Before we discuss “how to hire an Attorney,” Let me tell you what is an attorney? The term “Attorney,” “Lawyer,” “Advocate,” or “Prosecutor” are used simultaneously for the same. I will use the term “Business Lawyer” in this article.
What does a business lawyer do?
A business lawyer is an individual who exercises his or her legal practice and experiences on various issues that could affect businesses. The business issues could be related to intellectual property, taxation, and business transactions of different natures. Sometimes Business Lawyers are supposed to work for longer hours to prepare the cases for business issues.
Where to find a business lawyer?
To find a business lawyer do the following steps:
- First, determine why you need a business lawyer.
- Define a fee arrangement that fits your budget.
- Source business lawyers through your network and legal directories. Make a list.
- Call them and compare lawyers by asking the right questions.
How to become a business lawyer?
To become a business lawyer in the US, you need to do the following steps:
- Complete an Undergraduate Degree Program (It is not obligatory, but it is good to have passed the exam in business administration)
- Take the LSAT half-day exam ( multiple choice questions)
- Graduate from Law School
- Take a Bar Exam
- Gain Work Experience
- Finish Master of Law (LLM) degree programs in Business Law
And now let us see salary:
How much does a business lawyer make a year?
In the US, business lawyers make between $52K to $120K. Business lawyer’s salaries depending on the size, location, and financial condition of the employer.
One important question is:
Can a lawyer have a side business?
Of course, lawyers can have a side hustle like any other person. No law prohibits lawyers from working on other things except practicing the law.
There are several law firms and Business Lawyers who may charge a flat rate as a one-time fee for monotonous issues and problems, for instance, establishing a limited liability company (LLC) or a corporation. Usually, Business Lawyers don’t offer a flat fee except you request it. To avoid complications, the time of the billing cycle must be fixed in advance too.
It would help if you remembered to make it clear the lawyer’s out-of-pocket (filing fee, courier, or traveling) expenses while negotiating a flat rate.
Business lawyers are usually disinclined in quoting flat fees if the matter revolves around litigations and negotiations with other third parties.
Finding a Business Lawyer
The easiest and simple way to identify a Business Lawyer is to ask your friends or family members. However, it’s better to find a Business Lawyer who has some prior professional experience in the field of business you are in.
A rational place, to begin with, is the country or state’s Bar Association. Such BAR’s websites always have a lot of information for professionals and consumers for legal assistance.
You can search by state and cities. Many results will appear within the location you particularly specify in your search bar, with full background information of firms and business lawyers. You can also identify business lawyers with the average fee they charge.
Cost-Saving Strategies
- Hourly Rate; Many of the lawyers charge their fees on an hourly basis and when out-of-pocket expenses (like traveling) are reimbursed by the client (if any).
- Flat (fixed) fee; sometimes, business lawyers volunteer a flat rate or fee for certain monotonous issues – reviewing, closing a loan, or a contract.
- Monthly retainer; as a business owner, If you think many routine queries or questions may require regular assistance from a business lawyer, then one choice is a regular monthly fee that will enable you to have legal advice for all the routine matters.
- Contingent fee; Business Lawyers usually work for long hours on a contingency basis for lawsuits and complex matters.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com