Small Business Solicitors
Solicitors provide a range of legal services to businesses. You may already have a solicitor whom you use for personal affairs, but bear in mind that the same solicitor may not be appropriate for your business. If they are not experienced in offering business advice they should be able to provide a recommendation for another solicitor that can help you.
There are a number of areas where a solicitor can help your business. For example:
- Deciding on the correct form for your business i.e. sole trader, partnership or limited company.
- Checking the terms of the lease for any premises that you are considering taking on.
- Advice and guidance on any contractual terms of trade that you are drawing up for your own business or that you are being asked to sign.
- Help with the collection of any bad debts - a solicitor's letter often prompts payment!
How Much Will a Solicitor Cost?
This will vary depending on the size and location of the practice that you are using. The senior partner of a leading city law firm will cost more than a solicitor in a small town practice. Ideally, as a new business you should choose a smaller firm of solicitors who will value your business and provide a greater standard of personal service. In terms of the actual fees that you are charged, most solicitors' invoices will have two clear sections:
- Details of the work carried out on your behalf with a breakdown of the appropriate hours and amounts involved.
- Any costs that the solicitor has incurred on your behalf, for example Companies House registration fees, that are to be passed on to you for payment.
The Law Society requires solicitors to give you information on the likely cost of their work. If you do not receive this you should either ask them for an estimate or alternatively agree a fixed fee at the outset. It is possible that if the matter involves a substantial amount of work you may be asked for a deposit or 'retainer'. Depending upon the circumstances, you will have to decide whether this is reasonable or not.
If there is any part of your solicitor's invoice that you do not understand, seek clarification before you make payment.
