As a small business owner, you face more uncertainties and challenges than the average person. You have to ensure things like you have revenue coming in the door and your customers are happy.
You also face legal risks just by having your doors open for business. Customers could sue you if they trip and fall at your place of business. You could fall victim to a cybersecurity attack, or you could have a contractual dispute that goes to court.
About 60% of small businesses have had legal issues, which requires the help of a small business lawyer. Even if you don’t have legal issues right now, you probably will and will need to hire an attorney.
Read on to find out how much it costs to hire a small business lawyer and how to find the right attorney for your business.
How Much Does a Small Business Lawyer Cost?
This is the first concern of many business owners because they think that a small business attorney can be very costly.
There are a few factors that go into the pricing. The first is the location of the attorney. A small business lawyer located in a small town will cost less than one that’s in one of the major cities like New York or Chicago.
The level of experience also weighs into the cost of a small business lawyer. An attorney with more experience will cost less than one with less experience.
The type of service provided will be another cost factor. Some of the different services and fee structures are outlined below.
The Fee Structures of a Small Business Attorney
Business lawyers have different fee structures for different services. There are three types of fee structures that a small business lawyer will use.
Flat Fee
If you’re filing for bankruptcy or starting a business, a small business lawyer can handle the paperwork and filings for you.
In these instances, these attorneys will charge you a flat fee for services.
Hourly
One of the more common scenarios is to be charged an hourly rate for an attorney’s services. With an hourly rate, you hire an attorney for a set amount of hours, like to handle a court case.
For example, if you need to have a contract drawn up or reviewed, you may be charged a flat fee or an hourly rate.
Hourly rates typically fall between $150 - $250 an hour for most attorneys.
Retainer
One other pricing structure is to hire an attorney on retainer. This is usually for larger businesses that have a lot of legal needs.
With a retainer, you pay for a set number of hours each month. The business lawyer will use that time to help you with any legal needs.
Hire a Small Business Attorney
A small business attorney is an essential part of your business. They’re there to protect you and the business you worked so hard to build.
When you hire a small business lawyer, you want to make sure that you hire one that specializes in business law and they have an active license to practice.
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