As a business owner, there are two professionals you want on your side early: an accountant and a business lawyer. Both are infinitely useful in the overall success of your business. The right legal counsel is useful in helping your business succeed in numerous ways. If you are at risk of being sued, then having a business lawyer in McKinney can save your company. Or, when you need legal guidance regarding employees and government regulations, a lawyer will guide you through the murky waters. A lawyer is an investment. Take advantage of such services early and often.
Hiring a Business Lawyer – Questions to Ask
First of all, you must understand the legal objectives of your company. As such, there’s a few questions you must ask yourself:
- To avoid any liability, what legal guidance can a business lawyer provide my company?
- Do we have any efficiency or competency gaps in our daily operations?
- What are our short- and long-term business goals?
- Do we need to lease or purchase commercial property?
- Must we restructure existing debt or capitalization?
- Should we acquire or dispose of assets?
- Does the company require additional divisions or subsidiaries?
By clearly defining your company’s legal needs, you can narrow your search for a business lawyer immensely.
Where to Look
When it comes to finding the right business lawyer in McKinney, TX, you must know where to look, not just how to look. In fact, knowing where to find a business lawyer is paramount. It is step number one.
First, consider starting your search with the American Bar Association and Texas State Bar. Here, you’ll find a wealth of information on business lawyers in the area. If you have any questions, this is where to look.
For many businesses, the idea of hiring a lawyer brings up images of an empty wallet and dancing dollars. Lawyers are expensive. There is no skirting around that issue. However, having a lawyer on your side is an investment and a safeguard for your business.
If you wish to save money on business lawyers, consider the following methods in which lawyers bill for their time, including:
- Hourly/Per Diem – Many attorneys bill per hour. If there is any travel involved, then they may bill additionally per day.
- Flat Fee – Some attorneys may charge a flat fee for certain situations, including contracts or closing loans.
- Monthly Retainer – A monthly retainer is a common form of payment for a business attorney, as your company may require occasional services over the course of the month when matters arise.
Further, be sure to ask your attorney to estimate the cost of each situation in writing. You may then decide whether it is worth pursuing with an attorney or not.