Running a business can be a great way to earn a living and even build long-term wealth. While there are a lot of opportunities for business owners that have a good idea and are willing to work hard, there are risks as well. One risk that any business owner could run into at some point in the future is when they have a business dispute. While many disputes can be handled simply, there are situations when the two parties will not come into an agreement. In these cases, it often makes sense to ensure that you are properly represented by an attorney that has experience handling these disputes. There are several situations in particular when you should hire an attorney to help manage an ongoing dispute.
When Potential Claims are Significant
For a small business, there are a lot of business disputes that can seem punitive in nature. If the dispute is over a small amount of money or something else that is inconsequential, it is normally more efficient for you to try and handle it on your own without receiving legal support. However, if an issue escalates and the dispute becomes more significant, having appropriate legal support will become more important. If the business dispute is over a larger sum of money or disputes other parts of the business that puts your company in jeopardy, hiring an attorney is extremely important.
When Dispute Cannot Be Negotiated Without Support
Anyone that is involved in a business dispute should always attempt to negotiate a settlement or agreement on their own. However, there is always a chance when the two parties will be too far apart and will not be able to come to an understanding on their own. Once it becomes clear that a dispute is heading in this direction, you will want to hire an attorney. This will give you a chance to update them on the status of your business and the dispute, which will help ensure they are able to determine the best way that you can move forward.
When Other Party is Hiring an Attorney
Having legal representation during any dispute is important. However, it is made even more important when the other party involved hires their own legal representation. If the other party informs you that they have hired an attorney, or if the other attorney contacts you, it is always a good idea to have your own representation on your side. When you do hire a lawyer during dispute, the other attorney will not be permitted to have contact with you unless your attorney is involved. This can help to ensure that you are not taken advantage of during any legal process.
When Documents are Called into Question
Legal documents that are used to either form a business or complete a transaction can be very complicated. For someone that is not familiar with legal documents and is not experienced in reviewing them, coming to a wrong conclusion about what the documents state could occur. If you are involved in a dispute with another party that involves the wording of the documents, it is important to have an attorney involved. Your attorney will help to review the documents and provide clarity of what the intent of the document is and what it actually states. They could also discuss the findings with the other party’s attorney to ensure the clarity and direction of the documents is agreed upon.
When New Documents are Required
Many business disputes will end up with a resolution that is sufficient to be handled through a verbal agreement and handshake. However, there are also a lot of situations when a dispute will lead to the change in terms of an existing agreement or create the need for a new contract entirely. When this occurs, it is important that these agreements are properly documented. If you do have a new agreement that will require you to have a legal agreement in place, you will need to hire an attorney to represent you. Ideally, your attorney should prepare the document to ensure it is created in accordance with your understanding. If the other party ends up creating the agreement, your attorney should still be involved in the review of these documents to ensure the terms match the agreement and that there is not any fine print that could cause issues down the road.
There are clearly many situations when you will need to hire an attorney if you are in a business dispute. When you are looking for legal representation for any business dispute or other legal matter, you should reach ou to the team at the Lusk Law Firm. The legal team at the Lusk Law Firm understands the challenges that businesses of all sizes face on a daily basis. When you hire this firm, you will receive great representation that will ensure your rights are properly represented. This will enhance your chances of a favorable outcome and take much of the stress off your shoulders so you can focus on running your company.
