3 Situations Where Hiring a Lawyer Will Save You Money
Inc.|February 2016

You can avoid hiring an attorney for many business issues. But there are good reasons not to skimp on expertise.

3 Situations Where Hiring a Lawyer Will Save You Money

IN THE INTERNET AGE, with Google doing your legal research and LegalZoom your contracts, you may have the illusion that your legal ducks are all in a row. This illusion seduces even those entrepreneurs trying to avoid disputes. “I always operate by what my grandmother said: ‘An ounce of prevention is worth a pound of cure,’” says Matthew W. Richter, who co-owns Agora Auctions, an online coin-auction site. As a CPA, he carefully vets contracts, patrols his inbox, and deals with any potential conflicts immediately. Even so, he has faced problems. “My partner wanted to save money and used an online legal service,” says Richter. “They completed the form saying we had employees in New Jersey. Which we didn’t have.” It took Richter a year of steady phone calls to the state to undo the glitch.

The problem is that you may not know what you need until it’s too late. “Businesses can get pretty far without a lawyer,” says C. Erik Gustafson, who oversees 300 attorneys at the Virginia law office LeClair Ryan. Others assume their lawyer is watching the road. “‘Why do I have to think about this?’ ‘Why do I have to worry about this?’ I hear that all the time,” says Barry Schwimmer, a partner at the Stamford Innovation Center in Connecticut, which advises startups. Schwimmer says too often companies believe that agreeing to work out problems in arbitration, rather than in court, will take care of everything. But, he adds, arbitration won’t save you from aggravation and cost. Says one entrepreneur who’s been through the process: “You still have to prepare your case. And that’s time away from running my business.”

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM INC.View all
A Bankable Pet Project - How Moonshots Capital helped eTailPet scale up and attract a buyer in just three years.
Inc.

A Bankable Pet Project - How Moonshots Capital helped eTailPet scale up and attract a buyer in just three years.

Berenice Giannini's startup, eTailPet, wasn't a natural fit for Moonshots Capital. The Austin-based venture firm, launched in 2014 by Kelly Perdew and Craig Cummings, both of whom had previously served in the U.S. Army, frequently backs companies founded by military veterans.

time-read
2 mins  |
November 2024
Backers Should Have Your Back - The best capital provider for your business will offer a helping hand, not just deep pockets.
Inc.

Backers Should Have Your Back - The best capital provider for your business will offer a helping hand, not just deep pockets.

Three years ago, U.S. entrepreneurs were enjoying one of the best funding environments in decades. Venture capital and private equity hit all-time highs as banks loaned at historically low interest rates. All you needed to get a term sheet, it seemed, was a smile and a pitch deck.

time-read
5 mins  |
November 2024
Lift Off - Would you pay $50,000 to touch the edge of space?
Inc.

Lift Off - Would you pay $50,000 to touch the edge of space?

Would you pay $50,000 to touch the edge of space? Meet the entrepreneurs providing a rarified clientele with a luxurious, once-in-a-lifetime journey.So you want to go to space. To take in the expansive curvature of the Earth glowing miles above the atmosphere, surrounded by pure darkness. To experience the mind-altering overview effect described by astronauts as a transcendent state of awe, staring back at the planet on which you've inhaled your every living breath.

time-read
10+ mins  |
November 2024
There Will Always be Those Who Doubt You and Your Vision. Here's How to Tune Them Out. - Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy,
Inc.

There Will Always be Those Who Doubt You and Your Vision. Here's How to Tune Them Out. - Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy,

Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy, the midlife wisdom school I co-founded in 2018.

time-read
3 mins  |
November 2024
A Scientific Discovery that Unlocks Your Body's Healing Power
Inc.

A Scientific Discovery that Unlocks Your Body's Healing Power

The founder of Stemregen, a company that creates powerful supplements that stimulate the body's natural repair system, explains how a \"fringe idea\" opened up a new world of stem cell therapy.

time-read
2 mins  |
November 2024
Transformative Growth: Agency Masters the Art of Evolution
Inc.

Transformative Growth: Agency Masters the Art of Evolution

As a destination marketer, Awestruck has mapped out a journey to success by constantly developing its services and its staff.

time-read
3 mins  |
November 2024
For the Love of the Restaurant Experience
Inc.

For the Love of the Restaurant Experience

The founder and CEO of DJB Hospitality shares his passion for the challenging and uniquely rewarding hospitality industry.

time-read
2 mins  |
November 2024
Custom PEO Solutions for Blue-Collar Industries
Inc.

Custom PEO Solutions for Blue-Collar Industries

COMPEO is an HR management solutions provider with a jaw-dropping five-figure growth rate.

time-read
2 mins  |
November 2024
Homebuying Was BrokenMeet the Founders Here to Fix It
Inc.

Homebuying Was BrokenMeet the Founders Here to Fix It

Cecilian Partners is a fast-growing technology firm providing end-to-end solutions for production homebuilders and land developers.

time-read
2 mins  |
November 2024
A Focus on Complete Solutions for Regulatory Environments
Inc.

A Focus on Complete Solutions for Regulatory Environments

The Northcross Group develops sustainable processes for clients with compliance needs.

time-read
2 mins  |
November 2024