During the course of running your business, you may be involved in a legal dispute with another business or an individual. The stress of a lawsuit can be overwhelming, and the clogged court system is set up to encourage out-of-court settlements. It may seem easier just to settle the dispute instead of hiring an attorney and going to court. There are four important reasons you should hire a commercial litigation attorney instead of settling.
1. Minor Disputes Can Quickly Escalate
In our increasingly litigious culture, something relatively minor can quickly become a larger issue. Unfortunately, if an individual or another business sees an opportunity to ask for more money, change a contract, etc., a previously agreed upon resolution may not be honored. According to Spinlaw, when you hire an attorney, you are establishing your business as one that takes even small matters seriously and won’t easily back down. Every lawsuit, no matter how frivolous it may seem, needs to be taken seriously. It’s important to have an experienced attorney in your corner that can effectively bring the dispute to a resolution as quickly as possible without letting the matter get out of hand.
2. Your Reputation May Be Damaged
You’ve worked hard to earn your reputation while building your business. Negative or untrue information, especially in the age of social media, can quickly damage a hard-earned reputation. Most lawsuits are filed because of economic reasons, not because someone else believes you’re a bad person. The results, however, can prove to be negative for you as well as for your business. An experienced attorney can help handle the information that is allowed to be made public during a legal dispute. If necessary, they can also advise you regarding any action you should take if false claims are made about you or your business.
3. You Need to Spend Time Focusing on Your Business
Trying to manage or settle a dispute on your own can mean putting forth a lot of time and energy. When weeks or even months are spent negotiating a compromise or a settlement, that crucial time is spent away from running your business. Even if you end up with a favorable settlement, your business may have suffered irreparable damage. A qualified attorney knows that during this difficult situation you should focus on what you do best, which is overseeing the day-to day activities of your business. Simply knowing you have an experienced litigation lawyer handling all your legal issues will lessen the stress and help you stay focused on keeping your business as successful as possible.
4. To Protect Your Business and Finances
A legal dispute that’s not handled correctly could ultimately cause you to lose a large amount of what has taken years to accumulate. Settling an issue without the counsel of an attorney could even cause such a financial burden that you may lose your business. Legal terms and documents are often difficult to understand, even for a seasoned businessperson. An experienced commercial litigation lawyer will put the focus on protecting your business interests. Entrepreneur suggests that businesses should retain the services of a qualified attorney even if they aren’t currently facing any legal problems. When a breach of contract, a regulatory dispute, or any other type of business-related legal problem arises, you will already have legal counsel in your corner.
No matter how small a matter may seem, it’s often in the best interest of a business owner to consult a litigation attorney instead of quickly settling. Taylor Law Group specializes in the areas of real estate law, business law, and commercial litigation. They have experience handling the variety of legal disputes that can occur between businesses and individuals. Contact Taylor Law Group for more information regarding your legal situation.