Yes we know they can charge seemingly outrageous fees for writing a letter or checking a contract but there are many good reasons to budget for legal advice for your SME. Roz Gee writing in blackenterprise.com puts her finger on the 9 key issues.
1.Debt Collection: Many small businesses have trouble collecting money owed to them and can’t afford to give up a percentage of the debt to a collection agency.
2.Contract and Document Review: This is critical because of the need to be professionally advised and gain a thorough understanding before important papers or documents are signed.
3.Contractor or Supplier Disputes: It’s good when relationships are working well and functional, but when things go awry, it’s better to have the right representation if or when your company has contractor, vendor, or supplier conflicts that surface.
4. Internet Security Breaches: With the rising increase of sophisticated system hacking and data compromising, your company needs to be protected against internet predators and hijackers.
5.Product Liability Issues: The marketplace is no stranger to rapid product recalls and other issues that affect the functionality and operation of products. Having skilled attorneys could prevent unnecessary hassles and headaches as well as protect your brand.
6. Insurance Disputes: This is to safeguard your business against those insurance companies who deny or dispute claims of businesses or their properties.
7.Employee Theft: Unfortunately, no business owner wants to ever deal with major internal thievery whether intellectual property, monetary, or proprietary assets. But the reality is, employee theft happens even when the best processes are enforced.
8. Tax Audits: Although you may have a CPA, sometimes things still fall through the cracks, which may require an audit. You need to know that you have access to the right legal representation to help you navigate these potential pitfalls.
9. Threats of Customer Lawsuits: With the proliferation of lawsuits that continue to mount in this country alone, it’s assuring to have peace of mind of knowing you can defer to a legal professional who is actually on your team.
The Law Society can advise you of a suitable lawyer for your small business.