Reasons Why Legal Advice Benefits Small And Large Businesses
As most business already know, pursing legal matters can be very costly for any business. A survey undertaken by YouGov, 2018 states that 70% of participants thought legal documentation was not easy to comprehend , while only 8% mentioned that legal fees are good value for money.(Lawbite.co.uk).
Research shows that there’s a reluctance for businesses to invest in legal advice because of the thought of competitive pricing when in fact it’s actually beneficial to seek legal advice. Legal advice offers businesses flexibility in terms of how to properly go forward with legal proceedings and their chances of success. It’s also a very cost- effective way to receive counsel over legal matters for a business without spending alot on fees and taking risks . Receiving legal advice gives businesses a piece of mind that will allow them to assess risks, strategy and jurisdictions.
Often times it’s very difficult for a business to know what strategy to go with without consulting with a legal firm. In most cases some businesses have legal staff to handle case matters . However most businesses end up spending thousands of pounds only to find that their case was un-defendable . Going to court may seem like an ideal solution if a client has failed to pay a bill or broken the terms of the contract. However, taking a case to court can be costly and time-consuming. In addition to paying court fees, it’s likely that you’ll need to pay expensive bills for legal representation. In some cases, the cost of going to court may be higher than the money you’re hoping to recover and it could take up to 2 years to get to trial in some cases.
Legal Advice eliminates any risks from taking chances which could save you more money in the long run. A litigation team has the knowledge and experience to assess if further evidence is needed to further improve your chances of a successful case. Getting good advice at the outset of a dispute is vital. You might discover that a case is stronger than you first thought; or equally, that it is weaker than you think. Don’t go to war without first counting the cost!
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It’s important for a business to highlight where their strengths and any weaknesses lie which is important when receiving legal advice. Legal advice is a foundation of having discussions on tactics and the figuring out best way to try and recover the money as quickly as possible in the most cost effective way. In addition, litigation teams also help further explain the legal/litigation process to give them an idea as to how a case is dealt with. This saves your business thousands by getting expert advice that will ensure you wont dispute a case you dont have a chance of winning.
In some instances, the threat of legal action is enough for clients to pay their invoices and settle any outstanding debts. If there’s dispute over the total of an invoice, rather than simply an issue of a late payment, you may want to explore the possibility of using alternative forms of dispute resolution.
Often, mediation or conciliation between the two parties can enable the issue to be resolved quickly, efficiently and without any bad feeling. If you have a longstanding business relationship with the client, this could be the ideal way to move on from the issue without damaging any future transactions. So turns out legal advice does alot after all