The 30.7 million small businesses in the United States account for 99.9% of all business in the U.S. But in March 2019, the Bureau of Labor Statistics noted that 774,725 businesses were less than a year old and that on average 20% of new businesses fail within two years. Nearly half of small business owners consider cash flow management their primary source of stress.

On top of the strains on cash flow, it’s crucial to avoid potential legal pitfalls. In 2018 alone, the lawsuit system cost small businesses $182 billion, a whopping 53% of all commercial litigation costs. A business lawyer can help prevent you from becoming part of this statistic.

What is a business lawyer?

Simply put, a business attorney provides legal services and helps your business operate within the requirements of the law. Legal implications and potential lawsuits can quickly sink a business, so it’s crucial to have a lawyer who can help you keep your business growing. 

How can a lawyer help my business succeed?

At the start of a business, when resources and funds are limited, the prospect of hiring a lawyer may seem daunting and unnecessary. But retaining an attorney early on may actually save costs by avoiding costly litigation upon discovery of a legal blunder. Think of it as insurance—your costs provide a layer of coverage in case of an emergency, with the added bonus of receiving counsel on the best ways to ensure that your business succeeds. 

What kinds of assistance can I receive?

A business lawyer will provide you with the tools for success, walking you through almost every matter relevant to your business, from forming your business and filing incorporation documents to handling contracts and corporate compliance. 

Business lawyers can also aid in employment matters, including reviewing contracts and other documents. On the other hand, discrimination and wrongful termination cases would be more suited for an employment lawyer.

When should I hire a lawyer?

If you haven’t yet hired a business lawyer, now is the time. From the start of your business, a lawyer will help you navigate through common pitfalls and help launch to success by counseling on fundamental matters, such as selecting an entity type and handling an employee termination.

Where can I find a business lawyer?

Law Champs has you covered. We will match you with an affordable, experienced, and trusted lawyer who understands your business’ needs, the legal system, and its consequences to help you succeed. Contact us and let’s plan out your business’ success together.