After all, you chose to begin this business, so chances are you have some experience or interest in its facets, rules, and practices. However, some of those questions will have you puzzled and unsure of where to turn.

When it comes to legal questions, it is best to consult an expert. You don’t want your blood, sweat, and tears poured into a new venture only to find you forgot some crucial legal steps to establishing it. Such oversights could spell the end for your entrepreneurial attempt.  But, you may be thinking “lawyers are so expensive, I am a start up and have limited funds.”

There is a solution.  Hire an attorney on a retainer.

What Is a Retainer?

In this case, we are not talking about that painful plastic dental device of your nightmares, but instead a legal retainer is a way of “reserving” a lawyer’s time. A business (or even an individual) puts up a fee, for an agreed upon amount of time.

In return for this pre-paid fee, a lawyer or firm agrees to be accessible to the client. In today’s business world, it can make sense to have a plan in place. You certainly do not want to be scrambling for legal representation after you discover a problem.

The Downside of a Legal Retainer

While the upside of having a lawyer pre-selected and all arrangements made ahead of any lawsuits or trouble is clear, the downsides may not be as obvious. As a newly formed business, or to be honest, even as a long-standing pillar of a community, it can be difficult to put a large sum of money down, up-front. Funds are not always readily available. And, even if they are, do you want your investment money tied up in a service you “might” someday need? Probably not.

Such high costs can be prohibitive in nature, meaning you may put off deciding on a legal service at all, which is also a dangerous move. Don’t let the fear of use hold you back from making a sensible decision.

Lastly, depending on the firm, some retainers only cover a baseline of service. Be sure to work out with your legal firm the full details on any extra fees or charges you may incur along the way. For example, many special cases such as criminal representation may change the terms of your retainer fee, costing you more out-of-pocket money in addition to that prepaid retainer.

Bovarnick & Associates ‘Legal Access’ Program

Thankfully there are more choices on today’s market. At Bovarnick & Associates, we’ve developed a program entitled “Legal Access.” Not every business or individual can afford a high-quality lawyer. But with Legal Access, you can create the feel of an in-house legal firm without the added costs.

From asking a quick question, to reviewing documents on your behalf, having our firm at your fingertips, without nickel and diming you when it comes time for a bill. Instead, you know ahead of time the cost and can have access to our team whenever you may need.

Benefits of the Legal Access Program

• Flexibility to use legal services as needed
• Fewer legal emergencies and costly crises
• Constant legal preparedness
• Controlled and budgeted legal costs
• Increased legal protection for your business

Additionally, catching small issues or answering what may seem like minor legal questions from the get-go can also prevent the chance that they’ll escalate into bigger problems.

Knowing your costs up-front can help you budget accordingly. We also sell the program at different pricing levels, so you can buy the package that fits your needs best.

For more information on the Bovarnick & Associates Legal Access program, visit our site here or call 215-568-4480.

The post Do I Need a Lawyer ‘On Retainer’ for My Business? appeared first on Bovarnick and Associates.

But there is a second value add and that is what I call the law of the rolodex.  For those of you who are too young, the rolodex is something that, back in the day, everyone had on their desk.   This was your contact list.  My view is that when I made a contact it increased my contacts by not only the new person, but all of their contacts.  This is something that is useful today.  If you are a business and have a need to locate another type of business, it makes sense to cal your lawyer.  Since this is not case related, you should not be getting billed.  And the fact is that business lawyers, by the nature of their practice, know a great many people.

By the way, this works both ways.  Recently I was preparing to meet a potential new client.  I wanted to go in with some potential business for this person.  I called one of my clients to see if they knew of anyone who might want to use the service of the potential new client.  As it turned out, my existing client had the need.  I went into the meeting armed with potential business for this new client.  I ended up with a new client,  the new client ended up with new business and the old client ended up with something they needed.

Robert M. Bovarnick, Esquire

The post The Lawyer As A Portal appeared first on Bovarnick and Associates.

How do you go about formalizing a relationship like this? One of the ways we do this is through a memorandum of understanding, aka an “MOU”. An MOU is sometimes referred to as a letter of intent, or an “LOI.”

Generally speaking, an MOU is not a binding agreement. It is simply a document that describes the basic terms of the agreement between two or more parties. It expresses the mutual understanding of what both or more parties are interested in doing with one another and sets the stage for the legally binding commitment. In rare cases, an MOU can constitute a binding contract. This can be found where the MOU is so detailed and contains all of the elements of a contract that it looks like the parties intended for it to be bindingIf you’re considering entering into an agreement with one or more people, you might want to consider having an MOU prepared as the fist step. Bovarnick & Associates, LLC., focuses on helping individuals and companies in their business dealings.

If this is something that might be of benefit to you, please give us a call at 215.568.4480 or email us at info@rbovarnick.com. One call can get you on your way toward a productive business relationship with your future partners.

Robert M. Bovarnick, Esquire

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