How the law can help your business (and save you a fortune)
Company directors are feeling the pressure from the growing risks and responsibilities they face.
Recent research from YouGov on behalf of www.takelegaladvice.com, revealed that nearly three in four directors felt that increasing legislation is putting them in a “legally risky position”.
In large companies, one in four company directors cite red tape as the worst aspect of their working lives as do one in three SME directors.
A raft of new employment and anti-discrimination legislation, the growing body of health and safety rules and regulation and data protection rules have all taken their toll on company directors.
Tax matters have also leaped to the top of the administrative headache list for company directors – with 43% saying it is one of their top three concerns.
Horror stories abound – such as that of the www.takelegaladvice.com user who avoided a large tax bill after his law firm spotted an amendment to a tax law which had been missed by the company’s accountancy firm and which, if not spotted, could potentially have cost the directors millions of pounds.
The cost of bad legal practices is widely reported in the newspapers every day – from employment tribunals to industrial injury claims and lost intellectual property cases – just a few potential hazards for unwary companies.
And while many are aware of the pitfalls of employment law, some companies can be downright careless when dealing with areas of law such as intellectual property. Many companies overlook the need to take advice over products, inventions, designs etc until it is too late.
However, some very expensive mistakes have been made in this area. For example one FTSE 100 company invented a product, sent it out to a company to manufacture but did not register the patent. As a result, they lost the rights to their own invention and were unable to regain them, despite a long and expensive court battle using a top intellectual property law firm, some years later. Timely legal advice from an intellectual property lawyer would have averted this situation and saved the company many millions of pounds.
Property leases seem uncomplicated, but with a raft of new legislation on asbestos for example, do you, as a company director, really feel knowledgeable enough on the latest developments in property law?
All of the above can be considerably easier with the assistance of a good business lawyer. The best commercial law firms will be in tune with your business and understand your business needs. More importantly, if you are likely to be a long-term client, they are usually happy to negotiate on price.
Start-up companies may not want to use money paying, in their view, expensive solicitors. And not every law firm will be interested in taking on start-ups – for example if they deal with major corporates only or do not specialise in your matter.
But there are many top notch high street law firms which offer very competitive legal services and may be willing to offer initial free advice. You may need to shop around to find the firm which best fits in with your culture, sector and price.
Never be afraid to question a law firm’s credentials. You can find out information on them from a variety of sources – including their website. Always do your research as it is important to find a law firm with which you can have a good relationship and grow your business with.
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