This week's article comes from guest blogger Wendy Dessler, Outreach Manager for the Mandell Law Firm, a New York City law firm devoted to family law. So often, small business is a family affair; an attorney for business transactions, for example, may not be the most suitable attorney for the resolutions of disputes between family members.
Today’s economy is certainly on the move. And technology keeps the market plowing forward full speed ahead. Starting a business is easier than ever, and entering a new market – any market – has a low barrier to entry.
If you are an unprepared aspiring entrepreneur, this fast-paced business world will leave you in the dust. No longer does slow and steady win the race. The market dictates the pace, and just about every market on the planet is currently moving at light speed.
Many potential roadblocks could still cause you to tumble along the path to success. And business owners need to be prepared. Having a well-placed legal team at your service can help you overcome one roadblock at a time, and provide the expertise and advice needed to help your business grow and expand in this tough environment.
Putting together a legal strategy isn’t always easy to accomplish. But we are happy to help and we’ve got your back. Use these effective tips to craft a legal strategy for your startup or small business.
Guidelines for an Effective Legal Strategy
Set aside more money for legal spending then you anticipate – most startups and small businesses have a tendency to underestimate the amount of money that they’ll need to cover their legal expenses. Obviously, this is a huge mistake because it could end up putting your business in an awkward position. In our experience, putting aside extra money for legal expenses is wise because you’ll never know when you need it. Things have a tendency to pop up when least expected. You might find yourself in need of additional capital to pay for licensing fees, bonds, filing fees, attorney fees, and more. By having this capital already set aside, you’ll never have to worry about finding it in the future when you need it the most.
Always double down on your legal budget – it’s always prudent to assume that you’ll need twice as much money to cover your legal expenses. It can take time and effort to get your ducks in a row legally speaking, but it’s definitely worth it to plan ahead. When you first enter into your market as a startup or small business, it’s always best to know your expenses ahead of time. Find out about licenses, operating costs, permits, etc. and plan ahead so that these expenses do not blindside you at a later date.
It’s often necessary to have more than one attorney – specialization is important in the business world. And it’s just as important in the legal field as well. Depending on your business, you might need a patent attorney, an attorney to handle litigation, a trademark attorney, and a lawyer that covers general practices. Make sure that you have the perfect attorney lined up to handle each task. Otherwise you’ll find yourself scrambling to find the right lawyer at the last minute. Take care of this now before it becomes a stressful problem that you have to handle under duress when it matters the most.
Making the best legal decisions for your startup or small business is an absolute must in today’s rapid paced business world. By using our advice, you put yourself in position to tackle potential legal scenarios that could come your way.