of mind as yours. You would be relying on these lawyers for the well-being of your company and it’s a big responsibility.
- Fees
As a startup this would be a considerable chunk out of your resources so it’s all the more reason that you choose the best for your organisation. Most lawyers charge by the number of hours that they set aside for you. This is neither feasible not economical for a startup. Nowadays, you have the option of hiring a lawyer for flat fees. This is very transparent and affordable for new companies. This kind of transparency isn’t so with traditional law firms. Sometimes it’s better to embrace new ideas.
- Reputation
Always conduct background checks on your lawyers too. Reviewing the work that they have done in the past will definitely give you a fair idea about the kind of work they are capable of doing. Assessing someone’s work on the spot is not possible. Going through their previous clients profiles and the contribution your lawyer made to them will help you make an informed decision about hiring your lawyer. Their clients’ testimonials and feedback are reliable sources to assess your lawyer’s potential. It is possible that the lawyer is a bit too pricey. But hiring a reputed lawyer with expertise could save you many a buck in the long run.
Why should you hire a lawyer for your startup??
Law is a very specialized stream and we require in-depth knowledge to actively make use of and adhere to it. A lawyer can oversee all the operations in the organization and advise the best legal system to follow.
Insurance claims
It is imperative to get your company insured. Setting up a company is a lot of investment and in case of a disaster you may not get back the time and energy you invested into it but you can definitely claim your insurance. Robert Kimball from Preszler Law says that an insurance company must explain all of its reasons, both medical and otherwise, to delay paying benefits. You are protected by the law against damages if you have insurance claims. A lawyer on-board will take care of the insurance proceedings.
Documentation
Any new undertaking by your organization requires documentation. Beginning from employing individuals to starting a subsidiary company you will require the services of a lawyer. Having a lawyer on board will assure that all the documentation will get done on time. Even if you hire a lawyer on a freelance basis, you’d still be in a flux because they would do things their way; besides coordinating may not be as efficient. A company lawyer will help you to finish work faster because they are dedicated only to your work.
Filing lawsuits
Often times you’d face problems with your clients or third parties. A lawyer is a legal protection that you give your firm in case of any legal proceedings. Shield your firm from frauds and unscrupulous activities. You may even need to file a lawsuit yourself against individuals or organizations. Though this is not common, but better safe than sorry!