The Need for a Corporate Law Firm
For any corporation to succeed, it must seek out an accountant and a corporate law firm as early as possible. Accountants, of course, keep the financial house in order, which helps prevent unnecessary lawsuits because of poor bookkeeping. A corporate law firm, however, is the most valuable asset any corporation can have.
Corporations that wait until it is too late for an attorney’s help are dooming themselves to failure. Here are a few key reasons why corporations must involve a corporate law firm early and often.
Fixing Initial Mistakes Costs More Capital Later
Some corporations might like to take the approach that legal issues can be addressed “down the line”. The issue with this disastrous approach is that these mistakes will often cost more to fix or undo a legal mistake years later, if the mistake can even be fixed at all.
As one example, starting a corporation as an LLC in Arizona by mistake might have serious implications if you meant to make the business a Delaware C corporation all along. Hiring a corporate law firm from the outset prevents a corporation from making mistakes such as these that can cripple or destroy a corporation.
Finding a Lawyer After a Lawsuit is Ruinous for Corporations
Corporations should never be stuck choosing a law firm after being sued. Once a corporation has been sued, it is too late. At this stage, it is simply a question of how long the corporation will be stuck in the revolving door of the legal system and how expensive the court costs, attorney fees and settlement expenses will be.
Corporations that have proven legal representation from the start will be able to prevent lawsuits that would have been foreseeable to a trained corporate attorney. In the end, this can be the difference between a successful corporation and an extinct one.
Compliance risks and sanctions from regulatory bodies are the bane of any corporation. A corporate attorney ensures that any pesky compliance issues are quickly rooted out before these devastating investigations can get off the ground. Given the complexity and confusion of today’s compliance environment thanks to Dodd-Frank, a proven law firm is needed to ensure effective compliance.
At May, Potenza, Baran & Gillespie, we provide our corporate clients with the legal representation needed to prevent foreseeable issues before it is too late. For any corporation issue or inquiry, contact us for a legal consultation.