What Does a Lawyer Do and Why Do You Need a Lawyer?
Most first time entrepreneurs have no idea that they require a lawyer. They often wonder what does a lawyer do. You may not require a lawyer upfront. But you’ve got to remember that a lawyer should be one of the key members in your team. A good lawyer is worth his weight in gold.
The reason I say that, is the legal system in most countries are becoming increasing complex. Besides litigation, there are several other factors that are important.
So, let’s explore some of the reasons why you need a lawyer, and what does a lawyer do?
1. To draft contracts that protect you and your company from litigation
Some of the contracts you may require are employee contracts, vendor contracts, supplier contracts, exclusivity contracts, joint venture contracts, lease agreements and collaboration contracts.
Nowadays, it’s so easy to get a generic format for all these contracts and just edit it and use it. However, I would not recommend that, if you can afford a lawyer I suggest you use him to draft these contracts. I can remember one very clear occasion where one little clause in my lease contract saved my business from potential complexities.
2. In case of litigation
When you are in business there is a possibility of litigation. Therefore, it is very important that you network and build relationships with a good lawyer before you need him. The trick to hire great people is keeping them in mind and develop a relationship with them before you even need them.
You don’t want to be running around trying to find a great lawyer the night before you need to appear in court to sort out your commercial litigation.
3. To help you with compliances
As a business, there are several compliances that are required by law. A good lawyer can prepare a checklist of these compliances and help you with the compliances. It is very important that you take the law and it’s compliances very seriously because it can destroy your business. Many entrepreneurs have learned this the hard way.
I am sure there are many more reasons why you need a lawyer. Please list out your reasons why you need a lawyer in the comments section below.