A Lawyer – Must-have Advisor #3 for a New Business

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.

The Attorney – Your Advisory Team’s “Center”

Protector

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:

• Create and decipher business, insurance, vendor, property, and employee contracts throughout the life of your business.
• Help you make legally sound business decisions.
• Represent you in a court of law if necessary (or a colleague).
• Take debtors to court on your behalf if needed.
• Draw up your living wills and your last will & testament.
• Act in due diligence for you and with you.
• Keep your personal and business dealings confidential.

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.

Association Membership

Similar to CFPs^® and CPAs, attorneys are required to abide by ethical and fiduciary codes of conduct enforced by the American Bar Association.

Fees Charged by Lawyers

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.

Quick Links – A Startups’ Advisory Team Members:
Financial Planner | Certified Public Accountant | Lawyer | Insurance Agent | Banker | Business Coach