Many business owners are under the impression that they don’t need general counsel services. They fail to understand the benefits, subscribe to certain misconceptions, or both. This could eventually cost the company a lot of money, stress, and frustration if it does face legal challenges later on.
Here are four of the most common—and harmful—myths and misconceptions about general counsel services, along with reasons why having constant and reliable access to an attorney could prevent any of your routine business problems from becoming nightmares.
Myth No. 1: The company has never faced legal issues, so general counsel is an unnecessary expense.
The fact that a company has never been involved in a legal dispute does not mean that it never will be, so it’s better to have a legal team that you know well and trust if or when a problem arises. Even if your company is one of the lucky ones that is never sued by a disgruntled ex-employee or injured patron, general counsel can ensure that routine legal matters, such as contracts, acquisitions, and mergers, are done properly.
Myth No. 2: The business is too small to merit its own lawyer.
When the business you own is a smaller one, you may decide to cut expenses by handling any legal issues yourself. You draw up your own contracts and business agreements using templates found online, only to find out that they don’t stand up in court when a dispute arises. Having general counsel handle all legal matters provides a caliber of protection that can actually save the company money.
Myth No. 3: General Counsel Services Are Too Expensive
Lawyers are not cheap, but general counsel services are a lot less expensive than extended litigation due to improperly handled contracts or disputes. Working with an attorney helps you mitigate risks and avoid certain legal issues before they begin.
Myth No. 4: It’s Easier to Hire a Lawyer When the Need Arises
When a legal crisis arises, it’s actually more difficult to find the right lawyer to assist you. A general counsel attorney who understands you and your business will provide you with the right advice if a problem occurs and take a preventative approach that reduces the risk of expensive conflicts and litigation.
It may not be feasible for all companies to have an in-house legal team, but general counsel services are a recommended resource for all businesses. Call the Trembly Law Firm at (305) 431-5678 today to schedule a consultation and learn more about how a general counsel attorney can protect your company and give you peace of mind.