Finding a trustworthy and affordable business lawyer is critical to the success of any startup. This is because the lawyer will be with you throughout the business’s lifecycle, helping with all aspects of running the business. However, finding a lawyer may not be one of the strong suits of an entrepreneur, so we have compiled a list of things to look for to hire the perfect lawyer for your starting business.
● Eager to understand your business
You must pick an attorney who understands the values and goals of your business. Even though overlapping values may seem unimportant at this stage, remember that when your company expands, your lawyer needs to be on the same page as you so that he/she can be of help.
● Proper communication skills
You need to find a lawyer who will explain every relevant detail to you in a simple manner without using legalese. The New Jersey experts at Cohen Schneider Law PC say that the perfect lawyer will provide you with more clarity when it comes to your legal matters, making everything easier. They will also help you weigh your options, and recommend the best course of action to protect your business interests.
● Impeccable references
Do not hesitate to ask the lawyer for references. Check with them about the cases they have worked on and the clients they have had. Once you get a list of past clients, you can reach out to them to enquire about the lawyer’s competence, rates, and service.
● Relevant experience
Make sure that you find an attorney who deals with small business problems. While it is not necessary to find someone who is an expert in your domain, it would benefit your business if you can find someone with relevant experience and an understanding of different business structures and the consequent tax implications.
● Good rapport with you
If you can strike up a good rapport with your lawyer, you are well on your way to a productive relationship with the person. Also, make sure that your lawyer is responsive to your needs and enthusiastically helps you with your business problems.
● Affordable in the long run
Depending on factors, such as size, prestige, and location of their firm, lawyers may charge anywhere between $50 to $1,000 or even more per hour. This means that you have to thoroughly do your research and get quotes from several lawyers who are within your budget range before you make a decision. An important aspect to look for is the speed with which they can work, which will depend on their experience.
● Deciding whether you need outside/ in-house counsel
As an entrepreneur, you have to decide between having one or more of your employees taking care of legal matters and hiring a law firm for consultations. Normally, startups hire outside lawyers in the beginning and proceed to have a dedicated in-house legal team to help with regulatory matters and business operations.
Your business lawyer can end up becoming your greatest asset, provided that you choose the right one. They will help you build a successful enterprise while ensuring your compliance with the law. Use the points mentioned above to make an informed decision, and watch as your business grows with the aid of a trusted legal advisor.