Knowing when it is time to hire a business dispute attorney is crucial to you and your business' success. Business dispute attorneys are able to help with a myriad of legal woes, from partnership and fiduciary disputes to contract litigation. The following are indicators that it is time to hire a well-versed business attorney.
You are Experiencing Rapid Business Growth
While rapid growth is something most business owners are happy to see, it can come with its own set of problems, especially when the owners are new to the industry. Rapid growth may mean that certain areas do not receive the attention they need, or that necessary steps are overlooked. An attorney is able to see how your business operates through a legal lens and will be able to advise you on how to best structure your processes to remain successful.
You Lack Legal Knowledge
Many successful business owners and investors are good at what they do and understand the ins and outs of their industry, but lack knowledge of the prevailing laws as well as the legal system in general. Because of this, it is easy to become bogged down in matters that are best left to an attorney, such as contract disputes. Hiring legal counsel to help with these issues frees up your time to handle other matters.
You’re Having Issues with Incorporation & Licensing
What are the differences between partnerships, sole proprietorships, limited liability partnerships, limited liability companies, and corporations? Which one is best structured for your business and offers the most legal protection? What licensing does your company need, and how do you obtain it? A legal professional can assist you in deciding how you should incorporate your business to be most effective, as well as obtaining any licensing your business needs to effectively operate.
There’s a Risk to Business Interests
The protection of business assets is a top priority for all business owners. After all, it is the bread and butter of the business. Because of this, if any matter arises which threatens the assets, it is time to consider consulting a business litigation attorney. Keep in mind that it is essential that your attorney has full access to your company, its processes, and any matters that are a risk. Without this knowledge, they may be unable to see the big picture. With full access, they will be able to assess the situation and best formulate a plan to minimize risk to your assets.
Lack of Time
Starting a business or serving as a high-level executive in a company are both extremely time-consuming ventures, and it can be easy to overlook existing disputes or situations that can lead to a dispute. It can also be difficult to put into place policies and procedures that prevent business disputes from arising. A skilled legal professional brings a fresh set of eyes to your company and can handle matters that you are too busy to spend adequate time on. Investing in a lawyer now can prevent many disputes from occurring at a later date.
Disputes Among Partners or Shareholders
There are times when a business dispute attorney is needed for internal matters, such as when there is a disagreement between partners or shareholders regarding anything from a breach of fiduciary duties to a dissolution of partnerships. Ensuring that these legal issues are handled in a way that interrupts business as little as possible, as well as adhering to applicable rules and regulations, is a task a business litigation attorney is well equipped to handle.
You Need Help With Contract Creation
Unfortunately, a lot more than just a handshake is needed in today’s business climate to make an agreement binding. Contracts are essential to almost every aspect of the business process, from the formation of the business to its dissolution. The law provides specific criteria to craft a contract that is legally binding, and by hiring a business attorney to represent you in these matters you can be assured that your interests are protected.
Trade Secret Disputes
A trade secret is intended to remain just that- a secret. Sometimes, however, situations arise where one party acts in a way that threatens another party's ability to maintain their trade secret. Due to the nature of these disputes, acting quickly is necessary to preserve the ability to conduct business as normal. If there is ever any threat to your trade secret, the first call you need to make is to a knowledgeable lawyer.
Repetitive Risks
When a business has the same dispute arise on a repetitive basis, this is a sign that there is a problem somewhere in the business processes. A business litigation lawyer is able to take a look at your business, including its policies and procedures, and identify where the problem is originating. Once identified, the attorney will be able to develop a plan to help prevent this issue from arising again.
Litigation Is Looming
The prospect of litigation is daunting, and most people and companies would rather avoid it if possible. A good rule of thumb is that whenever litigation is on the table as an option, it is best to consult with a business dispute attorney. It is surprising how many issues are able to be resolved through simple renegotiations. By obtaining a lawyer to assist, litigation is often able to be avoided. However, if litigation is inevitable, having an attorney skilled in business disputes is imperative. With their help, you will be able to go into litigation knowing you have a representative committed to your or your company’s best interest.
Seek Legal Assistance Today
Have you noticed some of the signs that it is time to hire a business litigation attorney to help guide you or your business? Work with a team of astute legal professionals who are dedicated to ensuring our clients' rights are protected and their businesses run as smoothly as possible.