Legal Services
Attorneys help you strategize and formalize key relationships with vendors, product sources, financiers and employees. They can also help you form your company, draft contracts and non-disclosure agreements with vendors or other parties, and comply with a sea of regulations ranging from zoning and securities to environmental and Sarbanes-Oxley. If you are an inventor, a patent attorney is particularly important for you, as they can help you conduct patent searches and file your patent paperwork.
You need to select an attorney who is an expert in the area of law with which you need help. The best way to find an attorney is to ask your friends, accountant, banker, business associates or vendors for recommendations. You can also check with your state or local bar association, or search a directory like the ones at Lawyers.com, but these sources may not have direct experience with the listed attorneys. Therefore, it is important to interview prospective attorneys carefully yourself.
Attorneys generally charge an hourly rate for research, writing and negotiation. In addition, they typically bill for things like filing fees, telephone calls, copies, and work done by other professionals within the firm. Fees depend on the experience of the attorney, the size and geographic location of the law firm, the matter being worked on and the client’s financial situation. Some cases may be worked out on a project fee basis.
Questions to ask a prospective attorney:
- Have you handled matters like mine, and can you give me examples?
- What is your track record of working with companies of my size, stage and industry?
- What will the timeline be for completion of this work?
- How will you keep me informed of your progress?
- What assurances can you give me that I will be a priority client?
- What is a ballpark figure for the total bill, including fees and expenses?
- Will you be working on my file, or will an associate work on the file to cut costs? (i.e. can junior attorneys or paralegals in your office handle some of the administrative work at a lower rate?)
- Do you have sample legal forms and agreements that I can use for my business?
- Would you be willing to work out a more creative fee structure based upon the success of my business, or perhaps accept fee for service?
Insurance
Health insurance is a particularly hot topic these days, and it probably comes as no surprise to hear that costs are increasing exponentially each year. Health insurance costs are, in fact, one of the number one concerns of most small business owners. An economical source to consider for health insurance is your local chamber of commerce. Oftentimes, chambers group their members’ companies together to obtain deep discounts on health insurance, discounts you might not otherwise have access to on your own.
You can also obtain insurance through an agent. Insurance agents make their money through commissions on the products they sell, so there should not be any upfront cost to you. You should seek out several agents, obtain quotes and go with your gut. Insurance agents can counsel you as to what kinds of insurance you will need and the type of coverage available to you, such as health insurance, property insurance, general liability insurance, workers compensation and malpractice insurance.
Questions to ask a prospective insurance agent:
- Are you a licensed agent?
- How many companies do you currently represent?
- Are you independent or do you work for an insurance brokerage/agency?
- How long has your agency been in business and how long have you been with the agency?
- If you are independent, how many insurance carriers do you work with?
- What kind of insurance do you sell?
- Have you worked with businesses like mine before?
- What types of value-added services do you provide - employee benefits, retirement planning, wealth management, human resources outsourcing?
- Do you offer 24/7 service?
- How do you perceive your role in handling claims?
- How often will you review my policies to see if better prices or coverage are available?