HOW TO CHOOSE A STARTUP LAWYER
How important are lawyers for any business start-up? Most don’t recognize the big impact lawyers have on business until they test it. Selecting the right lawyer is as important as any other factor for any business setup, in fact, it can be equated to selecting a business partner and both are very important.
A good lawyer helps you deal with getting your business model, getting you an exit strategy, and linking you with the best business opportunities. Most business though makes lots of mistakes while selecting their lawyer.
In this article, we would be looking at the process of selecting a lawyer for business start-up near you, the benefits and how to go about it. And at the end, you will be set to select the best fit for your business.
Factors to Consider before Selecting a Lawyer Near You
- Industrial Experience
It is important that the person you are selecting as your lawyer has lots of business experience. Your business problem begins when your lawyer understands little or nothing about business; it becomes hard for him to coordinate the affairs of your business.
If their experience is not checked, you might end up wasting resources, time and your money, since no matter how you complain he won’t understand.
- Does He Meet your Needs?
You don’t manage, you don’t groom, No! If you will run a successful business with your lawyer, you must make sure he satisfies what your business needs. If you are forming your business, you must make sure he understands what formation of business entails.
If you will need some introduction to the business, make sure your lawyer can facilitate the medium for these introductions and is known for such among his co-workers if he does not meet the need of your business, you just can’t go on with it.
- Availability, Is He Always Available?
As much as possible, ensure that the lawyer you will be using for your start-up is readily available. Selecting a local lawyer is also very important as you will be able to meet him face to face and he will understand the local requirement of the authority around you.
There are times when urgent situations arise, the availability of your lawyer to settle the problem quickly will present your business with the success needed.
- Transparency with Money
If he can’t handle money well, he can’t handle your business well. Several financial discussions must be made for your business, especially when at the startup level. Arrangements must be made for those fees to get your business in the best and perfect way.
If your lawyer always shies away from discussing finance related issues or prefer handling those on his own without carrying you along, then you must be ready to show him the exit door. Financial information must be demanded and your lawyer must be ready to provide such information for you as soon you need them.
- Make Use of Referral
Considered by many as the best way to develop your business, referral of lawyer is very important. It is very important that a personal relationship is built with your supposed lawyer since most information to be discussed is confidential and important.
When making use of a referred lawyer, a measure of trust is built as one will believe that for him to be referred he is known to be very successful and best at what he is doing. And in fact when someone is referred then it is normal to believe that he is experienced and has a good record.
- The Financial Impact on your Business
Will hiring a lawyer to your start-up have a negative impact on the financing of your business, if yes you may need to consider other less expensive options. It is very important to go for a quality lawyer ready to dispense his service at a cheaper price.
Why Does your Start-up Need a Lawyer?
Lawyers are needed in business set up to deal with three important groups;
- The Government:Your business at the start-up needs to deal with the government to get some needed license and permission. You don’t want to go against any law set by the government, your lawyer will lawyer see to that. Your tax will also be checked by your lawyer regularly.
- Third Parties and the Public:In your start-up, you will need to contend with third parties and the general public. There is risk attached to your association with third parties and failure to understand these risks spell the end of your business. So your interaction with your users, suppliers, employers and the general public will be controlled by your lawyer.
- Interacting with other Business Partners:This is why most feel selecting a lawyer for your business is more important than the selection of business partners. When more than one person owns a business, the right of each individual must be discussed beforehand so as to avoid problems in the future. In case of disagreement, the lawyer is the first to be contacted to help provide solutions.
Conclusively, your start-up is bound to be successful as long as you hire the best lawyer to help keep things in check. Make sure you don’t manage bust you find what your business need. Check the financial impact and weigh the cost. With this done, your start up is bound to stay relevant.