5 Ways To Reduce Cost for Your Lawyers
Permanent Employee Counsel â—? Looking out a different professional every time, for instance hiring a lawyer for securing any such assets, can be a very expensive proposition. â—? Engage a lawyer as a full- time employee on your payroll, the only costs incurred will be payment of the salary and other specified company benefits.
Connect with A Law Firm â—? A businessman who do not want to hire an in-house lawyer can always join a law firm for the purpose which can give counsel on all legal matters as and when required by the company. â—? Legal services of law firms on a case by case or hourly basis can be an extremely costly proposition, signing a contract with them for a long duration will be helpful in saving money and guaranteeing access to competent legal advice at the same time.
Offer Alternative Methods to Compensate The Lawyers ● Offer Equity Compensation: You may pay the lawyer the whole fees or a part of it in the form of equity of your company. ● Offer Company Benefits: An Advocate can be persuaded to accept lower fees by offering him/ her the company benefits that are given to all other full-time employees. ● Offer Company Warrants Or Options: an offer of a company warrant or option to buy equity at a future date can also be made to compensate the lawyer’s fees.
Purchase Contracts & Agreements Templates â—? If the business does not require continuous legal guidance and only needs assistance in specific cases at long intervals, then owners can save money by purchasing templates for some regularly used contracts and agreements. â—? Engage an individual or a firm to draft a template for hiring full time or part-time employees and some other agreements like vendor or supply contracts.
Hire Lawyer as Temporary or Independent â—? A good way to save on legal fees while hiring a lawyer in India is to hire an individual as a temporary employee with your company. â—? Hiring or contracting the lawyer for a limited period will be much less as compared to hiring a full-time professional drawing monthly salary or signing up with an agency for a longer duration.
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