Having a lawyer on retainer is a common practice for many small businesses. Although large corporations may have their own attorney, smaller businesses instead make the decision to just keep a law firm on retainer, an arrangement that allows these businesses to just get legal advice when they need it.
From partnership disputes to issues with corporate and securities law, there are many reasons that businesses find that they need legal advice.
On a personal level, there are also many times when an individual may find the need for a lawyer. To create wills and trusts and personal estate planning, for instance, an individual or a family will need the assistance of a lawyer. Another time that many individuals find that an attorney is very helpful is when they are in need of a real estate attorney when they are preparing to buy or sell a home.
Attorneys Offer Advice and Assistance in Corporate and Securities Law Issues
It is not always easy to resolve disputes when it comes to financial situations and other business matters. Whether a business keeps an attorney on retainer or has an in house legal team, consider the variety of times when they might be needed:
- With a market share of 10%, the U.S. is the second largest construction market in the world, and many all of these building contracts require the help of legal team.
- 7,842 small businesses were sold in the year 2016, according to the BizBuySell.com Insight Report, and these sales require a legal representative to draw up and complete contracts.
- There were 603,310 real estate lawyers in the U.S. in the year 2014, according to the Bureau of Labor Statistics.
- There are nearly 28 million small businesses in the U.S., all of which need the help of a legal representative at one time or another.
In all cases, it is advised that legal situations involve your own attorney. Whether it is a personal attorney for a real estate transaction or to complete the necessary paperwork for will and trusts, or it is a legal team to be of assistance to a small business, getting the advice that you need sooner rather than later is always in your best interest. The latest estimates indicate that 55% to 70% of Americans do not have an estate plan or even a simple will, so even individuals are in need of the services provided by a lawyer.