Illinois business owners know the importance of retaining a lawyer for formation and start-up, as well as drafting and reviewing contracts. Not as many realize how critical it is to have access to general counsel on a regular basis. Some stakeholders may only reach out to an attorney after an issue has emerged, at which point they need to develop a relationship very quickly and get that person up to speed regarding the organization.
While it is not practical for all companies to have an in-house legal department, there are numerous benefits for working with an Illinois business lawyer who offers general counsel services. An attorney can be a valuable asset over the course of your organization’s lifespan, providing assistance with the wide range of operational issues that emerge. Four of the most noteworthy benefits include the following:
- You have a head start in the event of litigation. When you establish a partnership with a lawyer, you have someone who already knows your business if litigation looms. You do not lose precious time bringing a new person up to speed, so he or she can get started right away in protecting your company’s interests. Additionally, if you need to take legal action in a lawsuit involving less than $10,000, Illinois law states that on small claims you are required to have an attorney representing your business in court.
- Avoiding litigation. You should also keep in mind that you are in a better position to steer clear of contractual disputes when you retain a lawyer to structure, negotiate, and draft them. Many business owners commit critical errors when attempting to work out agreements on their own. In addition, if a dispute develops, your general counsel can often resolve disagreements without resorting to litigation.
- Assistance with compliance issues. There are countless statutes and regulations that apply to operating a business; violations can carry fines and other harsh penalties. A skilled attorney knows the laws and can ensure you remain in compliance with tax matters, real estate, licensing, and the specific rules for certain industries – some of which you may not even realize existed.
- Trusted references for legal help. While your general counsel can assist with day-to-day issues, there are times when you may need focused attention on specific legal issues. Well-connected business lawyers have expansive networks of resources they rely upon which means you will always have access to an attorney who handles specific legal matters.
Consult with a Naperville Business Law Attorney About General Counsel Services
There are many reasons, in addition to those listed above, why you need a lawyer on your team if you are an Illinois business owner. The overall objective is to gain peace of mind knowing that you have a knowledgeable legal resource to turn to when unexpected issues arise. At The Gierach Law Firm, we offer a general counsel program for companies that need ongoing advice and guidance – at far less than bringing on a full-time attorney. To learn more about our general counsel services, please call 630-756-1160 to set up a consultation with a skilled Naperville business lawyer.
Source:
http://www.illinoiscourts.gov/supremecourt/rules/art_ii/ArtII.htm#282
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