By Adriana J. Noton

The business owner who wants to maintain a successful operation should have a business lawyer on retainer. The attorney keeps the business in line with the laws and pertinent regulations that govern business transactions. An attorney will be able to provide legal advice in order to keep the business operating within the laws that govern business operations.

There is a false belief that a business owner need only hire an attorney only if there is a lawsuit pending. The truth is that having an attorney on retainer before a lawsuit occurs is the best way to avoid a lawsuit from occurring in the first place. The attorney will be able to provide legal advice to help the business owner make the decisions that will help prevent a lawsuit from being filed against the company.

There is nothing more time consuming and expensive as a court proceeding so it should be every business owner’s priority to prevent a lawsuit. Some companies hire their own legal staff while other companies outsource their legal needs to a law corporation. The company that has its own legal staff might have a more personal relationship with its attorneys because the attorneys are on the payroll.

It is generally less expensive to hire an outside law firm, because the law firm charges only when the legal services are being provided. But, some business owners like the idea of having their legal team at their disposal without having to contact an outside firm and believe an in house legal team is worth the expense. A law firm that serves the business community will generally work with many different companies. Attorneys that are part of a company’s legal team, of course work only for one company, their employer.

The main responsibility of a business attorney is to draw up business agreements or contracts. There is an adage in business that says that the party that is allowed to draw up the contract will have the opportunity to have the contract terms drawn up in his favor. This is not to say that the party who draws up the contract is unfair, but it does say that it is important to have an attorney ready and able to draw up the contract as soon as the parties agree to the terms.

There is a movement to create business contracts with arbitration clauses because many business owners believe that arbitration is a less expensive option than a traditional legal proceeding. The arbitration hearing is less formal than a legal proceeding. Some arbitration agreements allow the parties to be represented by attorneys.

Some arbitration agreements do not allow the parties to be represented by legal counsel. Before signing a contract with an arbitration clause, consult with a business attorney. There are advantages to agreeing to a contract with an arbitration clause but both parties give up certain rights that would be available in a traditional court proceeding.

Every business owner needs a business lawyer on retainer. Attorneys draw up contracts and keep the business operating within legal regulations. Attorneys help keep business owners out of costly lawsuits.

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