As a small business owner, you’re likely to experience at least one lawsuit during the duration of your company’s existence. But do not fear! With the support of a good and reliable lawyer, the costs of some lawsuits could be lowered or possibly completely prevented.
The initial process of starting up a business can be costly, and you’ll want to keep all costs as low as possible, at least until your business becomes profitable. However, as lawsuits usually come without warning, legal costs should be prioritised along with all other start-up costs, and you should have legal cover from the first day you open your doors. There are several business lawyers Melbourne businessmen will need and it’s important to understand why.
Varying from general lawyers to property lawyers Melbourne businesses should have the legal backup required to protect themselves, and business lawyers are an excellent guide to ensure your business is set up properly. In this article, we’ll discuss 6 different types of lawyers all small businesses need, and explain why.
General Business Lawyer
A general business lawyer is a professional you’ll work closest with among your team of lawyers. They will assist in the daily operation of your business to ensure everything runs smoothly. Their support will be readily available in the form of advice when you need it.
If you’re having doubts about whether the lawyer you’re looking to employ will be able to offer sufficient support, perhaps you should approach a law firm with different specialisations. Large law firms generally have more attorneys employed and they’ll have the experience and insight you need.
Employment and Labour Lawyer
If you are the sole employee of your business, you most likely won’t require an employment and labour lawyer. However, when staff is involved, these lawyers become vital. Even as a small business with a few employees, you may find yourself dealing with lawsuits related to discrimination or sexual harassment.
None of these are lawsuits you’d want to deal with without proper counsel. The federal and state laws clearly state the duties and obligations of an employer. These laws often change as the business industry evolves, and a labour lawyer will make sure your company always remains compliant.
Your business’ tax issues will be very complex and hiring a CPA (Certified Public Accountant) will take that task off your hands. Failure to hire a CPA may result in you filing taxes incorrectly, which can lead to tax authorities starting legal cases against your company.
A tax lawyer can help you minimise the damage when you find yourself facing a lawsuit and advise you on what steps to take. Do ensure they have the appropriate qualifications, ideally a master’s degree. And asking around for feedback and reading reviews will help identify the best options.
Mergers and Acquisitions Lawyer
‘What do mergers and acquisition (M&A) lawyers do?’, you may wonder. M&A lawyers assist with the appropriate financing for mergers and provide advice regarding the drafting and negotiation of contracts for the sale of businesses or portions thereof.
Mergers and acquisition (M&A) lawyers and the transactions they handle are among the most complex yet significant events in the life of a firm. Most of these lawyers’ work is done at medium and large-sized firms; however, small firms may also need M&A lawyers, especially where partnerships are involved.
When drafting up employment contracts or contracts between yourself and your clients, it’s often desirable to cut costs by using templates that are readily available on the internet. However, they do not address specific requirements businesses need and there’s always a chance of loopholes.
Acquiring the services of a qualified lawyer to draft up these contracts will ensure it’s customised to your company’s unique needs.
In addition to properly drafted contracts, when conflict arises, a breach of contract attorney can assist with the recovery of damages. Legal texts are often too complicated for the unqualified person to grasp, so it’s best left in the hands of the experts.
Intellectual Property Lawyer
An intellectual Property (IP) lawyer can help you apply for intellectual property protection. This is especially useful if you need to protect your company’s USP through trademarks and copyrights.
In addition to protecting your copyrights, they also protect you against the violation of other people’s trademarks and copyrights. If you are informed you’re violating another company’s intellectual property, this type of lawyer can be a great advocate.
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It’s no secret that lawyers can be costly, but when you face your first lawsuit, you’ll thank yourself for allowing for the expense of legal cover in your business budget. We hope this article has given you insight into what types of lawyers would be an asset to your team, and why you need them.
Not only can business lawyers provide you with legal protection, but they can also assist with the proper setup of your business, which is why it’s important to build a team of lawyers as soon as possible.