Starting a new business is an exhilarating experience, and you probably are excited to launch your products or services and make a profit. But even if you have one of the best products or services on the market, it is still crucial to protect your business from blindsides that could lead to major losses. And the best way to do this is by hiring a lawyer that will shield you from lawsuits and a host of legal complications that could end up running your business under. You could be thinking that having a solicitor at the early stages of starting your business will be a waste of money, but this is entirely untrue. Here are three persuasive reasons why you need a solicitor on retainer for your new business.

Increases the likelihood of a favourable advantage during a lawsuit

Undeniably, one of the biggest reasons why you need a solicitor is to ensure that you have an upper hand during a lawsuit. However, it is not about having just any lawyer. When you elect to have a solicitor on retainer from the start, you are guaranteed that the solicitor will be perceptive about the ins and outs of your company. Hence, if you are to be surprised by a lawsuit, the solicitor can tackle the case in the shortest time possible since they already know everything about your business. Moreover, if the legal dispute stems from a contractual matter, the solicitor will have been the person that drafted these agreements, so they will know the best way to handle the dispute.

Drafting of airtight contracts

Speaking of contracts, by hiring a solicitor the moment you start your new business, you can be assured that all legal agreements that need to be drafted and signed by employees, contractors, manufacturing partners and so on will be airtight! A blunder that some business owners make is underrating the seriousness of having solid legal agreements with all who they will be working with. If a contract is vague, it means there will be a myriad of loopholes that can be taken advantage of by the other party if a problem crops up. Moreover, if a contract does not cover all your bases and is incomplete, it means you will not be fully protected from an array of issues. Retaining a solicitor will go a long way in preventing the occurrence of these expensive oversights.

Ensuring complete and timely payments

For your business to succeed, it needs money. However, it is not surprising to find that some business owners will be owed a substantial amount of money from vendors, clients and even their own partners over time. While you can try to follow up on these payments on your own, it can be a frustrating endeavour. Your business's solicitor, on the other hand, will have the means to motivate prompt payments from these individuals. Hence, you can be assured of having operational capital for your business at all time.