Businesses are faced with legal issues involving corporate compliance, real estate and employment law on a regular basis. Common examples of when you need to speak with a business attorney include: buying, selling or managing a company, purchasing or leasing real estate, and hiring or firing employees.
What Does a Business Lawyer Do?
There are two different areas within business law: transactional and litigation.
A business lawyer focusing on transactions gives advice about how to start and manage your business. Acquiring another business and making sure your existing business complies with current regulations can be quite complex.
Business lawyers with a focus on litigation represent you in court if you’re being sued or need to sue someone else. Generally they pick up where transactional lawyers leave off—for example, when a contract or some other legal document is violated or disputed.
Business lawyers can help guide you through complex laws and are able to draft and review your business agreements to keep your business running smoothly. In addition, they can take you through a lawsuit if things aren’t running smoothly.
How Do I Know If I Need a Business Lawyer?
Consulting with a business lawyer is a smart idea when you’re forming a business, managing a business, transferring a business, or having trouble with your business.
A transactional business attorney can help with:
- Drafting and reviewing documents
- Mergers and acquisitions
- Corporate compliance
- Business formation
- Leasing and licensing property
- Managing employees
How Much Will a Business Lawyer Cost Me?
Business lawyers will typically charge by the hour. Depending on the matter, however, your lawyer may be able to provide a flat rate to help keep pricing transparent and predictable. Rates will certainly vary depending on where you live and you should always be sure to have an agreement with your lawyer up front that sets what the costs will be. If you decide to use a Rocket Lawyer On CallTM attorney you get a free consultation and fixed rates on the lawyers services.
What Should I Expect When Working with a Business Lawyer?
The first time you meet with your business lawyer he or she will ask you about the history of your business, your goals for the future of your business in the future, as well as a few questions about yourself. Because small business owners and managers are so closely tied to their businesses it’s extremely important for your lawyer to know a great deal about you too.
Once your lawyer has a full picture of your current situation, he or she will be able to provide you guidance about what your legal risks and opportunities are. You should expect to have an engagement agreement in place that outlines what your costs will be and what matters your lawyer will handle before you start working with your lawyer on additional legal matters. After that, your lawyer will start taking care of your legal matters and provide you regular updates on his or her progress.
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