The costs of getting it wrong
Getting your legals wrong is a costly business, as many companies have found to their detriment.
Thanks to the web, there is a lot of legal information around but there is also an inherent risk doing your own legal work if you are not a qualified lawyer.
Ever-increasing amounts of legislation increases the risk of non-compliance – and, as a consequence, the liability for your company.
The law is rarely straightforward and even the simplest of transactions can go askew or throw up problems at a later date.
Drawing up your business tenancy lease can seem straightforward, but are you aware of the latest property law and how it will affect it? Legislation changes constantly and there is a risk that you will not be up to date with the latest property law.
Indeed, recent research carried out by YouGov for www.takelegaladvice.com, revealed a serious level of ignorance amongst directors about the legal risks they themselves face.
In particular, many were unaware of their new responsibilities and liabilities under the new Companies Act which opens the way from shareholders to sue company directors for breach of duty.
Constantly changing employment legislation is a nightmare for companies, particularly SMEs who have other priorities than keeping up with legislation.
As a result, they often fall foul of the never-ending legislative changes from maternity and paternity rights to age discrimination.
Those suing employers are at an all time high as employees often know their rights better than their bosses. Simply taking some advice before trouble rears its head or as soon as could save companies millions of pounds.
Extreme caution is necessary if you are in litigation and go down the route of self-representation – for whilst the judge will have some sympathy with you as a litigant-in-person, it is a dangerous gamble if there is a lot at stake.
If your matter is complicated - or the outcome of your case has potentially serious consequences – then finding the best legal advice from the law firm best suited to your company will always provide the best value in the long run.
Prevention is better than cure, but if a problem occurs, finding the best legal advice is always the right option.
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