What Does a Business Lawyer Do?
There are two different areas within business law: transactional and litigation.
A business lawyer focusing on transactions advises on how to start and manage your business. Acquiring another business and making sure your existing business complies with current regulations can be quite complex.
Business lawyers specializing in litigation represent you in court if you're being sued or need to sue someone else. Generally, they pick up where transactional lawyers leave off—for example, when a contract or other legal document is violated or disputed.
Business lawyers can help guide you through complex laws and are able to draft and review your business agreements to keep your business running smoothly. In addition, they can take you through a lawsuit if things aren't running smoothly.
How Do I Know If I Need a Business Lawyer?
Consulting with a business lawyer is a smart idea when you're forming, managing, transferring, or having trouble with your business.
A transactional business attorney can help with:
- Drafting and reviewing documents.
- Taxes.
- Mergers and acquisitions.
- Corporate compliance.
- Business formation.
- Leasing and licensing property.
- Managing employees.
How Much Will a Business Lawyer Cost Me?
Business lawyers typically charge by the hour. However, depending on the matter, your lawyer may be able to provide a flat rate to help keep pricing transparent and predictable. Rates will vary depending on where you live, so you should always be sure to have an upfront agreement that sets the costs. If you decide to use a Rocket Legal Pro, you’ll receive a free consultation and fixed rates on their services.
What Should I Expect When Working with a Business Lawyer?
The first time you meet with your business lawyer, they will ask you about the history of your business, your goals for the future of your business, and a few questions about yourself. Because small business owners and managers are so closely tied to their businesses, it is crucial for your lawyer to know a great deal about you as well.
Once your lawyer has a full picture of your current situation, they will be able to provide guidance on your legal risks and opportunities. You should expect to have an engagement agreement in place that outlines your costs and what matters your lawyer will handle before you start working together on additional legal matters. After that, your lawyer will begin taking care of your legal matters and provide you with regular updates on their progress.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
