Most business owners try to operate on a need-to-know basis and enlist the services of a lawyer only when absolutely needed. Sometimes, this can be more of a detriment as many issues can be avoided if the advice of a lawyer is sought out in the incorporation stages of your business.
It’s important to lay the groundwork for business from the get-go. Seek out a lawyer or firm that has:
- Experience – Although it’s not essential to find an expert in your particular field, it makes sense to look for someone who specializes in small-business problems as opposed to, say maritime law. Find someone who understands the different business structures and their tax implications.
- Understanding – Be sure the attorney is willing to learn about your business’s goals. Sure, you’re a start-up today, but does the lawyer understand where you want to be tomorrow and share your vision for the future?
- Ability to communicate – If the lawyer speaks in legalese and doesn’t bother to explain the terms he or she uses, you should look for someone else.
- Availability – Will the attorney be available for conferences at your convenience, not his or hers? How quickly can you expect emergency phone calls to be returned?
- Rapport – Is this someone you can get along with? Good chemistry will ensure a better relationship and more positive results for your business.
- References – Don’t be afraid to ask for references. Ask what types of businesses or cases the attorney has worked with in the past. Get a list of clients or other attorneys you can contact to discuss competence, service and fees.
- Reasonable fees – Attorneys charge anywhere from $50 to $1,000 or more per hour, depending on the location, size and prestige of the firm as well as the lawyer’s reputation and experience. However, beware of comparing one attorney with another on the basis of fees alone. The lowest hourly fees may not indicate the best value in legal work because an inexperienced attorney may take twice as long to complete a project as an experienced one will.
One such firm that meets these criteria is Magali Marin Young & Co. They are a full-service, Belize-based law firm specializing in commercial transactions, real estate and litigation. They are known for the diversity of their practice, their no-nonsense legal services based on deep knowledge of the law, meticulous research, and an eye to meeting the ever-changing commercial and litigation needs of their clients.
Whether you’re looking to make a potential financial investment, enter into a partnership, invest in real estate, or simply opening a business with your spouse, it’s always a wise idea to seek legal advice from the onset to avoid any future litigation or unnecessary taxation. Be sure to have all necessary documents with you when meeting with your lawyer and have a clear idea of what you wish to discuss to avoid wasting time and money.
