At what stage during the growth of my business do I need a legal team?

By Nicola Paton– Senior Solicitor, Commercial Department 

In an ideal world, anyone looking to set up a business should look to have legal assistance from the commencement of drafting a business plan, rather than waiting for problems to surface.

When most people think of lawyers they almost always automatically associate them with large bills. In reality, these large bills only surface when a business has found itself in difficulties and has to react to a problem. The best way to keep legal costs low and protect your business in the market place is to be proactive. Having a lawyer assist you at the very early stages, whether that involves: drafting terms of business, drafting company handbooks, partnership agreements, employment contracts, disclaimers or simply revising the content of your website, this legal assistance will always save you time and money in future!

If businesses chose the sensible option of seeking legal advice to assist at the early stages in setting up a business, the business can gain insightful advice and recommendations from its lawyers on how to protect the business in the market place as well as ensure that any legal; compliance, policy and UK Law is adhered to. This will ensure your business will run smoothly from its first operational date.

I would further add that even for businesses that are fully operational, it is unlikely that any business wants to remain stagnant in its business arena therefore I would recommend that when a business is looking to grow and expand, possibly moving into new avenues, this would be a further trigger to seek legal advice and assistance. Any procedures, terms and agreements you have in place may not offer you the full protection you need in your new field. I would advise it is always wise, and cost effective, to have a lawyer discuss the expansion of your business and review your existing processes and contracts in place. This ensures that when you take your business forward you will not face the stress, expense, and excessive time in dealing with legal matters that arise having failed to protect your business from the outset or through expansion.