Next vital member of the Professional Advisory Team in our Starting a Business series is a lawyer. Eventually, you will need legal advice or protection. So, in this article, we will be discussing attorneys and how they help support and advise you in your new business.
Next, you need a burly team member who can block shots and get rebounds. Now whenever I say “attorney,” I’m not talking about a courtroom lawyer or an ambulance chaser. I’m talking about a business attorney who can help you understand the law in regard to your business dealings. You need a professional who can:
This razor-sharp individual is going to protect you and your business interests to keep you out of legal trouble. Yet, he can also help you and protect you if run into legal issues with family members, employees, customers, vendors, or the like.
Similar to CFPs® and CPAs, attorneys are required to abide by ethical and fiduciary codes of conduct enforced by the American Bar Association.
Depending on their location, their expertise, and a number of other factors, attorneys are typically going to bill you between $200 – $500 an hour. Some attorneys charge per document created or job performed, but usually, business owners can decide to pay per hour or per job.