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Does not matter how hard you try, it is tough to keep your business away from legal hurdles. One day everything would be smooth and the other day, out of nowhere, you would find yourself and your business stuck in a conflict. That’s pretty much the scenario every businessman faces day in and day out.
However, things become easier when you have a law firm on a retainership. Having a retainer means the legal advice is within your arm’s reach. You can call the firm anytime and get your legal issues sorted right away. There are numerous benefits of getting facilitated by a law firm on retainership but let’s narrow down our focus on the top five of them:
1. Helps to Select the Best Business Structure
If you are stepping into the business world for the first time, you would need legal advice right from the word goes. For example, there are various business structures like LLC (Limited Liability Company), sole proprietorship and so on. Each of these structures has its benefits and drawback at the same time.
Being a newcomer, you may not know which setup will work the best for you or suit your type of business. That’s where a law firm will come very handy. It can deal with the dilemma better than you. Regardless of how much research you do, it can never be the substitute for expert advice. So it is necessary to have a law firm involved on a retainership basis before submitting papers for your business.
2. Saves Time
When you get stuck in a legal dispute, you will have to arrange an attorney at the earliest. Firstly, it is going to consume a lot of your time. Secondly, the person may or may not be trustworthy. On the other hand, if you have retained a law firm, you don’t have to waste your time to search for the lawyer.
All you have to do is to brief the firm about the issue and it will take care of everything. Every smart businessman values his time as much as money, if not more. To sum up, if you keep hiring a law firm or lawyer for every single legal stumbling block then you will not be able to concentrate on your business properly.
Even if your law firm is not an expert in handling criminal cases, it can at least make your life easier by recommending you a criminal lawyer. So much so, if you want a personal injury attorney in Kokomo, you can rely on your law firm’s advice.
3. Breach of Contract
Usually, there is a contract that takes place between the vendor (seller) and your business (buyer). The purpose of the contract is to ensure transparency between both parties. But if the vendor does not supply the goods as per the quality of timeframe mentioned in the contract then you can sue him for breaching the contract with the help of your retained law firm.
If you had one lawyer while signing the contract and the other while resolving the conflict then it will require more money and time to reach the conclusion.
4. In-Depth Understanding
You can always expect positive results when your legal team has the maximum knowledge about your legal affairs. If it does not have access to every tiny detail about how your business operates then court proceedings might no go in your favor. This is precisely the issue when you hire a different lawyer for every legal matter.
The best thing about retaining a law firm that it remains interconnected with the legal matters of your business. You don’t have to narrate every detail right from the beginning every time. It has access to all the data about previous cases which makes the job easier and produces results faster. Remember, a slight mishandling of data can make you liable for a heavy penalty.
Given its benefits, you must be expecting that the services of a law firm on retainership would be a costly affair. Let me assure you that it is cheaper than hiring an attorney or an in-house team to handle your legal disputes. Some legal experts would charge you more for one hour than what a retainer law firm will charge you for an entire month.
If your business needs legal assistance frequently, this could be your best option in the long run.
The Final Thoughts
Picture this, you are in the middle of your most important project and suddenly all your employees rebel against you. Employees often exploit such soft situations to fulfill their unjust demands. Surely, you can’t afford to lose employees just when you need them the most. But when your employees know that you have a retained law firm, they are in no position to act in such a way because it will backfire for them. If you have not retained a law firm yet, do it now.