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Why Business Owners Should Have a Lawyer on Retainer

What Does it Mean to Have a Lawyer on Retainer?

A “Retainer” is commonly a fee paid to a lawyer; in return, a lawyer would give you legal advice or services when requested. To have a lawyer on retainer means that you, as the client, would pay a lawyer a fee regularly, and in return, the lawyer you have retained would perform legal services outlined in the retainer agreement.

Who are Retainers Most Useful for?

Retainers are most useful for businesses that need reoccurring legal services. With a lawyer on retainer that attorney would know you or your business so when you need legal counsel, they are knowledgeable. Matters that a lawyer could handle for a business could include but are not limited to, ensuring legal compliance, representing the business in a legal dispute, and drafting and reviewing documents/contracts.

What Business Should Have a Lawyer on Retainer?

Any business could benefit from having a lawyer on retainer. Legal questions from time to time will arise, and the importance of an attorney that knows your business is an advantage for its growth.

What are the Benefits of Having a Lawyer on Retainer for Your Business?

The benefits of having a lawyer on retainer include legal compliance, business knowledge, networking advantages, lawsuit protection, trusted legal guidance, and much more. Many legal issues could arise for any business, whether small or large, including contract problems, employment disputes, and many others, when you seek legal advice as a last resort for any matter that may arise. A once minor legal issue can become a large and elaborate matter that could be difficult to resolve. Many businesses find themselves in easily avoidable situations that could have been preventable if they had legal advice readily available. Being proactive versus reactive may reduce business costs and promote efficiency.

What is a Representation Agreement?

A “Representation Agreement” is a legal document that should set forth the obligations of the relationship between the client and attorney. When hiring a lawyer on retainer, a written representation agreement is essential. This type of agreement ensures the framework of the representation.

Are you Ready to Protect your Business?

Quality legal counsel is essential to growing and protecting your business. Counsel can assist in reducing the risk to the business and avoid the uncertainty of legal disputes and litigations. This allows the business and its owners to spend their time growing their business.