New businesses come with a long list of legal issues that can potentially plague them and one cannot deal with the avalanche of legalities that come with it alone. It is here that the attorneys come in – they help mitigate the tasks at hand and make sure that all the proper laws and regulations are in place and ensure that you won’t be ending up serving jail time as a result of either your ignorance or your negligence. While attorneys are important to running a business, it is also a fact that they can be quite costly. However, if you have a thorough understanding of how it all works, how your attorney charges you and how best you can mitigate the legal costs, there is a fair chance that you can minimize your legal expenses.
- Be the master of your own forms
The norm is that most attorneys bill in increments of every six minutes – that is one tenth of an hour. So when it comes to filling out long and arduous documents such as “articles of organization” for an LLC , you can save yourself some dollars and fill them out yourself. Don’t be intimidated – they are pretty straightforward. If you are unsure, you can always get these documents checked out by your attorney afterwards for better measure.
- Choose an attorney who has experience in your field
That is to say, when paying an attorney for a legal task such as preparing a document or an agreement, you should only be paying for the time it takes for the actual drafting of the document, not the hours of billable time they spend on doing ‘legal research’ in order to draft your document for you. Avoid this by hiring someone who knows your field and who will not need to do extensive research when asked to do a document relevant to you.
- Ask straightforward questions
Most attorneys love to meander and rant and while they do so, remember that this is billable time you are sitting down and paying for. Asking your attorney yes or no questions will help you out of this dilemma and save you dollars in doing so.
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