When you need a business lawyer for your company

The pros and cons of retaining a business lawyer

Even if you don?t need a lawyer at the moment, you may still benefit from keeping one on-call. If your lawyer is already familiar with all of your dealings, he or she will be able to give you advice on legal matters before you do anything that can?t be undone. A great lawyer will be able to spot problems before they arise, and prevention helps things run smoothly. The only catch is that everything comes at a price.

Pros

?Retaining a lawyer can prevent issues that may otherwise become exceedingly costly to resolve.

?A retained lawyer will be thoroughly familiar with your business, and therefore better able to represent you. 

?If a legal issue arises, you?ll be able to respond faster than if you had to find a lawyer to take on your case. 

Cons

?Retainer fees are expensive, and can sometimes be unfeasible for businesses that don?t have much capital to play around with.

?You run the risk of never needing the lawyer you?re retaining. 

?The lawyer you retain may not specialise in the area where you wind up needing representation.

At the end of the day, the answer to the question isn?t always clear cut. When do you need a business lawyer for your company? Whenever you feel like it?s necessary. While there are some situations that absolutely cannot be handled without a lawyer, there are plenty of reasons to locate a lawyer before those situations occur. 

Think about the future of your business, and weigh the costs against what you?ll ultimately be receiving.

Katie Lee is a marketing manager at Harper Finch Lawyers ? one of Brisbane?s criminal law firms, offering legal services pertaining to criminal and traffic offences.

Recently named in GQ?s “100 Most Connected Men 2016”, we met up with Sarosh Zaiwalla, founder and senior partner at Zaiwalla and Co, who not only employed a young Tony Blair, but also worked with the Dalai Lama and saved the Iranian-British entrepreneurial Tchenguiz brothers from jail.

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