Most entrepreneurs know the importance of consulting a legal expert throughout establishing and operating a business. They understand the complexities of navigating business law and the many issues that can arise throughout their company’s existence. However, most small business owners outsource their legal needs to agencies or independent counsel to save money. While this practice may prove beneficial in some industries, there could come a time when hiring an in-house legal team is ideal. Continue reading to learn more.
Your Company Deals With Contracts Regularly
If your business handles a lot of third-party contracts, having an internal legal team is ideal. Contracts are just as challenging to comprehend as they are to draft. When signing contracts, you must ensure that you fully understand what you agree to. However, when drafting agreements, they must include the proper terminology to protect your company.
Although free and affordable templates might suffice in some circumstances, companies that deal with contracts regularly are urged to have these transactions completed by legal experts.
Your Company Starts Hiring Employees
Are you interested in hiring employees to work for your small business? While most entrepreneurs tend to focus on finding suitable candidates, there are legal aspects to hiring and managing employees that often go overlooked. If an employer fails to comply with local and federal regulations when managing employees, they could face an uphill battle in a court of law.
Employers must consider factors ranging from Affirmative Action to employee health and safety and everything in between. An in-house legal team will ensure that you understand the regulations and develop policies, procedures, and management practices that support these laws, protect the company and safeguard existing and potential employees.
Your Company Operates In Multiple States
Business laws are constantly changing and vary by state. If your small business operates or has working relationships in multiple jurisdictions, it’s your responsibility to understand the differences in law and remain in compliance. The right internal team of legal experts ensures that your company complies to avoid litigation. Their counsel can also give insight into how these laws impact your bottom line so you can make informed decisions to keep your business flourishing.
Your Company Produces New Products Regularly
Are you constantly coming up with new ideas for products or services? If so, you’ll need to protect your ideas from the competition. That’s where intellectual property rights come into play. It uses patents, trademarks, and copyrights, to safeguard ideas, innovations, concepts, images, designs, and content for new products and services. An in-house legal team will ensure that your creations are protected by filing the necessary paperwork and taking the required steps per the law.
Legal Matters And Negotiations
What do you do when a legal matter arises? Although the hope is that this never happens to your business, disputes occur more often than you think. A dissatisfied customer, employee, or competitor can file a lawsuit against your company if they feel their rights have been violated. Trying to resolve a legal matter without the assistance of a legal team could prove detrimental.
You could have to pay thousands of dollars in compensation and legal fees and risk putting your brand’s reputation on the line. However, with an in-house legal team, they go to bat for your business. They will work with the outside parties during negotiations and handle the legal process if the case should go to court.
Putting Together The Right Team
Do you believe your small business could benefit from having an in-house legal team? If so, the next step is finding the right experts. While you could scout candidates yourself, it’s often best to let an alternative legal service provider find qualified attorneys to join your team. Their industry knowledge, years of experience, and extensive network of legal professionals ensure that you get the best professionals to suit your budget and needs.
Consulting an attorney on a case-by-case basis may work for some entrepreneurs, but some small businesses require more legal assistance than others. If your company deals with contracts, hires and manages employees, operates in multiple states, produces new products, or has a high risk of litigation, having an in-house team of experts is recommended. Don’t wait until something goes wrong to see help; start putting together an in-house legal team today.