Have you ever heard the old saying, “an ounce of prevention is worth a pound of cure”? That is exactly why every business should have a law firm on retainer. Every day, while conducting affairs, a business is experiencing any number of risks. Despite a company’s best efforts, things will occur outside their control. Even the most skilled attempt at resolution could escalate into a terrible conflict. A legal professional is part of a business strategy for success.
Prevention: By retaining a law firm, a company is taking a pro-active approach rather than a re-active one. This shift in strategy results in a competitive edge. Instead of dealing with legal problems as they arise, a business is preventing them in the first place. You see, once you have been sued it’s already too late. The advice and guidance of a legal professional becomes a tool that empowers a company to make better decisions, develop sound policies and minimize risk.
Money: A company, especially a small one, may at first say, “Whoa, that’s a running expense, to keep a lawyer on retainer. Isn’t that unnecessary?” In the long-term, having legal representation on retainer may actually save a company money. Think about the premise of prevention. How much might a business spend in court costs, legal fees, settlements and other expenses, not to mention the financial hit a company experiences if their reputation is damaged? It is easy to see how that monthly retainer fee becomes an investment in business success and continued profitability.
Regulations: Despite having a new President who is promising to roll back regulations, conducting business remains complicated for many companies. Navigating ordinances and laws with confusing language can quickly get a company in trouble, entangled in violations that have costly penalties attached. These laws are frequently amended and updated, making it even more difficult to stay current and compliant. According to attorney Jake Posey, managing shareholder of The Posey Law Firm, PC, a legal adviser can keep a business in line with the letter of the law and out of hot water with authorities.
For more information on a legal firm that can handle all of your business needs, please contact us.