06 May When Should You Hire a Business Lawyer? | Bruner Law Firm
Hiring a business lawyer is an important decision for you and your business, they can provide the insight
that you need when entering into a contract. The following are examples of circumstances in which you
should definitely consider hiring a business lawyer.
- When signing a business contract of any agreement that you expect to have an impact on your future livelihood.
- Whenever you are purchasing or selling a business, equipment, contractual rights or real estate.
- If your business has been sued, is facing a claim from a customer, employee or others, or needs to make a claim or collect monies owed.
Now that you have an idea of when you need to hire a business lawyer, let’s examine each of these in more detail.
Signing Business Contracts and Agreements
When signing a business contract or any agreement that you expect to have an impact on your future or livelihood, it is recommended that you hire a business lawyer to review the contract. Some examples would be an employment agreement, independent contract agreement, asset purchase agreement, or stock purchase agreement. You can hire a lawyer to draft the contract, review a contract that has been presented to you, or negotiate the terms, which involves a little of both of the above.
The main goal of a contract review is to confirm that the contract is consistent with what the parties’ discussed and that you are getting what you expected. A business lawyer is a great resource to answer questions, explain provisions, identify questions that you need to ask the other party, as well as identify other materials that you should request or review prior to signing.
For example, an employment agreement may say that you are agreeing to comply with the Company’s Handbook or a subcontract agreement, it may incorporate the terms of the master contract, or general contract agreement. Consequently, you would want to request a copy of these items so that you know all of the terms and
conditions that you are agreeing to.
Purchasing or Selling a Business, Equipment, Contractual Rights or Real Estate
Hiring a business lawyer is recommended whenever you are purchasing or selling a business, equipment, contractual rights or real estate. The business lawyer will draft or review the contract, negotiate the key terms of the contract, and identify other documents that may be needed as part of the transaction.
Both the Seller and the Buyer may want or need guidance from a business lawyer to make sure that the agreement protects the interests and goals of each party.
Lawsuits, Customer Claims, and Financial Collection Claims
If your business has been sued, is facing a claim from a customer, employee or others, or needs to make a claim or collect monies owed, then it is important to act quickly to consult with a lawyer about the time limitations for taking action, how best to proceed, what evidence needs to be preserved, and whether to submit a claim to your insurance carrier.
In many instances, your business lawyer can assist you with whatever you are facing. A conference with a trusted business lawyer should often be your first step, then you can work together to determine the next steps to be taken or for a referral to another professional.
These are just a few examples of how hiring and building a relationship with a business lawyer can be beneficial to you and your business.