Many Australian business entrepreneurs hire lawyers only when a problem crops up. It’s much wiser to seek the services of commercial lawyers as they can identify potential problems before they occur. It’s natural to be extremely busy with financing, loans, hiring staff, marketing etc as you launch your new business. In our minds, these issues often take precedence over legal problems which don’t seem to be of immediate concern. However, the truth of the matter is that smart business planning involves preventing problems before they occur and this includes working with a business lawyer right from the start.
Even if your business is a small one, many legal problems could crop up in the early years and interfere with successful operation. In general, commercial law is complex and so is the language that is used with it.
A reliable business lawyer can help you understand your options and select the ones that correspond to your business requirement. Dealing with legal issues can be frustrating, exhausting and demoralising. Your lawyer will be on your side from the time of inception of the business and will help you create partnership agreements in case of multiple owners. Lawyers can also help with drafting employer, contractors and other business agreements. While these may seem like extra work during the early days, the contracts become very important as the business becomes valuable. Even if you are an efficient problem solver, it always pays to forestall legal issues before they turn into problems.
Business owners cannot be expected to be familiar with every facet of Australian commercial law.
When it comes to legal issues, a do-it-yourself approach isn’t the best answer because a single misstep can jeopardise your business and ruin your prospects. Besides, the overload of information on the internet only serves to create confusion. Commercial lawyers are trained to help their clients get their rightful share under law and prevent problems from occurring in the first place.
If you decide to hire a lawyer only when a legal disaster brews, he or she must first spend a lot of valuable time catching up with your company’s affairs. They will be obliged to review the history of your business in detail, examine issues and ask questions before they can offer guidance. On the other hand, a lawyer who has been with you since inception will already be familiar with important details.
A lawyer who has been with you can immediately act to assist you without any delays (which can prove to be very expensive in legal matters). In such cases, the lawyer is already familiar with the structure, policies, financials and figures. After all, quick action and response can make a significant difference to legal outcomes.