As a newbie to business ownership, a major concern that will inform a majority of your business-related decisions is maintaining cash flow. With that in mind, you may opt to forgo several services if they do not seem pertinent to your current operations. One such service you could be thinking of doing without is having a commercial lawyer on retainer.
While hiring this professional may seem to be a waste of money when your business is not facing any legal battle, you should know that litigation could crop up at any given time. This piece highlights two of the most common reasons why you may need to have a commercial lawyer on retainer for your business.
Legal disputes with employees
Employment laws in Australia are in place to protect both you as an employer and your employees. The staff can sue the company if they feel that they are being discriminated against, treated unfairly and so on. If you do not have a commercial lawyer on retainer, you could end up paying exorbitant fees to a brand-new attorney since they are not familiar with the inner workings of your business.
Choosing to hire this professional from the start gives them further understanding of how you run your business, making them best placed to defend you in the event of litigation. In addition to this, having a commercial lawyer from the beginning also ensures you are protected from unscrupulous employees. The attorney will help with addressing any issues that arise immediately through litigation. For example, if an employee opts to sell company secrets to a rival business.
Drafting and enforcing contracts
Contracts are critical to any business since they are legally binding documents that work to ensure that each party that has signed the contract upholds their stipulated obligations. Granted, you could hire a commercial lawyer down the road if there is a breach of contract from someone, but this lawyer would have to first familiarise themselves with the contracts in place.
This could take a long time, which prolongs litigation, and you would end up paying a hefty amount of money for the contract to be enforced. When you have a commercial lawyer on retainer from the beginning, they will draft all the contracts that your business requires. Resultantly, any breach can be addressed immediately, and you are likely to be reimbursed for any subsequent losses in the short term.
In conclusion, having a commercial lawyer on retainer is a fiscally responsible choice for your business since they will also handle matters regarding patents, trademarks, the structuring of your business and more. Learn more about commercial law today.
Share18 March 2020
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