A good solicitor knows the economic, legal and financial environment affecting business.
Most people know they need a solicitor to check through the rental lease on their business premises. But using a solicitor to look at all areas of a business may reveal aspects that you did not think about. This solves problems before they arise.
A good solicitor will advise on business structure, contracts and leases. Solicitors can also represent you in disputes with authorities or other businesses.
If you do not have a solicitor already, try asking for a recommendation from friends or business contacts. Alternatively, the Law Society can recommend solicitors with particular industry expertise and those that are located near you.
At your first meeting with a solicitor, you should ask about their:
- experience with similar businesses
- special skills offered
- hourly rates and payment terms.
It is also good to ask for references so you can talk to other business owners who have used their services.
Solicitors are required to divulge information about their fees and the work they do. Do not be shy about asking your solicitor about these issues. A solicitor should submit a proposal to you for approval with estimated costs before any work is undertaken.