Anticipating problems when establishing a startup might be viewed as a bad omen by some people. Therefore, a few first-time business owners will go through the trouble of finding a qualified commercial lawyer from the onset. Notably, a majority will not bother, not knowing that they are making a big mistake. A commercial lawyer plays a critical role in protecting your business against potential lawsuits and helping you to negotiate commercial deals. However, startup business owners make certain mistakes when hiring a commercial lawyer. Read on for more information in this regard and how to stay clear of such mistakes.
Hiring too Late
The first common mistake that startups make when looking for a commercial lawyer is doing so only after receiving sermon papers, which is usually too late. The reason is that commercial law is a complex field, and sufficient groundwork is required before representation can commence. The best strategy is to hire a commercial lawyer even before you anticipate a problem. It is especially the case since startups are slightly naïve on statutory requirements and subtle business regulations. Therefore, an attorney will guide and advise you regarding the legal ramifications of your business operations and recommend alternative measures for compliance.
Failing to Ask for Flat Fees
Commercial lawyers charge differently for their services. While some attorneys charge legal fees based on the legal task at hand, others do not mind negotiating a flat fee. Therefore, it is crucial for business owners not to shy away from discussing the options available. Flat fees are particularly beneficial for startups that want to save money on legal costs without compromising on the quality of representation. Besides, most new businesses that agree on a flat fee payment arrangement are more likely to retain the same commercial lawyer's services for a long time since planning is made much easier.
Prioritising Size Over Fit
The allure of hiring an established commercial law firm with offices in major towns can be hard to pass. It can be attributed to the vast experience and the fact that established law firms can handle cases in various commercial law fields. However, prioritising size and experience over fit is a mistake that startups should avoid when hiring a commercial lawyer. Rather than choose a law firm where you will be dealing with associate lawyers, startups should hire a small firm where they have direct contact with attorneys.
For additional tips, reach out to a local commercial lawyer.