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Selecting a Business Transactions Lawyer in Chicago

Most small business owners and budding entrepreneurs never hesitate to call on the valuable services of an accountant when they first begin their foray into the business world. They will also likely select a reliable insurance agent to make sure they have the necessary insurance policies in place. However, hiring an attorney is not viewed in the same light, and this is often an unfortunate oversight.

If you own a small business, or are preparing to go into business for yourself, an experienced business transaction attorney in Chicago is a resource you cannot afford to do without. As a small business owner, most likely, you will not need to work with a lawyer on a regular basis – however, you should always have a reliable attorney readily available. The best way to accomplish this is to begin to create an attorney / client relationship at the same time you start your business.

Never Wait Until You Need an Attorney

Working with a knowledgeable attorney prior to being involved in any type of lawsuit, whether you are the defendant or the plaintiff, will likely save you money in the long run. The monetary costs of litigation can be exorbitant, not to mention the fact that lawsuits are time consuming and emotionally draining.

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If you are able to confer with your attorney early on, they may be able to help you avoid situations that increase your business’s liability exposure. In other words, do not wait until you are being served with a lawsuit to reach out to a dedicated business litigation attorney in Chicago, Illinois.

What a Qualified Business Attorney Can Do For You

Throughout the life of a business, there are a wide range of issues that arise, where an attorney can provide advice and legal expertise. Examples include the legal implications of hiring independent contractors versus employees, determining the best type of legal entity for your business (e.g. LLC vs partnership), drafting, negotiating, and finalizing contracts, terminating employees or contracts, and business acquisitions.

Contacting your business attorney prior to taking any specific action in the name of your business will help you avoid any unexpected ramifications. If you are uncertain about something, it is generally better to reach out to your attorney sooner rather than later.

The perfect example is when you are dealing with contracts. While contracts are prevalent in all types of businesses, the majority of business owners rarely bother to have an attorney examine their contracts before they are signed. A lawyer can help pinpoint typical problem clauses related to assignment, dispute resolution, and termination.

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Specifically, your attorney can add terms and conditions to a contract that will not allow it to be assigned to a third party without your permission. He or she can add language requiring the contracted parties to mediate disputes before heading to court. These protective measures can save you both unnecessary expense and aggravation.

Business owners are often too hasty when it comes to taking action under an executed contract without consulting an attorney. Some contracts don’t allow the business to withhold payments or terminate the agreement without giving the other party an opportunity to remedy the breach of contract.

Similarly, it is important to discuss the termination of employees and independent contractors to ensure you are not exposing your business to unnecessary risk. Additionally, your attorney can draft independent contractor agreements that remain favorable to the business.

Building the Relationship With a Chicago Business Litigation Lawyer

While you may think about hiring a lawyer only when you absolutely need one, the better approach is to consider every interaction with your attorney as a relationship builder. The more you work together, the more familiar your attorney will become with your business, how it operates, your short and long term goals, and how he or she can add value to your business. Over time, the relationship will yield more effective and efficient advice from your attorney.

On that note, never be afraid to ask for advice, because like any other business advisor, your attorney should value your business and be willing to help protect it. Eventually, your attorney / client relationship will be one of your most valuable business assets.

As with any other functional relationship, your relationship with your attorney should be reciprocal. He or she should value the long-term nature of the relationship, and should not bill you for work you can do yourself. However, it is equally important for you to check with your attorney about things you think you can handle yourself, just to make sure there isn’t something you have not considered.

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In conclusion, it is important to think about an attorney as a necessary advisor to protect your business’s short and long term interests – a consistently valuable resource throughout the life of your business. It’s better to consider your attorney part of the cost of doing business, rather than an expense incurred when you need to fix a problem.

Our legal team at Zimmerman Law Offices, we understand how much you put into your business. That is why we take the time to get to know as much as possible in order to provide you with the best possible legal advice and services. If you have questions about what a dedicated business attorney can do for you, we invite you to contact us today.


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