The business lawyer is an important asset and no company owner should be without proper legal counsel. The attorney will advise the company owner on how to properly run day to day operations in order to remain within legal regulations and ordinances. The attorney will advise the company owner on how to keep out of court, that is how to avoid being sued.
There is a wrong belief that it is only necessary to speak with an attorney if there is legal problem pending. But, in reality, the best way to prevent legal problems from occurring in the first place is to have an attorney on retainer who can give legal advice long before a lawsuit is a reality. The right legal advice can prevent legal action from being taken against a company owner meaning that preventative action is the best way to avoid the courtroom.
There is nothing more time consuming and expensive as a court proceeding so it should be every business owner’s priority to prevent a lawsuit. Some companies hire their own legal staff while other companies outsource their legal needs to a law corporation. The company that has its own legal staff might have a more personal relationship with its attorneys because the attorneys are on the payroll.
It is generally less expensive to hire an outside law firm, because the law firm charges only when the legal services are being provided. But, some business owners like the idea of having their legal team at their disposal without having to contact an outside firm and believe an in house legal team is worth the expense. A law firm that serves the business community will generally work with many different companies. Attorneys that are part of a company’s legal team, of course work only for one company, their employer.
There is an old saying in that says that the party that writes the contract has an advantage in the business agreement. This is why it is critical to have either an attorney on the payroll or an attorney on retainer so that the business owner can immediately offer to have his counselor create the contract. It is the wise business owner who is ready to draw up the legal paperwork.
More business contracts are including provisions to settle out of court in an arbitration hearing if there is a disagreement about the contract terms. This is not necessarily a bad provision but every business owner should have his attorney review the arbitration clause before agreeing to the terms. Some arbitration clauses allow the parties to be represented by counsel while some arbitration clauses prevent the parties from bringing counsel to the hearing.
Arbitration clauses do have some advantages. But, arbitration clauses also have disadvantages. Speak with an attorney before signing a contract with an arbitration clause.
Every company owner should have a business lawyer at his disposal. Attorneys create contracts and keep a company operating within the law. Attorneys help keep their clients out of court.
A team of criminal lawyer Mississauga, personal injury lawyer Mississauga, real estate lawyers, are part of our roster of talented practitioners in the Brampton and Mississauga area. Call us today for a consultation.