A lot of hard work goes into planning and launching a new business. Most pressing needs will be addressed first, such as marketing and operations management. Hiring a solicitor is almost always at the back of the queue of must-haves.
What’s often overlooked is just how much a solicitor can help entrepreneurs. If you’re launching a new venture and you don’t have a solicitor on speed dial, you could be making a big mistake. While there are no legal requirements that say you must have legal representation, it could end up saving you a lot of wasted time and money. Here’s how.
1. Forming the Business
If you’re going to be a sole trader who works from home, your legal needs will be very minimal. However, for larger concerns or for entrepreneurs with a growth plan, a solicitor can come in very handy. From structuring your business to limiting your personal liability, having a solicitor on your side can ensure your business gets started from a solid foundation of legal compliance.
2. Protecting your IP
As a business owner, you have certain intellectual property (IP) that you’re going to want to protect. From your business logo to your software designs, your IP will be a critical part of your business model, so you need to ensure that it’s safe from abuse or use by others. While some IPs have some form of protection naturally granted to them, others will require applications (such as patents). Your solicitor will be able to manage this on your behalf.
3. Commercial and Private Property
If you’re investing in a commercial office for your startup, using last year’s profits to buy a new home or looking for a new manufacturing space to rent, property law is always complex. That’s why you need a professional conveyancing solicitor on hand at all times. These specialists in property ownership transfer can save you a lot of time and headaches, whether you’re looking at private property or commercial.
4. Using NDAs
Your business ideas need to be kept safe, which means protecting them within a legal framework. If your website designer is uploading content that they can sell to your competitors, you could find yourself in real trouble. Non-disclosure agreements (NDAs) can ensure that your ideas and trade secrets remain just that: secret. Your solicitor will be able to help you draft legal contracts for your NDAs, keeping your business safe from those with malicious intent.
5. Employee Contracts
Even if you launch your business alone and wear all of the hats needed to get up and running, success will usually mean that you need to start building a team. Every employee you hire has rights that you can’t ignore, and you have a responsibility to make sure everything is above board. A contract that you wrote yourself is going to have holes in it. A professional solicitor will make sure you and your employees are protected legally.
Find a Solicitor to Help Your Business
These aren’t the only times that an entrepreneur might need legal help. From creating benefits programs or client agreements to writing privacy policies or fighting on your side in cases of defamation, your solicitor is there to help.
Don’t try and grow a business without any input from a law professional. With the law on your side, your chances of making missteps that could affect your ability to trade will be minimised. And that’s only good news for your potential to grow.
