5 Myths About Business General Counsel

5 Myths About Business General Counsel

When starting a business, finding a great business lawyer may not be on the top of your to-do list. Perhaps you have heard, maybe even believed, some common myths when it comes to retaining ongoing legal service for your company. Here are the top five myths about general counsel.

“Having a lawyer” will make me look untrustworthy to others.

There is no stigma associated with having an attorney to consult. In fact, having a business lawyer help you make prudent decisions, keep your permits, registrations, and licenses in order, and draft contracts tells people that you are a serious business person who values precision and clarity, along with legality. Provided that your lawyer is preparing your contracts in understandable, plain language, people will not get the impression that you are trying to trick them. Having a lawyer to draft your contracts demonstrates that you value doing what is fair for everyone.

I don’t need a lawyer yet because I’m just starting.

When you are starting is the perfect time for you to find a business lawyer. When you create your business, you need to decide how to organize your company and make the proper registrations. Then, you will have to create contracts with your business partners, investors, employees, vendors, distributors, customers, and perhaps other individuals and entities. Having input from a qualified attorney to help you make good business decisions and draft enforceable contracts can save you from big headaches down the road.

My business is too small to need a lawyer.

The size of your business should not dictate whether you need a lawyer, however, the size of the business should determine your budget. A good rule of thumb is to dedicate 10% of your annual operating budget for legal costs. A good lawyer will help you start and operate efficiently and legally.

My business cannot afford a lawyer.

Entrepreneurs tend to be optimistic. After all, if they thought they would fail, they would never start a business. Because of their optimism, they do not expect legal problems. But sooner or later, legal problems are inevitable. This is why it is critical to make legal assistance a priority in your business’s budget. Every business can afford legal assistance. There is a fee structure to suit your needs. By working with a lawyer on your contracts and other important business paperwork, you reduce the likelihood of common risks, like your employees stealing your ideas and competing against you, the government fining you for regulatory infractions, or losing a lawsuit.

I can hire a lawyer later, if I need one.

A good lawyer helps you avoid legal problems, which will save you a lot of money in the long run. The saying, “an ounce of prevention is worth a pound of cure” is instructive for small businesses. Lawsuits happen all the time to businesses of all sizes. Discovering that you are being sued puts you under pressure. It is better to interview and decide on a qualified, trust-worthy attorney before an emergency. You never know exactly when you will want input from a legal professional.

Finding a Qualified Business Lawyer

Whether you are just starting to create a business or already have an operating company, you want to have a qualified business lawyer. For business owners in Florida, contact J. Muir & Associates. Our attorneys are ready to answer any questions you may have about how business lawyers help. Give us a call today at 786-533-1100 or contact us online.

Written by J. Muir & Associates

J. Muir & Associates

The attorneys of J. Muir & Associates are passionate advocates for businesses throughout Miami-Dade County. We provide numerous business legal services to help make your company grow and flourish. We are knowledgeable and dedicated to finding solutions that fit your company’s needs.