Any new business needs a good lawyer, so it is crucial that you get the best advice based on your budget. Making a mistake in this matter can result in wasted time and money, redoing contracts and renegotiating deals personal injury lawyer rockford il.To make this process easier, we share the most common mistakes that startups make as well as tips to avoid them:
- Hire a lawyer too early
Some companies hire a lawyer before even knowing what they want or need from him. To know when to start this contract you must have at least: define what type of company you will choose, rent or buy a store, process a license, register your brand, deduct taxes and hire employees or outsourcing services. You could get the first internship advice in law schools; doing so would help you save money.
- Hire your uncle Pepe
You probably want to hire an old colleague, friend or relative, but you should consider hiring a specialist. Choose someone expert in your area to know perfectly the legislation that concerns you, since otherwise there could be several errors that will affect your company.
To avoid any problem of this type, talk to entrepreneurs and experts in your area asking for recommendations and references. It is recommended that you interview several lawyers and ask them questions on various topics, from how to proceed with problems with clients and employees to lawsuits for identity theft or improper use of brands.
- Believe that big is better
Large firms can be very attractive to novice entrepreneurs, but you could end up paying high fees for the less trained staff of the firm since, in general, the best lawyers work for large companies. That is why it is better to look for small firms that offer value, personalized service and expertise. Bet on large firms when your company grows or has a serious problem, such as a lawsuit.
- Do not discuss rates
It may seem unimaginable to negotiate in an area such as laws, but remember: you are hiring a lawyer in the same way that you would hire a consultant or accountant. There are many different arrangements to pay for these services, including monthly flat rates, hourly or offering company stock. It defines well the payment method from the beginning, as well as the consultation time and the charges for overtime or extra services.
- See a lawyer only as a lawyer
One way to pay a lawyer could be by offering participation in your company. If so, you should keep in mind that your lawyer would become your business partner and that you should treat him as such. Also, before accepting this proposal, make sure that the person not only has experience but also valuable contacts that could be shared and skills for the growth of the company.
Even if you choose a more traditional model (direct payment to the lawyer or the firm), you should consider that in the early stages of the business it can become a valuable advisor. Therefore it is important that you make a good decision, observing your resume but also chemistry with you in order to ensure a good relationship.