Is It Worth Having a Solicitor on Retainer?
- 13 Mar 2020
Obviously, one of the primary reasons why you would have a solicitor on retainer is for their expertise. In business, you often need to have a legal expert look through contracts for you or offer some advice. Just as you would never trust your accounts to someone who cannot give them the attention they deserve, so should you never take legal advice from someone who is not fully qualified.
You might also be able to take advantage of several areas of law within one firm. For example, if you are based in the West Country then you may be with the firm of the best solicitors Cheltenham has to offer. Though you might primarily deal with one solicitor for your contracts, you might also occasionally use the conveyancing solicitors or some other expert. Most law firms will cover all areas so there will always be an expert you can speak to.
Some firms are part of big national chains with extensive reputations. Others might just be part of an independent firm. Both could suit you well, and both will offer you the chance to draw on their networks if you need them.
With a large firm with multiple offices, they will be able to liaise with their other offices easily. For example, if you are based in Cheltenham but are thinking about pursuing a business opportunity in Newcastle, a lawyer in your local office might be able to put you in touch with someone up the Tyneside regional office who can help you out.
This is not limited to within the same firm, however. If you are with an independent firm in Cheltenham, ask for their recommendations. Chances are, they will have a contact they can recommend to help you out with this venture in Newcastle.
One of the main reasons why you might want to consider having a solicitor on retainer is the cost. While these fees might not be the most affordable you pay in your business, they are also not the same as paying a wage for an in-house solicitor.
If you have a small business, you might have no need for an in-house solicitor and you certainly might not be able to pay the salary for one. Having someone on retainer means that you can always take advantage of the legal expertise they offer without having to pay the full costs of a wage.
As a business owner, you always need to make sure that you have access to fair and accurate legal advice. Whether you are based in Cheltenham or somewhere else in the UK, look into taking a solicitor on retainer. Their expertise might prove to be invaluable in running your business.