If you are a sole entrepreneur, you might wonder, “do small business owners need an attorney on retainer?”
It’s highly recommended to have a business lawyer on retainer, regardless of large or small your operation is. No one ever wants legal issues to arise, but they are a matter of fact in life and in business. Having someone who knows how to navigate the legal system on-call will ease your mind whenever something urgent pops up.
Instead of scrambling around for an attorney last-minute or hiring the first one your find out of desperation, keep a reliable one on retainer.
What is an Attorney on Retainer?
Hiring an attorney on retainer means that you pay for legal fees up-front. They put the funds into a dedicated account and withdraw monthly, based on the services provided. Your attorney should send an itemized bill at the end of every month, so you know exactly what you’re being charged for.
If you don’t use any specialized services that month, you will just get a bill for your attorney’s retainer fee, which is usually a flat rate.
It’s up to you to decide what happened when the retainer account is empty. Do you want your attorney to contact you for more funds? Or would you prefer an automatic withdrawal from your business account? Discuss options with your legal team.
Do I Need an On-Call Lawyer for My Business?
As an experienced legal team in South Florida, we believe that everyone should have an on-call lawyer for their business – even if your business is just you and your computer. The success of your business relies on many different factors, including client negotiations, local and federal laws, contracts, and financial transactions.
Each of the factors mentioned, along with many others, comes with serious repercussions if things go wrong. For example, a client may not uphold their end of a written agreement. Someone accuses you of stealing their work. Local laws suddenly change, and you are no longer in compliance for one reason or another.
An on-call experienced business attorney in South Florida will not only protect you when issues like these arise, but they can help you avoid litigation and recognize liabilities before they cause a problem.
You wear many hats as a business owner. Hiring an attorney on retainer will take a major responsibility off of your shoulders and give you peace of mind.
A.K. Esquire is an experienced law firm in Fort Lauderdale, we are prepared to support business owners in South Florida with the best legal support around. Contact us today for more information about our services.