4 Times When Having A Business Lawyer Is A Good Idea
Working with a business lawyer when you have questions about running a company can be very beneficial. While they often can be expensive to hire, with junior attorneys averaging about $150 per hour and senior partners costing over $1,000 per hour in the biggest cities, their ability to steer you clear of potential problems that may cost thousands or even millions of dollars is invaluable. You'll still probably want to only consult with a business lawyer when there's clear value in getting a professional opinion, but doing so at these 5 times will be a good investment of your money.
Nitty-Gritty Questions
The world of commercial law is littered with tiny distinctions, and it's often wise to talk with a business attorney whenever the legal relevance of a small distinction just seems to escape you. Many lawyers offer free initial consultations, and you may be able to get over the mental speed bump you're facing by talking with one for a few minutes. Even if you require a paid session, it's probably going to cost you less money than depending on whatever the #1 result for your question is on Google.
When the Risk-Cost is High
If your company is facing a situation where getting even a single detail wrong might cost you a boatload of cash, handing over a few thousand dollars for the advice of a business attorney is a classic no-brainer. You should have some cost-benefit analysis in hand before making such a decision, as it's not wise to go running to a lawyer over a matter that could be settled with an offer to fix $500 worth of damage.
If It Sounds Like an Admission
There's one case where the small cost of rectifying something may hit you more than the price of talking with a business lawyer. That case is when something you say or do could end up functioning as an admission of criminal guilt or civil responsibility. Paying to repair a $100 widget you broke is often the simplest way to resolve a matter, but not when it may be interpreted as accepting culpability.
Before You Agree to Anything
Bear in mind that some jurisdictions have strict rules about what constitutes a business agreement, regardless of whether a contract was signed. Not speaking with a business attorney might cost you when a conversation you had with a customer gets blown up into a commercial agreement.