Why does my business need legal help?
Your business might be doing really well, growing perhaps, and even making a reasonable profit. Why therefore do you need to even think about getting legal help? Here’s why:
Staying on the right side of the law ensures you can continue to trade without disruption and focus on your day to day business matters. As an executive it means you can sleep a little easier at night.
In some cases (depending on the seriousness and type of the breach) falling foul of the law can mean injunctions are issued (which basically stop you from doing something). Additionally, there could be the possibility of hefty fines. In serious cases directors and/or senior management can face criminal prosecution for breaches.
On top of that imagine the a lengthy and intrusive investigations by outside authorities which draw on valuable management time.
Protect your Reputation
Given businesses spend a significant amount of time and money on marketing and preserving reputation a legal breach can destroy all of this hard work in an instance,…you just have to pick up a newspaper for evidence of this. Seeking legal advice early on helps you preserve that reputation that you have built up.
Some people shy away from having written agreements thinking it can aggravate the other party and takes too long or is unnecessary, but actually it positively impresses on the other party that you are business that likes to do things the right way and be transparent in your dealings.
By having the correct policies, templates and processes in place you can trade in confidence. Your stakeholders will pick up on this and feel at ease knowing they are dealing with a trustworthy and legitimate company that thinks ahead.
In an age where there is an increasing focus on values, morals and ethics this can give you an edge against your competitors.
It’s hard to imagine at the beginning of a business relationship following a gentlemen’s handshake that there might be an issue between the parties down the road but, as time moves on if an issue occurs the lack of a formal agreement can result in disagreements and often threats of litigation.
Sometimes, this can end up one party paying the other to get out of the agreement or dispute. It is at that stage that most businesses get lawyers on-board which is expensive and less effective then had lawyers been used to draft the initial agreement.
If you choose the right lawyers upfront, they can help add value to your business, get the most out of your contract and help it work for you.
Contracts provide clarity so that even if there is a dispute both parties know how to deal with this can manage this often without the need for external advisors. It is always better to stop a bad thing from happening then trying to fix it once it has gone wrong.
Businesses do not always know exactly what they should be complying with or what to ask their lawyers for. We get that…you are not lawyers after all. We can help you identify exactly what legal help you need so you have all the foundations in place to achieve the above.