How to keep your business' legal fees down
Getting legal advice is an additional cost to your business but
it is vitally important to your future success. Paying for legal
services is notoriously expensive so this guide will help you keep
those legal fees down.
- Organise your legal needs
- How to control costs
- At court
Organise your legal needs
It is possible to find legal advice for free so always consider
this if you think it's could work. You can use a legal firm on an
ongoing basis or just when events arise. If a solicitor's familiar
with you and your business they can usually handle legal issues as
they arise, and perhaps eliminate the chance of legal costs
becoming too much. Whereas if it's just a one-off job they may be
less inclined to offer a discount. Be aware that law firms
generally charge by the hour. If that doesn't suit you, look for
package prices or fixed prices.
- Using a law firm on an ongoing basis builds familiarity and
trust
- A one-off job may be more expensive
- Law firms charge by the hour - look for alternatives if this
doesn't suit you
How to control costs
Before meeting your solicitor draw up a list of questions so you
don't waste time and money. The better briefed your solicitor is,
the easier it is for them to estimate what possible hurdles and
costs you face. Comply with any requests from your solicitor as
soon as you can. Always ask for an estimate of the cost and for the
solicitor to explain their fees and billing procedures. Remember
you can negotiate with your law firm on fees.
- Be organised and brief well
- Comply with requests quickly and ascertain costs
At court
You can go to court for litigation or to defend yourself against
a claim, and the cost can place a huge financial strain on your
business. If that happens, send a letter of instruction before you
visit your solicitor and summarise the court case, the facts and
the evidence. Always ask how likely you are to win a court case and
if going to court justifies the expense - it can cost thousands of
pounds. Look at taking out legal expenses insurance to cover legal
costs.
- Always ask your solicitor if it is worth going to court as it
can cost thousands of pounds
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