Good Reasons For Why Your Business Needs A Lawyer
While you may be tempted to view a Maryland business lawyer as being simply an added expense, not hiring an attorney is almost invariably a mistake. Although the final word will always be yours, a Maryland business lawyer will help you understand your obligations and options under the law so that you can make better decisions for your company.
For example, in a litigious society like ours, it’s critical to at least be aware of your exposure to liability, even if it’s something you shouldn’t worry about too much. A Maryland business lawyer can help you review your contracts, create an effective corporate structure, and make sure that you’ve met all of your legal obligations in order to minimize your exposure to liability .
Lawyers can also be invaluable strategic partners. Setting up a new business is just the beginning of your entrepreneurial responsibilities; over time, knowledgeable professionals will help you understand how best to grow your business, strategize for the long term, and respond intelligently to changing circumstances.
Think of your Maryland business lawyer as one of the most important investments you’ll make in your company. They are the person you can always go to for guidance, and you’ll be thankful to have them on call.
Services Provided By Business Attorneys In Maryland
Maryland business lawyers provide a variety of services to businesses. Lawyers go into different fields, and business attorneys can focus on all or some of the following areas:
Business Formation:
Sound advice from an experienced business lawyer can creditably help your new or expanding business develop an effective strategy and navigate the multiple stages of business formation. Legal counsel helps identify the business organization that best meets your needs. You must weigh the costs and liabilities of each business entity type, as well as income tax factors. Types of business entities include sole proprietorships, partnerships, Limited Liability Companies (LLCs) and corporations (C or S) among others. In addition, a sound business attorney provides assistance with development of contracts and agreements for owners, employees and other critical matters.
Negotiation, Drafting and Review of All Types of Business Contracts:
Contracts are at the heart of every business. A business lawyer negotiates and drafts vital contracts for purchasing and selling of products/services, contracts for employment, leases, supplier contracts, and agreements with financiers and investors.
Business Contracts:
Contracts may be written as verbal agreements. Business contracts may be implied, but generally business contracts should be written, particularly long-term and complex agreements. Regardless of the type of business contract needed, a business lawyer can negotiate, draft and review contracts/agreements and advise regarding all aspects of contract law including breach of contract issues.
Dispute Resolution:
The advice and representation of an attorney are invaluable if you face business litigation or a dispute with an employee or partner. An experienced business attorney provides crucial representation regarding contracts and other disputes. Legal representation is critical in a business dispute whether through mediation, arbitration or litigation.
Intellectual Property:
As a business attorney is adept in creating business-forming contracts and agreements, intellectual property (IP) is also an important focus of a lawyer. An attorney provides advice and legal counsel regarding IP protection directions, for new inventions, innovations and ideas.
What To Look For In An Effective Business Attorney
To find the right Maryland business lawyer for your company, it’s helpful to know what makes an effective attorney. When looking for a business lawyer, pay attention to their expertise. Does he or she have experience in the area of law you need help with? Does he or she belong to any relevant organizations or committees that can further enhance their practice? Education and professional memberships are important factors in determining an individual’s expertise, as is a track record of successful cases. Experience is important when finding a business lawyer in Maryland. Ask them if they have previously represented clients with similar cases to yours. It’s important for your attorney to have experience in the specific area of law related to your case—banking and finance, intellectual property, taxation, commercial transactions, trade regulations, corporate governance, or employment issues. In addition, you should consider your lawyer’s previous success rate. Are most of his or her successful cases similar to yours? Communication is a vital quality of an effective business lawyer. Your case, large or small, is important to you. You need to be able to get in touch with your attorney whenever you need. When you ask questions, how quickly do you get a response? Does the lawyer seem approachable and friendly, or do they rush off the phone without answering your concerns? Communication is key to a successful relationship with a business lawyer. You should also look for a lawyer who is client focused. You want someone who is willing to do what it takes to meet your needs and exceed your expectations. They should be understanding of your specific situation and tailor their services to fit your needs. An effective attorney will spend the time to discuss your goals and objectives and will help you to achieve them through a customized strategy.
How To Select The Right Attorney To Represent Your Business
Choosing a lawyer for your business starts with assessing your company’s needs. What areas of law will you need assistance with? Is your chief concern complying with government regulations, or do you need litigation services to handle lawsuits against your company? Carefully consider your needs and priorities before you begin researching attorneys. Next, it’s time to find potential candidates: Ask for referrals – Ask other business owners in Maryland for their recommendations of lawyers who can meet your legal needs. You may even ask them for their opinion of the pros and cons of working with a larger firm versus a sole practitioner. Conduct research – Even when you have limited your search to a few names , be sure to test that you are on the right track by conducting further research on the candidates. Take a look at their websites, read reviews on various consumer websites, and search on the Attorney Lookup page of the Maryland State Bar Association website. Make sure that the lawyer you choose for your company has a clean disciplinary record and handles the types of cases you are seeking assistance with. Put differently, don’t hire a divorce attorney to handle your business dispute. Interview candidates – Now it is time to interview the candidates on your shortlist of prospective attorneys. Keep in mind that hiring an attorney is similar in many ways to hiring an employee. You are looking for an attorney or firm that will fit in with your company culture, understand your needs, and get the job done efficiently and affordably.
Understanding How Legal Fees Work & How They Might Be Different For Your Business
When it comes to hiring any type of professional, there is an inherent level of concern about the cost of that professional’s services. This concern is even more pronounced when a business owner sits down with a Maryland business lawyer. Fortunately, understanding the legal costs and fee structures that exist can make concerns about cost much easier to manage.
Most Maryland business lawyers bill by the hour. Being a business attorney, however, is not the same as being a litigator or insurance defense attorney. This means that there is far less time drawing up contracts (there are a lot of templates and most can be edited within reason) than there is spent preparing detailed billing affidavits for trial. A business attorney is typically a business counselor who happens to be a lawyer, not the other way around.
This does not mean that business attorneys do not charge a fair price. When a lawyer sits down for a long consultation to draft, revise, and negotiate a contract, he is performing legal work and deserves to get paid for that time. However, since such work is not time-sensitive, he does not have to charge more for that work just because drafting fees are high in Bethesda. Being a business attorney means having the ability to discuss issues surrounding a contract, and a fee for discussing those issues makes sense because those issues can save a client thousands of dollars every year. Because a business attorney is a counsel, not a hired gun, the fees he charges may be half of what someone shopping around in Montgomery County expects.
Since business owners are typically busy, it is often difficult to account for the amount of time they need to spend communicating with their attorneys. The solution is that most business lawyers now offer fixed rate fees for certain services rendered or for retaining once per month, etc., whether that be in an "A La Carte Menu," or as part of a monthly retainer for various legal services. Having the insight of insightful, low-cost legal advice during the company’s typical operational hours is extremely valuable and usually saves a business thousands of dollars per year.
Benefits Of Having A Local Attorney Focused On Your Business In Maryland
Hiring a lawyer localized in Maryland provides critical advantages. For starters, a Maryland business lawyer has in-depth knowledge and understanding of Maryland law and how it may apply to your company. Maryland law on issues like employee rights, formation and operation of business entities, zoning and use of real property, and many other business-related matters can be very different from the law of other states. A Maryland lawyer can help you understand your specific circumstances under Maryland law and its practical implications. The lawyers at Offit Kurman, with experience litigating in Maryland state and federal courts and handling matters before DEA, HHS and FDA, are well versed in both substantive and practical application of Maryland law, and can guide you on how it may impact your business .
Moreover, a Maryland-based business lawyer is familiar with how Maryland courts interpret the law and how local subject matters and issues are litigated relative to other jurisdictions. For instance, in such matters as intellectual property, employment law, real estate and landlord-tenant relationships, there may be pitfall traps that exist in Maryland, seeking to affect the outcome of the case, which a lawyer not used to practicing locally would have no familiarity and, as a result, would be less inclined to be able maximize your interests in the dispute.