Owning your own business is one of the most exciting and rewarding experiences of your life. It can also be one of the most challenging. One thing that many business owners fail to do, which makes everything much more difficult, is getting the help they need. Specifically, getting legal assistance when needed is often avoided because it is assumed it will be too expensive or not worth the time.
If you look at all major corporations, they all have general legal counsel services in place so they can get the help they need when they need it. Even small businesses can have this same type of service if they choose. Read through some of the most common misconceptions about general counsel services below, and determine if having an attorney there for you makes sense in your situation.
Myth #1: There Is No Need for Legal Counsel Until You’re Facing Legal Issues
One of the biggest misconceptions is that a business doesn’t need to have any legal representation until they are actually facing some type of legal dispute. If you wait until a legal issue crops up, you are going to have to rush into finding an attorney, which doesn’t give you the time needed to really evaluate whether they are a good fit or not. Additionally, bringing on a new attorney when a legal problem arises will require that the lawyer scramble to get up to speed with your business. Having general counsel, however, will ensure the lawyer is already aware of what is going on and can hit the ground running for any legal case.
Myth #2: Small Businesses Don’t Need General Counsel
Small business owners often assume that they aren’t going to get sued because they aren’t worth a ton compared to larger companies. The reality is, however, that smaller businesses are often targeted for lawsuits for a wide range of different reasons. Having a lawyer ready to respond to legal problems is important for businesses of all sizes.
Myth #3: Attorneys Are Only for Dealing with Lawsuits
Another common myth is that a business attorney is only going to be needed when addressing a lawsuit of some sort. For most companies, the general counsel is going to do a lot more work helping the business grow and thrive than they ever will fighting legal battles in court. General counsel can help you with mergers and acquisitions, writing business plans, finding investors, dealing with employee disputes, and much more.
Myth #4: General Counsel Is Too Expensive for Small Businesses
Perhaps the biggest misconception about general counsel is that it’s going to be too expensive for your business. While it may not be in your budget to bring on a full-time attorney, you can afford to retain a general counsel on an as-needed basis. This will help keep your costs low while still getting the representation you need. Please contact APH Law to speak with an attorney about our general counsel services today.
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