Last Updated on 26th March 2021
The caricature image of a lawyer is someone who costs a lot of money, no matter how much work they are doing. However, it is so often the case that the opposite is true. A trusted and well-respected lawyer acting on your behalf can often be beneficial to your financial situation. Lawyers can win you compensation, ensure you are properly recompensed for your work, and can protect your financial assets like your property or business. Here are just a few examples that demonstrate why hiring a lawyer won’t drain your bank balance and in fact, could give it a boost.
Around 40-50% of marriages in the USA end in divorce. Divorces can be straightforward, devilishly tricky, or anything in between. Separations can often be emotional and stressful. A lawyer can help you navigate the process and ensure that any split of financial assets is fair and complete. A lawyer will help you look at the situation objectively and weigh up how much you and your ex-partner are entitled to. If you do not seek the services of a legal firm and your partner does, then you may end up with an agreement that is unfairly balanced in their favor. Similarly, if you agree to terms without any paperwork then the agreement may come under scrutiny or be challenged in the future.
The expert attorneys at Leinart Law Firm can advise you on tax debt. If you run into financial difficulties with the IRS, then legal representation can help explain the options available to you such as tax debt relief. In this instance, the lawyers will work to help you protect your wages and your property from being seized to pay for outstanding taxes. Expert lawyers can assess your situation and advise on the legal route best suited to your financial situation.
Wills and Inheritance
If you have any valuable assets or savings then a will is a good way to ensure your loved ones get a share of this when you are gone. Similarly, a lawyer may also help you claim an inheritance that you believe you have a right to. Bereavements are difficult for any family. Sound, legally-binding paperwork will ensure that there isn’t any extra stress or tension placed on relationships at this difficult time. A lawyer will help you write a will that lays out clearly how your estate should be divided and they will ensure that no assets are forgotten about. Inheritance may be subject to taxes. A legal firm can also make sure that you keep the maximum value of inheritance that the law allows.
Property Purchases And Sales
For many of us, our home will be the most expensive thing we buy within our lifetime. While it may not be a requirement to engage a lawyer when buying or selling property, it is best practice. A lawyer will look at the paperwork involved in the transaction and ensure it is legally binding and protects your rights. Whether you are selling or buying a property, you do not want any part of the transaction disputed by the other party, especially if this will incur costs. Lawyers can help you by laying the costs out clearly for each party and what responsibilities you have as a purchaser or seller. Without the representation of a lawyer, you might not be protected if a sale falls through which could cost you a lot of money and a lot of headaches too.
If you or a family member have been involved in an accident that was not your fault then you could be due compensation. If the accident has impacted your long-term health and ability to work then a lawyer may be able to recoup lost earnings that are due to you. A lawyer will help you ascertain the value of your claim and will be able to argue your case if the claim is disputed by the responsible party or an insurance company.
In the USA, wrongful termination or unfair dismissal laws differ depending on what state you live and work in. However, all states do have laws in place to protect your rights as an employee. If you have been sacked from your job unfairly then the discharge might be illegal. An employment lawyer will be happy to discuss your case and advise on whether you should challenge the dismissal. If a lawyer takes up your case then they may be able to agree to a settlement with your old employers or dispute the termination of your contract in court. Discrimination and harassment in the workplace are illegal and a lawyer can help you win payment for the damages you have incurred.
If you run a business, whether it is a small startup or a global enterprise, you will at some point need to sign contracts. Contracts can be between yourself and a client or a supplier. You might also sign a contract with employees when they begin working for you. In all of these cases, a lawyer should look over the contract and ensure it will hold up as a legally binding document. A lawyer can also help you scrutinize contracts and ensure that any expectations or agreements are secured in writing. Legal representation will protect your business from difficulties that might arise in the future. For instance, if a client refuses to pay for work done or a supplier does not meet their obligations to you. Your contracts should protect against these types of disputes and a good lawyer will ensure your contracts do this.
They Show You Are Serious
In the case of financial disputes, a legal letter from a lawyer has a huge amount of intrinsic value. The simple act of engaging a lawyer demonstrates to the other party that you are serious and believe that you have a legal basis for your claims. Many disputes can be resolved through this act alone as the other party may back down and accept your position. This is because they would rather reach a settlement than face the costs associated with a court case. By engaging a lawyer you are demonstrating how seriously you regard the dispute and how much you are willing to fight for a settlement in your favor.
Lawyers spend years studying before entering the profession. Many lawyers will have spent years involved in disputes similar to your own and will know the law inside and out. This experience makes their advice invaluable. A lawyer can assess your position and advice on the best course of action that protects your finances. If you are making a big acquisition then a lawyer can look at the paperwork and give you an objective view of whether the purchase is worth the investment. Similarly, a lawyer can advise on the likelihood you might win a case that you wish to take up. Trusted and respected solicitors will offer impartial advice and they can help you ascertain any risks that you might not have spotted.
Protect Your Business
Businesses can be brought to court just like private citizens. Businesses can be held liable for unsafe working environments, failure to deliver on a contract, and even in some instances the conduct of your employees. If someone makes a claim against your business, you should engage a legal firm to represent you in the matter. Your lawyers will work to protect your assets and ensure the reputation of your business is not harmed through the claim. Lawyers will use the full powers of the law to protect you, your business, and its assets from any spurious claims made against you.
The US Patent and Trademark Office and US Copyright Office are the record keepers of intellectual property in the United States. If you believe your ideas or work have been stolen by a third party then a lawyer will help you navigate the bureaucracy to raise a claim. There are four types of I.P in the United States, patents, trademarks, copyright, and trade secrets. Legal firms will be able to advise the best way to record you or your business’s I.P. and who to contact when you believe your I.P. has been illegally copied or obtained. I.P is a huge asset for any creative person or business and if your I.P has been stolen then this can have a massive impact on your possible earnings. A lawyer defends those earnings and will fight for you to be fairly recompensed for your work.
Finally, remember a good law firm will always be happy to discuss whether you need legal representation to protect your finances. Do not be afraid to reach out to law firms in your area and speak to multiple attorneys about your case before agreeing to engage their services. A good lawyer will be able to clearly explain to you how they can benefit you or your business and the work they will undertake on your behalf.
Lawyers should also be able to layout their costs and how their work will be beneficial to your financial situation.