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Talking To A Lawyer Before You Buy A Business: Questions To Ask

If you are buying a business, getting the right legal help is important as it will be your key to success. Having an effective IP strategy to structure your intellectual property rights properly from the start will make a huge difference in the value of your business. In this regard, talking to the prospective lawyer on how they will help you in the business is the first step you want to take before buying the business. You will need a good lawyer that will handle all things without too many problems. So, here are some aspects covering a lawyer’s role in buying a business on the North Shore.

What Services Will The Lawyer Help In Setting Up The Business?

Setting up or buying a business can be time consuming. There’s just too much to absorb and learn. In this regard, you will want a lawyer that will offer a cost effective way to assist you in making the right decisions as well as manage the information overload. Will they be able to help you work out the best way to proceed with the business? Will they be willing to help you distinguish the nice form the essential to have legal compliances? Also, are they willing to explain why something is needed and how to implement it? You will need a lawyer that will be willing to do all of this.

Is The Lawyer Going To Be Able To Respond To Your Needs?

You should ask the lawyer’s role in buying a business on the North Shore and how they will respond to your regular needs, such as how quickly calls or emails will be responded to. A well run law firm should be able to put you straight to the lawyer. Calls should be pre-arranged when you two are ready and can focus on the needs at hand. Ideally, an effective firm system should give you the names of the team members who will offer help if you ring the office. This is because most of your queries are likely to be within the capability of properly trained staff. If they cannot answer your question, they should be able to set a date where you can meet the lawyer and soon if the matter is urgent.

How Does The Lawyer Invoice For Their Services?

This obviously leads to the most important question you need to know and that is how they charge for the work they will handle on your behalf. The last thing you want when starting or buying a business is surprises that could pull you back. In this regard, you should go for a lawyer that bills on a fixed fee rather than an hourly basis, unless you are engaging in litigation where the law dictates hourly charging. The prospect lawyer should promise to never send you unexpected bills for emails or quick phone calls.

How Will The Lawyer Proactively Communicate With You On An Ongoing Basis?

The unfortunate thing is that most business lawyers do not proactively communicate with clients on an ongoing basis. This is because of the general thinking that legal work is transaction based and clients will call when anything changes. But this is wrong thinking. You should have a lawyer that has processes and systems in place to be able to communicate with you proactively. At the very least, you should communicate with lawyer at least once per month.

In conclusion, talk to a lawyer that understands the niche of business you are purchasing or starting a business. A specialist lawyer in this field will be able to advice you on how to proceed and avoid costly mistakes that will pull your business down. The good thing is with the above questions, you will be able to find a good lawyer who will help you make the best decisions and who will have your long term interests in mind.

North Shore commercial lawyer                                McVeagh Fleming and Co