The Value of a Business Lawyer for Small Business
Micro and small businesses continue to be the genesis of new markets, the fastest hiring growth, and the greatest majority of innovation and market disruptor changes that lead to new industries. The same business ownership type is also regularly associated with bootstrapping, the idea of doing everything with as little as possible, focusing everything into a product or service launch, and pushing the pedal to the metal until the business “makes it.” No surprise, that philosophy doesn’t leave a lot of room for prevention work, especially with reviews by a business lawyer before a small business gets itself into a significant commitment chasing growth. However, that’s exactly when small businesses need the help of a legal review the most.
The most critical decisions small businesses take on during their start involve either capital investment through private support or loans, or taking on their first big order. Both are typically contractual with significant terms and contingencies. Those who’ve been in the given industry are well aware of what the terms mean and provide, but new players may make assumptions that aren’t necessarily accurate in the application. They may also miss recent changes in law directly affecting their industry and activities. Unfortunately, gaining that first big order is extremely attractive, especially when a small business has to deliver quick returns for investors or pay bills due to poor cash flow. And then they find themselves trapped in terms that might even be impossible to meet over time.
A business attorney can easily provide a qualified review of initial contracts, procurements, partnerships, and similar, highlighting risks and where language should be modified to avoid putting the client in a bad corner that is impossible to do anything in. The prevention factor is a huge advantage, and far less costly than damage control after the fact, if people are made aware of protections available. The same way a small business needs to have an online presence and tech support, it should have legal review support as well before stepping into a major business commitment. Given the potential liability as well as how significant a bankruptcy can be to wiping out the business entirely, not relying on legal help is almost as risky as betting business profits on a card table in Las Vegas!
A business lawyer Bellevue resource regularly helps new businesses, entrepreneurs, new partners, limited liability corporations, and microbusiness inventors. From business formation to first major contracts and long-term commitments, these business experts repeatedly tackle client issues from the perspective of running a company, advising on how to avoid deadly rookie traps and big financial losses, dealing with regulation that tends to be burdensome to new players, and still provide an effective legal evaluation of proposals every day. It’s a tall order given that most lawyers generally just focus on interpreting the law and responding to or filing lawsuits. Rather than just reading people the law and pointing out what to do when things go wrong, business expert attorneys focus heavily on business risk management before things go sideways, as well as legally-savvy growth opportunities. The difference that occurs for the small business client is significant, and oftentimes contributes to far better, stable growth for our clients than otherwise.
