Why hiring a good lawyer is crucial in any business?
Do you prefer to stay away from legal troubles or get out of it once you are in legal trouble? In either case, you need a lawyer. The former is the better way to conduct a business. Irrespective of the size of the business, each growing businesses are in dire need of two significant professionals – An accountant and a lawyer.
An accountant is responsible for all the taxes related concerns in a business. This including, filing taxes, drafting balance sheets, income statements, preparing financial reporting records, etc. However, in this article, we will understand the importance of hiring a good lawyer in a business.
First of all, let me bust the common misconception of hiring a business lawyer is expensive and not necessary in the initial stage of business!
The temptation of ignoring the integration of law in business results in even bigger risk. You may lose a considerable amount of money in legal penalties. You may get into lawsuits. Or you may get into financial trouble. Even worse, your business reputation might fall.
The money you will have to pay to a lawyer on a monthly basis is far, far less than the money you will need to pay to get out of legal trouble.
We often need contracts in businesses. It is important to draft a contract that convinces your clients or customers to sign in your favour. You can write better contracts with the help of a good lawyer. A lawyer is necessary for the initial stages to retain the property (intellectual and physical) of business without much hassle.
Hiring a good lawyer is important in businesses due to two reasons – (1) strong internal process (2) Firm operation and reputation.
(1) Hiring a good lawyer for a strong internal process
Assessing and auditing the business policies:
As a business owner, you must have attempted or successfully drafted the business policy. Business owners can draft the policy on the basis of the work culture and workflow of the company. However, most of the time intricate and complex structures are required to be looked at by a professional. The involvement of professionals makes the policy more accurate and solid. Not to mention the presence of a lawyer makes the document more valid. Some documents require the assistance of lawyers to ensure the policy is in sync with the company vision and abides the Government rule,
Drafting contracts favourable for business:
Contacts are judiciously drafted to convince clients, investors, as well as fulfil the purpose of business. Usually, the legal department of the company is responsible for drafting the contract. If your business does not have a legal department you can reach out to a legal consultation service, they are budget-friendly. You can draft your contract yourself. But, if money is involved you should not put your business at risk. Instead, seek a good lawyer who can make strong points.
Smooth and regular business transactions:
Lawyers have the authority to take action if the guidebook is not followed religiously. In business, many a times lack of timely transactions leads to financial difficulties. A good lawyer has the power and value in the business world to make the other party take action on their terms.
To protect your intellectual property:
Online businesses have to more often deal with someone stealing their idea or content. Hiring a good lawyer helps business protect their intellectual property that is being used in the market in any form. While the copyright and other policies can protect your property for a while but when your work gets huge traction you need to look out for other ways as well to protect your intellectual property.
(2) Hiring a good lawyer for firm operation and reputation
The right business structure of your business:
Employees and employers run the business, however, the backbone is – right business structure. The right business structure involves directing the team to accomplish tasks on time, ensuring smooth cash flow, building a system for all the processes involved in running the business. Hiring a good lawyer helps you accomplish this.
Lease of your working space:
If you are working in a rented apartment or you want to lease your space, a good lawyer is equipped with all the official knowledge you might need throughout the process.
Selection of the business structure:
There are ample business structures in the market. Each type of business structure varies on the basis of the number of investors/ shareholders, business activities, etc. For example, in Qatar, there are majorly nine types of business structure. If you want to get a piece of in-depth knowledge of business types in Qatar, click here. It is difficult to select the best business structure for your business. Legal consultants assess the business and suggest the apt business structure.
How to know your business needs to hire a lawyer?
While you might think of doing all the legal tasks yourself, it is a high probability you will not be able to have a deep insight into legal affairs.
If your business lacks legal guidance; if you do not have enough time to invest in the legal affairs of your business, if you are about to draft new policies, if your business does not follow legal or regulatory compliance, it is high time to get in touch with a good lawyer.
If you are yet unsure, I will suggest you book a free call and understand the need for a lawyer in your business.
However, I assure you, your business needs a legal consultation more than you are able to figure out.
You can ring for Puvanesvarar Consulting to help you out in the legal affairs of your business. Puvanesvarar Mailvanganam runs the firm and he has been in the business since 2004. He has helped many businesses including Qatar Petroleum, Burger King, British Petroleum, Walton, etc. His contribution ensured positive changes in the business. I do not want you to miss the opportunity. Book your call now.
Also Read: Things to remember before starting a business in Qatar.
