The legal team at your business is there to handle any and all legal issues that may arise. They are often tasked with finding loopholes in the law, negotiating deals, and providing counsel on how to proceed with a variety of scenarios. All of these tasks can be time-consuming and expensive, making it important for companies to find ways to save money and time when they can. Here are a few tips for saving money and time with your legal team:
Research your legal issue online
One of the first steps you can take to save money and time is researching your legal issue online. Most companies have a general idea as to what their problem or question entails, but aren’t completely sure on every detail involved.
For instance, if your business wants to change its name from Smith Ice Cream Company LLC to ABC Ice Cream Company Inc., you will need to know if ABC Ice Cream Company Inc. is available or not, which you can do online easily by searching for the name on Google and seeing what comes up in search results.
This type of research can help save money because your legal team won’t have to spend hours sending out cease-and-desist letters that would otherwise not have been necessary.
It can also save time because you will know the basics of your legal issue before meeting with a lawyer, which means they won’t spend unnecessary amounts of time asking for more information or wasting yours while explaining what is required to solve it.
There are a variety of software programs that “automate the mundane,” which will save you money and time when it comes to handling simple legal tasks.
For instance, if you have an e-signature solution in place for contracts (which we recommend), you won’t need to wait around on hold with the Department of State or pay someone to get them notarized before sending out any agreements.
Instead of spending hours getting signatures from everyone involved, all you’ll need is an electronic signature by whoever needs signing and then sent back via email. Also, if you need help with invoice review and fast implementation, legal tracker software can help. This is just one example of how you can save money and time with some automated tasks on your legal team’s plate.
Use a lawyer on retainer
Another great way to save money and time with your legal team is by using a lawyer on retainer. This type of setup will work in one of two ways: either you pay an agreed-upon fee each month, or you cover the costs if they arise when dealing with certain legal issues that may come up throughout the year.
Either way, this option can be beneficial because it allows your company access to lawyers at all times without having to worry about how much each interaction will cost. You’ll also never have to wait for approval before getting help from them, which makes this method perfect if something urgent comes along unexpectedly and needs quick action taken.
Hire a virtual assistant
If you find yourself bogged down by the amount of data and paperwork that is coming across your desk on a daily basis, it may be time to hire a virtual assistant. Legal assistants or paralegals can help with administrative tasks such as reviewing invoices for errors, keeping up with messages from lawyers, filing documents electronically (if available), and organizing all necessary information into an easily accessible database.
This type of service will not only save money due to their low rates but also because they won’t need office space or other overhead expenses each month as most employees would. Not having these extra costs means more money in YOUR pocket at the end of every year!
Lastly, another way to save money and time with your legal team is by staying organized. Make sure everyone has their own file folder where they can keep copies of every document that comes across their desk (and anything else involving the case). This will help you avoid having to pay for additional photocopies or sending out letters asking why certain information wasn’t filed away in its proper place.
The more organized everything is kept now, the less likely it’ll be a problem later on down the road when it’s too late to fix them properly. Staying proactive rather than reactive during any type of business situation always works best!
Using any of these methods will help you save money and time with your legal team. By implementing one or all of them into your business, you’ll be able to create a more efficient system for everyone involved!