3 Tools Small Businesses Can Use To Shrink Legal Expenses

Do you find yourself complaining endlessly about the absurdly high rates of lawyers? If so, you are not alone. Many small business owners feel the same way, but it seems like there’s no other choice but to hire a lawyer to sort out legal issues, even if it means paying an exorbitant amount for a job that can be completed in under an hour. The good news is that plenty of tools exist which can help bring down your legal expenses.

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Online Marketplace For Hiring Lawyers

Recently, a number of companies have leveraged technology to provide legal services without requiring clients to splurge on high hourly fees. Start-ups can connect with lawyers and receive their professional services at a fixed rate. All it takes is to upload the details of the job and wait for lawyers to bid.

Considering the fact that small businesses shell out £6,259 on legal fees on the first year alone, it’s easy to see how these online marketplaces present a win-win situation for both lawyers and clients. Legal professionals can receive more work, thus padding their bottom line. Clients, on the other hand, get to enjoy customized legal services without worrying about costly hourly rates.

Legal Forms And Document Templates

Some legal matters surrounding your business may not require the assistance of a lawyer. A good example is drafting and managing independent contractor agreements and employment contracts. Hire a lawyer to take care of legal paperwork and you’ll find yourself paying a lot of money for something you can do by yourself.

Net Lawman helps small businesses shrink their legal bill by providing access to a wide range of legal forms and document templates. These templates are designed to be easy to understand and edit. Download the appropriate template and fill in the necessary information. Their team of legal experts will review the document to ensure you get things right. This service eliminates the need for hiring a lawyer for straightforward legal services.

Asset Protection Tools

You may have invested all your time, money, and energy into building your business, but everything can go down the drain if you fail to protect your assets. It’s surprising how little business owners know about the level of protection their assets have. The most common problems include failure to file patents, no agreements with co-founders in case of separation, and no contracts with employees specifying the owner of the work produced.

To ensure that your assets are protected, use online diagnostic tools that inform you of the different areas that can be exploited. Service providers can help formulate the appropriate legal agreements before any problem arises.

Thanks to entrepreneurial thinking, legal services have become more accessible and affordable for small business owners. The emergence of companies using technological advancements to connect lawyers and clients and help entrepreneurs manage legal issues by themselves is a welcome change in an industry long overdue for a new system that benefits all parties involved. Be sure to look into these tools to cut down on legal expenses and create more room for investing in other areas of your business.

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