Before we discuss “how to hire an Attorney,” Let me tell you what an attorney is. The terms “Attorney,” “Lawyer,” “Advocate,” or “Prosecutor” are used simultaneously. 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 various issues that could affect businesses. These issues could be related to intellectual property, taxation, and business transactions of different natures. Sometimes, Business Lawyers are supposed to work longer hours to prepare 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
Now let us see the salary:
How much does a business lawyer make a year?
Business lawyers make between $52K and $120K in the US. Their salaries depend on the employer’s size, location, and financial condition.
One crucial 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 different things except practicing the law.
Several law firms and business lawyers may charge a flat rate as a one-time fee for monotonous issues and problems, such as establishing a limited liability company (LLC) or a corporation. Usually, business lawyers don’t offer a flat fee except when you request it. To avoid complications, the billing cycle time must be fixed in advance, too.
When negotiating a flat rate, it would help to clearly state the lawyer’s out-of-pocket (filing fee, courier, or traveling) expenses.
Business lawyers are usually disinclined to quote flat fees if the matter involves litigation and negotiations with other third parties.
Finding a Business Lawyer
The easiest and most straightforward way to identify a Business Lawyer is to ask your friends or family. However, it’s better to find a Business Lawyer with some prior professional experience in your field of business.
A rational place to start is the country or state’s Bar Association. Such BAR websites always provide information and legal assistance for professionals and consumers.
You can search by state and city. Many results will appear within the location you particularly specify in your search bar, with complete background information on 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 hourly 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 specific 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 routine matters.
- Contingent fee: Business lawyers usually work 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