Businesses will go encounter many speed bumps and roadblocks along the path to success. When your business encounters one of these obstacles, it may be tempting to tackle the issue on your own or simply throw your hands up in resignation. Wise business owners know a better way to handle these challenges—by retaining a business attorney.
Having an attorney on retainer is different from hiring one for a specific purpose. Retaining an attorney means that you pay them a fee on a regular basis. In exchange, they are prepared to help you whenever you need legal assistance. So, is retaining a business attorney worth it?
When to retain a business attorney
There are several situations in which having an attorney on retainer can be useful. We have addressed two of the major ones: Dealing with ongoing legal issues and mitigating your business’s legal costs.
- Help with ongoing problems
In our complex, highly litigious society, legal tussles are an ever-present threat. If your business is likely to need ongoing legal work, then retaining a lawyer can be worth its weight in gold. Having a lawyer on retainer means that whenever a legal problem pops up, you will be able to consult your attorney to provide much-needed advice or take legal action on your behalf.
- Reducing legal costs
Retaining a business attorney tends to be less expensive than hiring one full-time. If you are concerned about potential legal battles but your company does not yet have a lot of cash, retaining a lawyer could be the right choice for you. It gives you the option of working with a lawyer without running up unmanageable fees.