What is the Cost of a Small Business Attorney?
How Much Does a Small Business Attorney Cost?
Starting a small business can be complex, and it's important to have the right legal advice available when needed. As such, many businesses decide to hire a small business attorney to ensure their interests are protected and all potential legal issues are considered. But how much does it cost to hire a small business attorney?
Factors that Affect the Cost of a Small Business Attorney
The cost of a small business attorney can vary greatly depending on a number of factors, such as the level of legal experience needed, the type of services being provided, and the complexity of the legal matter. For instance, an experienced attorney with expertise in a technical area – such as tech law or Intellectual Property (IP) – will likely charge more than a general practice attorney reviewing a basic contract. In addition, if you need lengthy negotiations or document drafting services, your total costs will increase accordingly.
Fees & Billing Structures
It’s important to know what type of fee structure your attorney uses before you hire them. Many attorneys bill by the hour, which means you will owe them a certain amount of money for each hour they spend on your project. Some attorneys may have a flat fee for simple services, such as Doucet Co., LPA. Ask your lawyer about our hourly rates and the potential for a flat rate quote, or even a flat monthly cost for longer-term projects like litigation. We work out an estimate of how much total you’ll need to pay based on the scope of work that needs to be completed. The lowest cost you should expect to pay on a basic business project is about $1,000. Business litigation will likely start at about $3,500 per month for quality representation at a smaller firm. The largest firms can charge $1 million a year or more (in our opinion highly inflated).
Identifying Right Fit Attorneys
When it comes to hiring a small business attorney, you want to make sure that you find the right fit for your specific needs. Read client reviews and ask friends or family members who have had legal experiences in the past. You should also look into whether they focus on any other areas that could impact your business in the future, such as consumer law, contracts and lawsuits/disputes. If you can't find names, reach out to your local bar association for a referral. Legal aid might also be a source for outside referrals.
A Quality Appraisal on Potential Attorney
Before hiring a small business attorney, it’s important to get an idea of the cost. Most attorneys charge by the hour and their fees range anywhere from $200 - $500 per hour. Additionally, a lawyer may also require a retainer fee up-front, which can cost anywhere from $1,000 - $5,000 or more depending on the complexity of your work. Flat rate services will be quoted as one figure up front so that you can decide whether to hire the attorney. Similarly, flat monthly services will be quoted up front. Rates and amounts vary depending on location and experience level as well. You can reach our law firm for a quote on your legal issue at (888) 200-9824.
The Long-Term Benefits of Investing in an Attorney
The cost of hiring a small business attorney may seem daunting, but the long-term benefits far outweigh the initial expense. An experienced attorney can help you avoid high risks and maximize legal protection for your small business. Furthermore, it’s easier to set up contracts with customers that are legally sound and protect both parties from potential issues down the road. Investing in a lawyer also ensures that when an issue does arise, you have someone knowledgeable to turn to rather than relying on amateur advice, the internet, or outdated information. To learn about how our Ohio lawyers can help, call us at 614-221-9800.