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3 Ways a Business Attorney Can Save You Money

As a small business owner, you may always be looking for ways to cut costs and operate more efficiently. Did you know a business attorney can help you save money? There are several aspects of the business that a business attorney can review, such as contracts and agreements with clients, employees, and vendors. This is known in some circles as a legal audit.

To ensure that your business is in the best position to thrive in all economic climates, you should conduct a full “health check” that leaves no stone unturned.

How A Legal Audit Can Help

A legal audit is a detailed examination of your business that goes beyond finances alone. An attorney will review your policies, documentation, and other areas to identify weaknesses, potential liabilities, and dangers so that you can address them in a prompt and cost-effective manner, which can save you money in the long run. Below is a list of 3 key areas to address during a legal audit of your company.

  1. Vendor Contracts

Contracts with your vendors are some of the most essential parts of your outsourcing program. As such, it must be customized to suit your needs and protect you, your business, and your customers. A good contract should, at a minimum, contain the following information:

  • Each party’s role in the relationship
  • Mutual rights and responsibilities
  • Confidentiality clauses (when dealing with sensitive information)
  • Service agreements

However, many vendors and small business owners attempt to do it themselves or copy paste someone else’s contract. Many clients seek our help after using a “one size fits all” type of contract and finding out, the hard way, that it did not provide the protection they needed. A customized contract will include the nuances specific to your industry and, perhaps more importantly, your specific business needs. By working hand-in-hand with a business attorney who understands these needs, you can minimize risk and increase peace of mind.

  1. Client Contracts

Your client contracts are meant to ensure that the relationship is balanced and mutually beneficial for both sides, but older or poorly-drafted documents can contain loopholes and other weaknesses that can compromise the company or turn off potential clients.

An experienced business law attorney should take the time to learn your business and discuss your concerns.  Only when this is done should he or she review all documents to ensure that the terms and conditions are mutually beneficial, that the nuances of your business relationships are understood and represented in the contract, and that your interests are adequately protected. As with your vendor agreements, an attorney can save you money by helping you minimize your chances of a dispute with a client, costing you thousands in additional legal fees to clean up any sort of mess that arises out of a poor contract.

  1. Non-Disclosure Agreements

A non-disclosure agreement (NDA) enables you and another party, such as a new employee or client, to receive or exchange confidential information. An attorney can protect your company by confirming that your NDAs contain the following terms and conditions:

  • Proper identification of which information is confidential
  • Why the information is supplied
  • What the recipient of the information is and isn’t allowed to do with it

This saves you money by making sure your intellectual property, trade secrets, and other confidential information will not be shared freely with your competitors, which could cost you revenue.

Contact a Miami Business Attorney

Running a small business establishes an ongoing need for the drafting and execution of multiple types of contracts and other documentation. As your business changes and grows, your contracts should adapt to suit the business’ needs. Unfortunately, too many companies don’t realize the potential danger of an outdated or flawed contract until it’s too late. A legal audit can uncover these hidden dangers and allow you to take action before the situation threatens the future of your business.

At Portuondo Law Firm, we can protect the integrity of your South Florida company by conducting a legal audit as part of an overall risk management strategy. Our brand of preventive law identifies problems so that you can do something about them now instead of waiting until you get fined or indicted. Consider it insurance for your greatest asset – your business. For more information or to schedule a consultation, contact us today.

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Portuondo Law Firm

Portuondo Law Firm provides custom services to South Florida businesses and residents. The Firm provides the personalized experience only a boutique firm can, without sacrificing quality.

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