The best method to avoid legal issues that can afflict businesses and drain their resources is to prepare for them in advance. The running of a company regardless of size requires business expertise and planning. Business owners who are smart regularly check their marketing plans, inventory, and customers in order to be able to adjust to market trends. Important business documents should be reviewed as part of the review process.
Do I need to review my legal documents for business with my lawyer?
Many business owners believe themselves that their contracts, non-competes or other forms of legal documentation are in order. The old adage “if it’s not broken, don’t fix it” . . . is not applicable for legal documentation. Only the skilled eyes of a seasoned business lawyer can tell if documents are operating in the way they were designed to. Therefore, scheduling a review with your lawyer of the legal documents you utilize for business is a great method to avoid future issues.
Another group of documents you should examine together with the corporate lawyer include the documents that your business may receive from attorneys other than your own, like demand notices or letters for the preservation of documents and data. The notice of litigation hold or demand letter is a document that must be thoroughly reviewed by the counsel in order to decide if the demand requires the company to respond and take appropriate action. In the event of not taking action, my posts on what documents a company must keep and what eDiscovery can do are useful in understanding the issue.
What should I discuss with my lawyer?
One important legal issue that you should discuss with your company’s attorney is the risk of liability. Insurance covers a variety of areas of liability, however self-insuring can be financially advantageous. Talking about the risks of your premises through a walk-through session with your legal professional can allow the lawyer to propose ideas for such things as installing cameras in certain areas. This small expense could help your company save thousands of dollars in defense later in a non-existent slip and fall case.
In the same way, including your business attorney in the planning of transactions can ensure that your documents address all important points. For instance, a customer of mine has developed a unique weight loss program that is designed for large corporations. The majority of customers of my client would like to know how they have achieved this level of achievement. If my client divulged this information, there’s an increased chance that a larger company would attempt to replicate the procedure. The client I worked with recommended and created an elaborate program that would allow them to disclose their information without risking a massive breach of their confidential trade secrets.