Small businesses urged to plan for legal costs

Legal matters can be a scary prospect for small firms, which often don't have the funds to tackle problems head on as they crop up.

However, Taylor Wessing's Simon Walker has urged business owners to try to seek expert legal advice wherever possible in order to avoid higher costs in the long-term.

Writing for the Guardian, Mr Walker noted that many companies look into DIY methods before seeking professional assistance in ongoing legal matters or during an administration process. He noted that it is “more sensible” to seek out legal advice in advance to avoid an expensive problem arising during times of crisis.

Free services, such as the Citizens Advice Bureau, are also useful as a good first port of call for advice about where to turn if you are looking into legal requirements for small businesses. There are also 'drop-in clinics' run by this kind of charity, as well as some law firms, that can help business owners get a handle on things when they are dealing with a sale of a business, purchase or other legal matter.

For those firms actively seeking legal advice at the moment, Mr Walker urges them to plan ahead when it comes to meetings with a lawyer in order to get the most out of a session. Points such as the ownership of the business, information regarding its products, the rights to its product or service and employment matters are all good things to look over in advance.