In today's Freedom Friday blog and email newsletter, I want to answer a question that I am NOT often asked, but I wish I were asked more often, and that question is, “How can a business attorney save my small business money?” Most people think that hiring a lawyer can be expensive, and in some instances, and in some markets, they would be correct. However, using an attorney to help prevent problems can save you thousands of dollars in legal bills. Yes, just paying a few hundred dollars to an attorney can save you as a small business owner thousands of dollars in legal bills.
There are several parts of your business that a business attorney can review, like your client contracts or agreements, employee policies, and vendor contracts. In today's Freedom Friday blog and email newsletter, I am going to share three (3) areas in which a business attorney can save your small business money:
1. Vendor Contracts
The first area in which a business attorney can save your small business is vendor contracts. Vendor contracts is a key part of your outsourcing program. As such, they should be customized to suit your needs and protect you, your small business, and your customers. A solid vendor contract should provide, at a minimum, each party's role in the relationship, mutual rights and responsibilities, confidentiality clauses, and service agreements. However, many vendors and small business owners copy someone else's contract and attempt to do it themselves to save them money. Unfortunately, sometimes small business owners will find out the hard way that the copycat contracts did not provide them the protection they need, and thus they will either get sued by the vendor, or the vendor will owe them money and they will need to sue the vendor. Of course, a lawsuit will cost you as a small business owner more legal fees which could have been avoided by a customized contract. A customized contract would provide industry specific nuances and more importantly be tailored to your specific business needs. By working with a business attorney, you can minimize risk, increase your peace of mind, and in the long run, save your small business money.
2. Client Contracts
The second area in which a business attorney can save your small business money is client contracts. Client contracts are meant to ensure your client relationships are balanced and benefit both your small business and your client. However, older, or poorly drafted client contracts can have loopholes or other weaknesses that can either compromise your small business or be a turn off to potential clients. A business law attorney will take the time to learn about your small business and your concerns as a small business owner. Then your business attorney can review your client contracts to make sure the terms and conditions benefit both your small business and your clients, that the nuances of your business relationships are represented in the contract, and that your interests as a small business owner are adequately protected. Your business attorney will then be able to save your small business money in the long run by helping your small business avoid a dispute with one of your clients, which could cost you thousands of dollars in additional legal fees to clean up the mess that arises from a poorly drafted contract.
3. Non-Disclosure Agreements (NDAs)
The third area in which a business attorney can save your small business money is non-disclosure agreements (NDA). A non-disclosure agreement (NDA) allows you and another party, such as a new employee or a client, to exchange or receive confidential information. A business attorney can protect your small business by either drafting a NDA for your small business, and/or by confirming that your NDAs provide proper identification of what information is confidential, why the information is supplied, and most importantly, what the recipient of the confidential information is allowed and not allowed to do with it. A business attorney will save your small business money with NDAs by making sure your intellectual property, trade secrets, and other confidential information will not be freely shared with your competitors, and avoid other problems which could cost your small business money in the long run.
At Liberty Legal Solutions, LLC, we offer contract review, drafting, and negotiation services. Our contract review services start at $100/page; or for $97/month we can review any contracts you send to us, with a 12-month commitment as part of a Contract Review subscription plan. Our contract drafting services start at $75/page. We also offer flat fee contract negotiation services for $600, which is all inclusive.
If you are interested in starting a small business anywhere in Oklahoma, or you are interested in taking your small business to the next level, please contact me at [email protected] to schedule a FREE strategy session.
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/