When you own and operate a business, you are sure to incur plenty of business costs. Perhaps the most annoying costs are those that don't really provide your customers an obvious benefit like legal costs. Fortunately, there are many tips for a business to save on legal costs.
While companies like Apple and Samsung can throw hundreds of millions of dollars to resolve their legal issues and disputes, the reality is that you probably can't.
However, that doesn't mean you don't have options. Here's a look at three ways that you can get solid legal service without breaking the bank:
Use forms and templates. Thanks to the Internet, you don't need to go to law school to handle many legal matters. For example, many simple business forms and contract templates are available online and can be a good starting point for your own forms and contracts. You can also purchase an easy-to-customize forms package from legal services companies like LegalStreet (you can check out their offerings here).
Choose the right attorney. Depending upon your issue, you may not need a top-tier partner at the largest law firm giving you legal advice. Those guys charge a lot, and for certain arcane issues, the pay is justified. However, if you just have a simple incorporation issue or an immigration matter, most small business attorneys may be able to assist you. Just make sure you are clear on the fees before work begins.
Sign up for a personal legal plan. Legal fees can be exorbitant, especially for small business owners. As a result, a prepaid personal legal plan through a service like LegalStreet may be right for you. For an average cost of less than $13 a month, you get unlimited phone consults with local lawyers, along with attorney contract reviews (up to 10 pages), and attorney-drafted letters (up to 2 pages). And when you need to hire an attorney to represent you in court, LegalStreet members get a discounted rate.
Of course another way business owners can save on legal costs is to do some free online research about the legal issues they're currently facing. FindLaw's section on Small Business Law is a great place to start.
Disclosure: LegalStreet and FindLaw.com are owned by the same company.