Starting up a brand new business venture from scratch can sound a little daunting due to the amount of time, energy and stress that it takes to get it started. Even if a business owner has the money and resources ready to launch their business, it is important to consider the various laws and regulations that apply to business owners. To provide legal guidance, business solicitors are particularly useful in making sure you are familiar with relevant regulations and obligations to protect your business from incurring fines, or more serious penalties for omitting applicable laws. This blog post by Business Kitz will take you through what a solicitor is, as well as all the necessary information of what is involved.
What is a solicitor?
By definition, a solicitor is a legal practitioner who can deal with most legal matters. The professional requires the relevant qualifications, of which may vary from one jurisdiction to another, to practice as a solicitor. A business solicitor, also known as a business lawyer, refers more so to lawyers that specialise in business-related legal matters, including contracts, commercial leases, business structure advice, buying and selling a business, and much more. A qualified and well-trained business lawyer would advise you as a business owner on the various documents needed, as well as how employment contracts should be drafted to ensure the business is following legal requirements. However, solicitor fees can quickly add up, thus Business Kitz’s subscription service is a convenient and economical way of obtaining high-quality legal documents, drafted by solicitors, for a fraction of the price.
How does acquiring a business solicitor benefit my business?
Benefits to acquiring a business solicitor include:
- Streamlined contracts
Solicitors are highly experienced and knowledgeable towards drafting contracts, having an abundance of skills and expertise to do so. The Business Kitz’s subscription service is an affordable way of accessing over 150+ solicitor-drafted contracts and documents. Additionally, it also saves time and effort, as drafting agreements are often time consuming. For more complex issues, consultations with solicitors are helpful in negotiating business dilemmas. Our sister company, Legal Kitz, can help in providing extra legal assistance.
- Improved tracking of inventory
Apart from drafting contracts, business solicitors are also trained to deal with other business issues, such as inventory. In the retail industry, this may be a very tedious task, and thus business solicitors themselves can partake in or assist with tracking inventory.
- Contract education
Business solicitors are well-versed in helping business owners understand various legal business documents. This is due to the fact that legal documents are often written in a much more complex language that is often difficult to understand. The business solicitors responsible for drafting Business Kitz are well-versed with these complex terminologies, making them the perfect choice for legal document writing.
- Lease transfers
Further, business solicitors can also help you transfer leases if you plan to do so. They ensure that the transfer process happens appropriately, as well as help you decide if you are required to take the business lease. You should also note that 45% of businesses fail to transfer leases, however, choosing the right business solicitor helps you avoid many company issues.
- Handling claims
Business solicitors also help you handle claims, as they often know what to do when someone files a claim against your business. Business solicitors can assist you in understanding and negotiating claims.
What are the solicitor fees required?
Legal firms charge small businesses for their services on either an hourly basis, or a fixed fee. Based on which firm you choose to associate your business with, the general hourly rate of most firms go by $200-$250 per hour for a junior lawyer, $250-$500 per hour for a senior lawyer, and $500-$1000 per hour for a practice leader or partner.
Business Kitz charges businesses just $14 per month/per user, thus presenting as an extremely affordable alternative for sourcing employment, legal and commercial documents.
If a legal firm chooses to partake in charging fixed fees towards their clients, the cost of the fixed fee highly depends on the type of legal work you give a firm. For instance, incorporating your company as a legal task may cost $600 + GST, whilst drafting a letter of demand may cost $1500 + GST. In addition, if you choose for the legal firm to review for commercial lease, this may be at a higher flat fee of $2500 + GST.
Legal advice
Business Kitz’s subscription service presents an affordable option for acquiring highest-quality legal, commercial and business documents, opposed to employing business solicitors to draft these especially for you. However, business solicitors are still extremely useful in providing expert advice on more complex situations. The team at Legal Kitz, is equipped to provide all the legal assistance you require. Book here now for a FREE 30-minute consultation with our highly experienced and qualified team.