As a business owner, you can expect to need legal counsel at some point during your business operations. Setting up a business with an attorney’s guidance can smooth the process significantly. There are many different situations where you would benefit from a business attorney’s assistance. When you run into these situations, the cost of seeking legal counsel can be a major concern.
The first step in estimating how much your business issue will cost is to determine which professional services you need. People who can help you successfully run your business include:
Each will have different price points, so determining which person you need to speak with can help you most effectively spend your hard-earned money. The following are service areas that can generally be more properly managed by working with a business attorney:
Business lawyers, also known as commercial lawyers or corporate lawyers, focus on all legal matters that can impact businesses and corporations. There are typically two methods of payment that an attorney can choose to charge:
Each attorney will have their own fee structure, dependent on factors such as their experience level and location. An important part of finding the right business attorney is understanding their fee structure and whether it fits into your budget.
Attorneys base their fees on many factors, including how difficult they anticipate the case to be and the amount of resources that will be required to navigate the situation. In legal matters related to business, the discovery and litigation phases are generally the most difficult and time-intensive portions. This will generally translate to a higher bill to resolve your business litigation case. However, each situation is unique, and some attorneys may work with their clients to ensure success and satisfaction.
One method of payment that attorneys can choose to use is a retainer agreement. In this agreement, the client will pay a lump sum at the time they hire the attorney. The lawyer will then document the time they spent on the case and any costs they incur, then deduct that amount from the retainer. As the attorney spends more time on the case, the remaining balance will decrease until the attorney requests another lump sum payment.
When searching for a business attorney, you are likely to come across a wide range of fee amounts. Hourly and flat fees for legal matters will depend on factors such as:
Researching different options in your area can help you determine typical cost ranges and how they will fit into your budget.
When you are setting up your business, or working to keep an existing business profitable, you may be concerned about the cost of hiring a business attorney. While there are some legal matters that can be completed without the aid of an attorney, their experience can be invaluable in some areas. Ultimately, you will need to compare the cost of retaining an attorney with the potential cost of incorrectly handling your legal matter.
With over 20 years of experience representing businesses across multiple industries, Bravo Law is deeply familiar with all the legal issues that businesses face. When working with us, you can expect to find a team dedicated to helping you find practical solutions that protect your interests. To begin speaking with a law firm committed to results, regardless of the size of your business, contact Bravo Law today.
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