If you're a business owner, you can't afford to face legal matters without assistance from a business attorney. A good business attorney can save your business if things get legally complicated. According to Statista, there were roughly 1.3 million lawyers in America in 2022, indicating that there is a big need for their services. If you're still unsure about whether to hire a business attorney, keep reading. We'll be looking at eight of the main services these lawyers can offer, so you can understand why you need one.

1. Business Formation

If your business is still just an idea or concept, you definitely need to team up with a business attorney. There are many different ways to structure your new business, from joint ventures to LLCs and partnerships. You should work with an attorney to determine the best option for your business and needs.

2. Contract Drafting

As a business owner, it's inevitable that you will engage in multiple contractual agreements as both a vendor and a consumer. You'll need paperwork and forms when bringing in new clients, when hiring employees, and when making purchases, to name just a few examples. Your lawyer can help you draft these important contracts and ensure everyone involved is protected. While the fine print within these documents aims to safeguard the interests of both parties, this is not always guaranteed. Having a competent corporate lawyer by your side ensures protection against any potential oversights or pitfalls.

3. Litigation

Business owners are under a lot of pressure to comply with laws, rules, and statutes. Your customers and employees will watch your every move to make sure you're not breaking any of these laws or rules. You need a competent attorney with the right knowledge and experience to help you keep everything above board and legal. Neglecting to have a lawyer can result in unnecessary lawsuits.

4. Debt Collection

At some point, every business owner encounters customers or clients who fail to fulfill their financial obligations. While most of these individuals eventually settle their debts given sufficient time, there are cases where legal action becomes necessary to persuade them. Although this situation can be unpleasant, it is crucial to be prepared for such circumstances in order to protect the best interests of your business.

5. Negotiating Contracts

Contracts are a key part of any business, and handling them appropriately is essential. Unfortunately, contracts are often disputed or ignored by irresponsible clients and vendors. In such cases, you'll need the professional help of a knowledgeable business lawyer to help you deal with the situation. You'll need someone with authority to negotiate and advocate on your behalf, especially if a lawsuit is unavoidable.

6. Conflict Resolution

Businesses face many conflicts, unfortunately, and even a business owner who is prepared for anything will need the help of a lawyer. Whether it's related to discrimination, disability leave, workplace safety, or anything in between, a good lawyer will help your business avoid serious trouble and difficulty.

7. Bankruptcy

When starting and maintaining a business, there is always some amount of risk involved. Should a business just not work out, there are always ways to mitigate the situation. It is important to note, however, that business law and bankruptcy law are different facets of law, even if they are related. If you're diligent and do your research, you may be able to find a law firm that specializes in both. That way, you're not educating a completely brand-new firm on your situation. You can trust that your business lawyer and bankruptcy lawyer can work together, that is, if they're not the same person, to begin with.

8. Mergers and Acquisitions

If your business grows and thrives, you may want to buy out a competitor. Or perhaps you decide to sell your business to a bigger company or merge with an existing one. For this important step in your business journey, you need to have a professional business lawyer to help guide you through this process. You need to make sure you work with a reliable attorney, though, so you get the most out of the deals you're making.

These are some of the most important services a business attorney can offer you and your business endeavor. As you can see, you can't really afford to not have a legal professional working with you. If you're looking for sound legal advice, contact Hampilos & Associates, Ltd today with any questions or concerns regarding your business.