Small Business Finance News
Small Businesses Should Not Forgo Legal Advice
Written by Jenna Weiner
Published: 5/10/2011
Paying for a lawyer can bring an excellent return on investment for small-to-mid-sized businesses.
For small businesses that expect to grow and take on partners, a strong legal foundation is a necessary expense, according to small business news from The Christian Science Monitor.
Many startup companies cut corners on legal work, and question whether they need to hire an attorney, given all of the do-it-yourself legal websites at their disposal.
"Every business is different, and that is equally true for their legal needs," Chris Sloan, an attorney with Baker, Donelson, Bearman, Caldwell & Berkowitz, explains to the media outlet. "For the truly simple, small, mom-and- pop types of businesses, you may be OK with a do-it-yourself approach, but if you are expecting a lot of growth, an off-the-shelf approach is often a poor fit."
When looking for a lawyer, the news source recommends that small businesses explore their options until they find the right fit.
One tip is to search for a business lawyer, and one that is able to explain things in a way that the client can understand. Finding an attorney with this balance can give the owner an indication of how they will write, negotiate and interact with other parties.
The Washington Post adds that many small businesses are bracing themselves for new detrimental changes in government policy, such as corporate tax reform. Employing a lawyer to guide a business around these issues could prove to be invaluable.
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