WHY should you speak to a Solicitor?
Let’s be honest here. When it comes down to the identity of the “professional” people most want to meet – solicitors just don’t rank that high! But the reality is, is that a good solicitor is worth their weight in gold. That’s why successful businesses develop close relationships with their accountants and lawyers… they help them stay successful.
Let me give you five smart reasons why you should speak to a Solicitor in 2014.
1. You can have confidence in the commercial contracts you enter into
Whether you have a formal written contract in place or not – all your active business relationships are governed by a contract. The question is… does that contract work FOR you, or AGAINST you? Your solicitor can help you understand the rights and obligations under each contract you enter into so you can have a full understanding of your position.
2. Get paid for the work you do!
When your contract is crystal clear on the terms of payment owed to you by your client, it shows a strong element of professionalism, reduces confusion and hence increases the likelihood that you will be paid without argument.
3. Protect your ideas….
If you’ve spent a long time developing an original idea – you should benefit from that. There are many steps that you can take to protect any “intellectual property” you might create. Getting legal advice early on to identify and protect your IP will likely improve the commercial return on your hard work.
4. Have smoother working relationships
A good business contract clarifies how that business relationship works in practice. Yes – there is a level of minutiae involved – but at the least you are clear on what you are delivering and the client is clear on what he is receiving for his money! Worst case scenario, if a dispute does arise, there is a clear mechanism in your terms and conditions which provides for how disputes will be dealt with; this eases the road to resolution at a time when tempers are running high.
5. Protect your company
I tell all my clients that your terms and conditions should be there to protect your company. If you are a service provider for example, you should include a cap on your financial liability and exclude liability for certain losses that may arise. This way – if something goes wrong, the financial impact on your company is reduced. Do your terms and conditions do this?
Bottom line, I’m sure that speaking to a good Solicitor will give you a warm feeling inside…. Actually… Ok…. Maybe this isn’t the position for every single solicitor you meet (!) but I know that many of my clients feel genuinely relieved that they have addressed the situation that was causing them concern allowing them to sleep better at night!
If you have any business legal issues that you would like to discuss, please contact us at Andall Legal because we would be happy to help you.