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Should I hire an attorney now? But I don’t really have any legal things pending for my business. And yes, if you make money through affiliate marketing on Amazon or through sponsorship and other brand deals – you have a business. Even if you don’t think you need an attorney right now there are benefits of having a lawyer at the ready.
Thomas Frank, partner at Frank Law Firm, joined me on Episode 670 of “The Business Storytelling Show” to discuss the topic. Let’s dive in and look at the benefits of having a lawyer.
1. Proactive problem-solving
Having a lawyer allows you to address potential issues before they become full-blown problems. Avoided problems can quickly become a crisis. Prevent larger issues by contacting an attorney early.
Thomas shares a powerful example to illustrate this point. He mentions a client who called about a foreclosure sale date on their home just a day before the sale. The client had a $200,000 mortgage, but the house was worth $600,000. There was significant equity at stake. However, due to the last-minute call, options were severely limited.
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2. Timely intervention
Thomas emphasizes the importance of not waiting until the last minute to contact an attorney. He explains that corrective action often can’t be taken when clients wait too long. Thomas and the team will try, but less time does mean less time to find and go after the right option.
Also, Thomas mentions that there are statutes of limitations in debt collection or breach of contract cases. If you wait too long to address these issues, you might lose your right to take legal action altogether.
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3. Handling financial issues
One benefit of having a lawyer is they can assist the businesses dealing with financial issues. For example, the Frank Law Firm offers services in these areas:
- Bankruptcy
- Restructuring (both in and out of bankruptcy)
- Foreclosure
- Commercial litigation
- General business disputes between companies or individuals
These services can be crucial if your business faces financial challenges. Having a lawyer who understands these complex financial issues can be invaluable.
4. Free initial consultations
Thomas mentions that many attorneys offer free consultations. These can be brief phone calls or longer meetings, often lasting 30 to 60 minutes. You can use these consultations to determine whether you need an attorney now or not.
He stresses that it’s easy to find attorneys in different fields. You can use these free consultations to understand your legal situation better, even if you decide not to retain the attorney.
5. Cost-effective legal services
Thomas’s firm offers a fixed fee service regardless of the volume of legal work. This model allows businesses to reach out for legal advice without hesitation.
This approach can be more cost-effective in the long run. It encourages businesses to address potential issues early, potentially avoiding more expensive legal problems down the line.
It’s also more cost-effective when your attorney knows your business dealings so when you need help, they don’t have to start from zero
6. Ongoing support
Thomas mentions that his firm doesn’t bill clients for phone calls or emails. This approach encourages businesses to reach out whenever they have questions or concerns. It fosters a relationship where the lawyer becomes familiar with the business over time.
He likens long-term clients to family, emphasizing the deep understanding they develop of the client’s business. This familiarity allows for more efficient and effective legal services.
7. Assistance with contracts
Thomas mentions the importance of including choice of law and venue provisions in contracts. A lawyer can help you include these important provisions.
For example, if your contract specifies that any disputes must be resolved in your local county, you avoid the potential hassle and expense of litigating in a distant location. Early in my creator career, I didn’t think of this; suing somebody for not paying my fee in another state can be a pain.
8. Handling disputes
A lawyer can help with disputes about unpaid bills or other issues.
He notes that these disputes can range from small amounts like $500 to much larger sums. A lawyer can help you assess whether it’s worth pursuing legal action and guide you through the process if you decide to do so.
9. Navigating complex legal situations
Thomas’s firm handles a variety of complex legal situations. For example, in bankruptcy cases, they need to quickly assess a client’s financial situation. This involves reviewing tax returns, pay stubs, bank statements, and real estate and personal property information.
Having a lawyer who can efficiently navigate these complex areas of law can be crucial in time-sensitive situations.
10. 24/7 Emergency services
Thomas mentions that his firm provides 24/7 emergency services when necessary. This can be crucial in time-sensitive legal matters, such as impending foreclosures or urgent business disputes.
Conclusion
Thomas emphasizes to contact an attorney and it’s better to do this sooner rather than later. It can be worth consulting a lawyer even for smaller disputes.. They can help you determine if it’s worth pursuing legally. By establishing a relationship with a lawyer early, you’re better prepared to handle potential challenges in the business. And certainly there are benefits of having a lawyer – even before you think you definitely need one.