When to Hire a Business Law Attorney
Deciding when to hire a business law attorney can be complicated and overwhelming. If you are wondering whether you need a business law attorney, you probably do. Unfortunately, many people only hire a business lawyer when they have a serious legal problem, such as a customer's lawsuit or trouble with the IRS. However, a business law attorney can help prevent matters from becoming legal trouble.
In this article, our Maryland business attorney discusses how you can benefit from hiring a business law attorney before you face legal trouble. He also answers common questions about business law attorneys, including how much it costs to hire an experienced business lawyer and what a business attorney can do for you.
Why a Business Should Have a Lawyer?
You have a great deal of knowledge and expertise regarding the goods and services your business provides. However, are you as well-versed in the legal aspects of operating a business? For example, do you know and understand all the laws and regulations that apply to your company? Are you aware of the recent changes in laws? Do you know how to reduce the risk of business litigation? A business lawyer went to law school and has gained experience through practice to answer these questions.
Reasons a business should have a lawyer include:
Business lawyers help companies, partnerships, and sole proprietors comply with applicable laws.
An attorney assists entrepreneurs in choosing the best business entity and structure for their company.
A lawyer can facilitate dispute resolution to avoid costly business litigation.
Business lawyers take proactive steps to prevent or reduce the risk of legal troubles.
An attorney is up-to-date on changes in the law. They help businesses avoid violating laws because they are unaware of the changes.
Business attorneys help negotiate contracts and agreements that are legally binding and in the company’s best interest.
A lawyer can help a company get paid by pursuing delinquent accounts.
A business attorney can help develop strategies for employee management.
Business lawyers help you protect your intellectual property.
Business attorneys navigate complex tax matters to help reduce tax liability for the company and the owners.
A business law attorney can help a company avoid the many legal pitfalls associated with operating a business.
Every business can benefit from having a business lawyer and legal counsel. If you own a business, you need a business law attorney on your team.
What Is a Business Attorney?
A business attorney focuses on issues that impact a business. These issues range from compliance with regulations and laws to business taxation, legal documents, and business negotiations. A business lawyer may focus their practice on specific areas of business law, such as business litigation or taxation.
An experienced Maryland business attorney is generally equipped to handle all the business's legal matters. In general, a business attorney helps companies solve problems they face now and potentially could face in the future. They provide legal assistance to business owners as they develop strategies for business growth and increased revenue.
What Does a Business Litigation Lawyer Do?
A business litigation lawyer manages conflicts that arise from various aspects of doing business. They attempt to resolve matters through mediation and negotiations but are equipped to take matters to trial when necessary. Skilled business litigators have extensive courtroom and trial experience.
Types of business litigation include, but are not limited to:
Breach of contract
Intellectual property disputes
Employment matters
Commercial debt collection
Partnership disputes
Breach of fiduciary duty
Shareholder complaints and disputes
Class actions or lawsuits for product liability
Business litigation lawyers are responsible for developing a strategy to successfully pursue or defend a claim in the company's best interests. They also guide you through the litigation process. Lawsuits can be time-consuming and costly. A business litigation attorney handles the legal matters while you focus on keeping your business operating successfully.
What Does a Business Attorney Do?
A business attorney can help you in many ways. Examples of practice areas for business lawyers include:
Choosing the Right Maryland Business Entity
Your business structure is the foundation for all aspects of your business. An attorney helps you choose the best business entity for your company. You could incur substantial legal and tax liability if you do not choose the correct business entity.
Drafting and Negotiating Contracts
Business contracts protect your company from liability and risk. However, negotiating and drafting business contracts can be complicated. A lawyer ensures that the contracts you enter into are legally enforceable in a court of law, protect you from liability, and benefit your interests.
Developing Exit Strategies
Business owners rarely think about quitting. However, circumstances such as incapacitation or retirement may require you to exit the company. A business law attorney helps you develop business exit strategies that provide continuity for your company. An exit strategy may include business succession plans, closing the business, transferring the company to family members, or selling the business.
Structuring Mergers and Acquisitions
Buying or selling a business can be exciting and frightening at the same time. Business mergers and acquisitions involve numerous legal elements that must be addressed to protect all interested parties. A business attorney helps you manage a merger or acquisition to protect your interests.
Resolve Business Disputes
Business disputes are common. Business lawyers resolve legal disputes through mediation, arbitration, negotiation, and litigation. A skilled business lawyer works to resolve the dispute in the most timely and least costly manner. They work to protect the business from liability while obtaining an outcome that benefits the company.
Manage Compliance
Violating state and federal laws and regulations can be costly. Companies may face fines and other penalties for violations. Sometimes, a company may be shut down until they rectify the situation.
A business lawyer helps you manage compliance. They create a strategy to ensure your company complies with relevant laws. An attorney also monitors changes in the law that could impact the company to educate the business owners on new compliance requirements.
What's the Difference Between Corporate Lawyers and Business Lawyers?
Even though people use these terms interchangeably, there are differences between business lawyers and corporate attorneys. A business lawyer focuses on the legal issues related to business interactions, including interactions with employees, vendors, clients, and other parties.
On the other hand, corporate lawyers focus primarily on the formation and operation of a company. They deal with corporate law and regulations and laws that govern corporations.
Does My Company Need a Business Attorney in Maryland?
You need a business attorney if your company receives a complaint or has a dispute. Should your company make a mistake or do something illegal, an attorney can advise you of your rights and work to minimize the consequences.
How Much Does It Cost to Hire a Business Lawyer in the U.S.?
The cost to hire a business lawyer varies depending on numerous factors. The attorney's experience is a factor, so it typically costs less to hire a junior associate than to hire a managing partner at a law firm. Also, you may pay less to hire a fractional general counsel than to hire a full-time corporate lawyer or in-house counsel. Most business lawyers charge by the hour after the client pays a retainer to hire the law firm. Generally, business lawyers in Maryland offer competitive rates for legal services.
What to Look for in a Business Lawyer
Experience is one of the key elements you want to look for in a business lawyer. An attorney should be well-versed in Maryland business law and the area of law that applies to your business. International businesses need an attorney with experience in domestic and international business law.
You also want an attorney with an excellent reputation so the parties to a business transaction or dispute understand what they are up against. When you meet with an attorney for a consultation, you should feel comfortable with the attorney and the law firm.
How to Prepare for Your Consultation With a Business Lawyer
First, you must understand your business needs and why you seek legal advice. For instance, do you need advice about starting a new company or closing your current business? Do you want an attorney to assist you with business taxes, or do you need help defending an employment lawsuit?
Next, make a list of questions to ask the lawyer during your meeting. Examples of questions you should ask a business attorney during a consultation include:
What area of business law do you practice?
What is your experience handling cases similar to mine?
What is your structure for legal fees and retainer agreements?
Can you provide references from past business clients?
How can you assist me with this legal matter?
You will also have questions about the specific legal matter that brought you to the attorney’s office. For example, if you are searching for an attorney to assist with business formation, ask the lawyer what business structure is best for your business and why. If you are concerned with risks, ask the attorney how you minimize risk.
Serving Start-Ups & Small Businesses Across Maryland, Virginia and DC
At Thienel Law, we help companies and business owners throughout the District of Columbia, Virginia, and Maryland. Attorney Steve Thienel has extensive experience in corporate, business, and tax law. Contact our office today to schedule a time to speak with Steve about your business law matter.
FAQ: Questions and Answers About Business Law
Four common questions we receive about business law are:
What Should I Assess When Employing a Business Lawyer?
When you gauge whether to employ a business lawyer, consider these questions:
What are your business legal needs?
What are the business lawyer’s credentials and experience?
What does a business lawyer charge for legal services?
Do I feel comfortable with a specific business lawyer?
How will hiring a business lawyer benefit my company?
Does the attorney have the expertise I need?
At Thienel Law, we are happy to answer these questions and others when you are searching for a business lawyer.
Should I Hire a Business Lawyer?
The decision to hire a business lawyer depends on your needs and goals. We can help you determine whether you need a business attorney for a particular matter.
Do Business Attorneys Go to Court?
It depends on the attorney you hire whether they practice in court. You should ask an attorney if they handle court matters or if they only handle matters that are not unrelated to business litigation.
When Should a Business Consult an Attorney?
Ideally, a business owner should consult an attorney before they begin business operations. An attorney will help you determine the structure for your company and the best business entity for you. This initial step can help you avoid legal problems in the future that would require you to hire a business attorney.
