However, many small businesses neglect to seek professional support for legal matters, seeing it as an unnecessary expense or one that can be put off to a later date. Business owners often try DIY methods of dealing with legal issues rather than seeking professional legal advice, and by the time they realise professional support is needed it is often too late.
As a result, there are a number of key problems that arise for start-up businesses avoiding legal support. These include:
Addressing potential legal issues early on is preferential to dealing with the ongoing cost of a legal issue or, worse still, the cost of a failing business. It is better to plan ahead and find out what potential issues businesses may face, and how to head them off, before costly issues arise.
By preparing thoroughly for legal meetings, it is also possible to keep costs to a minimum. You might not know all the questions you need to ask, but by making sure you have a clear idea of what you want to get out of the meeting, it will save a great deal of consultation time. For example, you might look at the following aspects of the business:
Solicitors are increasingly aware of the potentially off-putting costs of legal services, and many now offer free initial consultations and payment plans to help fledgling businesses with cash flow. A good solicitor will develop an ongoing relationship with start-up clients, becoming a sounding board for general queries as well as an expert eye when major situations arise.
Contact our commercial team to find out how we can help you start your business.