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Article 3: Attorney
You may be a fantastic
plumber or a brilliant interior designer, but
don’t tackle legal business matters on your own.
Get a lawyer.
At startup, a business attorney can advise you
about choosing the best legal business structure
to protect you and your business. She can help
you get the right paperwork in order. She can
also help you identify permits and licenses and
that you need to legally operate your business.
As your small business matures, a savvy attorney
can provide advice on operational and management
issues, such as contracts between your business
and customers, suppliers, contractors and
employees. That same attorney can help resolve
disputes that might arise between you and
partners, customers, suppliers and employees.
The attorney you choose to handle general
business matters should specialize in small
businesses and have knowledge of your industry.
For more specific legal needs, it may pay to
hire a specialist rather than a general
practitioner.
Specialists often have a deeper understanding of
and more experience in their area of expertise.
Where a general business attorney may need to
spend hours researching a specific issue, a
specialist will already be up to speed. And that
can save you money in the long run.
You can find attorneys that specialize in
business issues such as:
An experienced collections
attorney, for example, has the technology,
know-how and staff to locate the assets of a
deadbeat client. Estate attorneys can help you
find ways to take wealth out of your business to
plan for retirement. An experienced bankruptcy
attorney can help you identify and protect your
business assets in case the worst should happen.
Whether you’re looking to hire a general
business attorney or a specialist, get
referrals. You can also consult with your
county, regional or state bar association. They
often provide information about attorneys and
their specialties.
Interview potential candidates during an initial
meeting. Find out how your attorney likes to
communicate. If you’re an e-mail fan, but your
lawyer loves phones calls, you might not make a
good match. Also get specifics about the
attorney’s billing and fee structure.
Attorney fees vary, depending upon the size of
the firm, region of the country and the
attorney’s expertise. Some charge by the hour
and will work for you on an as-needed basis.
Collections attorneys often charge a
contingency, or percent of the recovered debt.
Other attorneys work on retainer. In all cases,
fees are usually negotiable.
Regardless of how fees are charged, the billing
method should be clear and specific. Know
exactly how billing is handled before you strike
a deal. If you choose an attorney to work on
retainer, have the attorney draw up a letter
that spells out the terms of the retainer,
including fees, length of retainer, what
projects or work is included and how you’ll be
expected to pay the fees.
At your initial meeting, ask for references,
looking for clients of similar size and
preferably in the same industry as you. Then
make the calls to check those references. If an
attorney hesitates to give you references,
citing confidentiality or other reasons, move
on.
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