A company will incur legal fees, but many businesses fail to plan and budget for them in a profitable way. Large corporations understand and budget for the reality that legal expense is a necessary cost of doing business, but small and medium sized businesses often fail to include this truth in their budgeting process. The result of these failings can be disastrous to a business and its bottom line. In an environment where litigation fees can quickly topple into the tens and hundreds of thousands of dollars or more, it is crucial for small and medium size businesses to not only budget for legal fees but to also engage the services of expert business attorneys that are mindful of the financial implications of their services and can help the business mitigate future legal costs.
Legal bills can severely impact the profitability of a company’s business operations and performance. The repercussions of unexpected legal costs may go so far as to affect the compensation and bonuses of ownership and management who had nothing to do with the cause of litigation, leading to internal discontent. Failing to plan for potential litigation and complex disputes when determining a company’s budget can irrevocably damage its profits and long term planning. A business may find itself incurring legal fees for any of the following litigation matters:
- Corporate Governance Disputes
- Tax Disputes
- Business Fraud, Breach of Fiduciary Duty, Negligence, and Business Tort Claims
- Insurance Disputes
- Business Transaction, Asset Purchase, Acquisition, and Merger Disputes
- Business Valuation Disputes
- Contract Disputes and Litigation
- Non-Competition, Trade Secret, and other Employment Disputes
- Claims Against Company Directors, Officers, Managers, Executives
Companies can protect their profits and ensure that legal issues do not detrimentally affect performance with proper planning under the guidance of the right professionals, including experienced business counsel. A successful business attorney understands how to assess risk, advise on, and help mitigate potential company exposure, and help the company budget for legal costs. The Frazer Firm counsels companies and their owners on ways to proactively avoid costly and time consuming potential litigation and budget for legal expenses, and helps successfully resolve business disputes and other legal issues that may nevertheless arise.
Contact The Frazer Firm Today
For more information regarding protecting your business and ensuring its continued performance in the future, contact a trusted attorney at The Frazer Firm today.