Any business owner will tell you the importance of consulting with a business attorney, especially if you run into a legal dispute with a client, customer, or former employee that could potentially put your company at financial risk.
What business owners also know is the importance of operating on a budget, and for some entrepreneurs, this might mean you decide to sacrifice hiring a business lawyer due to fear of what legal consultation services may cost.
Here’s what you need to know about hiring a lawyer to help protect your small business.
4 Facts About Business Lawyer Costs
1.) Most lawyers will charge clients a flat rate, rather than an hourly rate, if they feel confident they can support you during a specific amount of time. Some firms may also offer free consultations to learn more about your case, answer questions, and guide you on the correct path to success.
- Keep in mind that for a small business that may require an attorney for professional contract drafting, your flat rate fee may be significantly lower than what a firm may charge for a larger corporation with hundreds of employees, vendors, partnerships, etc.
2.) If you’re already in the middle of an active lawsuit, the fees may be slightly higher, as opposed to hiring a lawyer to assist in preventing or avoiding a potential lawsuit from occurring.
- It’s always in your best interest to work with an attorney from the beginning, to avoid having to pay more in the future if something were to happen and require immediate expertise and counsel.
3.) Lawyer fees may vary depending on the complexity of your case and the level of your business model. If you own a small, graphic design company, for example, with less than five employees, the amount of legal services and price of representation may be less than that of a larger agency that has a portfolio of larger clients and staff.
- Always keep in mind that an experienced law firm will provide you with price ranges ahead of time, so you never need to worry about unexpected costs or getting locked into a fee you can’t afford.
4.) In almost every scenario, business lawyer fees will typically end up paying for themselves. How does that work? Consider it this way: it’s the job of a business lawyer to help you run your company and meet state and federal regulations, so it can continue to operate and drive more revenue.
- By actively protecting your business from potential lawsuits, a business attorney’s expertise can actually save you thousands of dollars. Plus, having an experienced lawyer on call can also ensure you receive legal counsel and advice on the best practices the minute unexpected issues arise.
Get in Touch with KTF Law Firm
If you’re ready to consult with a business attorney and take the first step to protecting your small business, connect with the professional attorneys at KTF Law Firm. Our team of legal experts will assist you with everything from drafting contracts to preparing and representing you in court.
Contact us today for a consultation!