We should get this out of the way: Not having a business litigation attorney will cost you. There are certain situations that nearly every business will have to face at some point, and those can be summed up in two words: financial hardship. It is not just your funds that get siphoned away from running your business, but also your time. The right lawyer can make the process of handling these inevitable business woes far less of a hassle than handling it alone. That being said, here are five major situations where it is much more cost-effective to hire legal help.
Breach of Contract
Not everyone is able to hold up their end of a bargain, and for that, you must take action. A business litigation attorney can help rectify some of the losses that come from such situations. After all, the damages from such a breach are not limited to those of the financial nature: Trust and reputation can also take a major hit. Expectations and obligations must be met in business transactions to maintain the stability of your business – seeking legal advice in times of need helps ensure your business’ stability in the long run.
Be they baseless or simply a misunderstanding, lawsuits are fairly inevitable for a thriving business. Success often breeds opportunism and if you are not prepared, it can definitely put a dent in your bottom line. A business litigation attorney can help shield you from those who seek to take advantage of your success, or at least help mitigate your costs should something unfortunate happen in the hustle and bustle of your industry.
Sound legal consultation from an experienced business litigation attorney is essential to successful arbitration. The process itself can be daunting, but if underprepared, the results can be far more devastating to your business. There is no sitting judge or impaneled jury in these types of hearings – you are at the mercy of a neutral arbitrator or arbitrators. Successful arbitration in these circumstances, however, can ease your mind tremendously and give you the experience needed to take on future endeavors.
Court vs. Settlement
Assessing the facts and determining the next best move is where a business litigation attorney really comes in handy. Financial cost is obviously a major factor, but cost to your brand is of equal importance for the long-term health of your business. Sometimes, a settlement is the best course of action and that is okay – with the proper assessment, at least you will know you did the best thing for your business. Though no case is really a “slam dunk,” When you have a winning case, an experienced professional can position you for a favorable settlement or lead you to a much-earned victory.
An experienced business litigation attorney understands that legal language can be headache-inducing for those who do not work with it regularly. Getting lost in the language of the law is not something a business owner should be spending any of their time on. Retaining a professional for document review saves you time and energy so your focus remains on the things you do know, like maintaining a successful business. Knowing what you are getting into before providing a signature helps mitigate may of the above issues and, ultimately, saves you money in the long run.
Do not let the inevitable legal circumstances drain you and your business. Let a business litigation attorney save you time, money and hassle so you and your business can thrive!