When operating a small and independent business venture, it is all too easy to become complacent and neglect your legal requirements as the owner. This reflects the transition that takes place when you switch from being an employee to someone who is in control of their own destiny. Although it is a largely positive experience, it brings with it a great deal of responsibility and accountability, and the failure to recognize this can result in disastrous consequences for your small business. With this in mind it is crucial that you employ the services of a reputable law firm, in order to establish your business correctly and in line with existing government legislation.
Evaluating a Potential Law Firm: Three Things to Look for
So what exactly are the key points that you should be addressing when evaluating a law firm? Consider the following: -
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Identify Firms that have Worked Within your Industry or Sector: While the fundamental principles of business may remain the same across multiple industries, each individual sector has its own regulatory procedure and specific points of order. With this in mind, your first step should be to identify reputable firms that have experience within a chosen industry, as this will expose you to relevant and trustworthy legal advice. They will also understand the jargon that defines your businesses particular market niche, and will therefore be able to offer a clear representation of what is required from your firm.
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Target Small and Independent Law Firms: Your may also wish to consider the size of the law firm that represents you, as this can have a huge influence on your finances and the quality of service that you receive. Small and independent law firms are often an ideal fit for start-up ventures or small companies, primarily because their costs and fees are likely to be lower than those fixed by a leading law corporation. In addition to this they will have a smaller body of clients which enables them to devote more time to your cause, maximizing the value that you get for your original investment.
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Assess Qualified and Reputable Firms: This may sound like a given, but it is concerning how many small business owners solicit the advice of unqualified or untrustworthy firms during the start-up process. Whether you have a home based business or one that has recently taken on a body of staff, it is crucial that you check the credentials and qualifications of any law firm that you choose to employ. Every reputable firm should have a valid certificate that has been administered by the Law Society, which serves as the professional body of solicitors throughout the U.S.
The Bottom Line for Small Business Owners
These features can all help to distinguish viable law firms for small business owners, both in terms of their fundamental credentials and industry specific knowledge. Additionally, it can do you know harm as a business owner to educate yourself further on the legal requirements of the role, with educational resources such as 4LawSchool.com offering information on a range of law and business related topics. The most important thing is that you are safeguarded against illegal or inappropriate business practice, which can render even the most successful of firms ultimately redundant.
