As a business owner, it’s easy to want to sign off on every last document that comes across your desk. But scanning through contracts and agreements that affect your own business could cause you to have a narrow view — focusing too much on the little details and not enough on the important details.
Below, five experienced chief legal officers and law firm partners from Forbes Legal Council share the reasons why you should be hiring independent counsel to review your business documents.
From top left to right: David Nied, Victor Cardona, Anthony Johnson, Lawrence Buckfire, Matthew Rossetti. All photos courtesy of the individual member.
1. An Ounce Of Prevention Is Worth A Pound Of Cure
The cost of foregoing attorney review of your business agreements can be astronomical in comparison to what it costs to have someone review the documents and discuss how the deal works before signing. A lawyer with a litigation background can identify how you might run into trouble down the road and help you negotiate those terms or plan to avoid the pitfalls in the first place. – David Nied, Ad Astra Law Group, LLP
2. You Could Use A Fresh Legal Perspective
Owning a business could cause one to view a legal document through the lens of profit, loss, marketing, or other competing factors. Outside counsel review documents every day for a variety of clients and in a variety of situations. They can view a legal document without competing business pressures that would be a distraction. – Victor Cardona, Heslin Rothenberg Farley & Mesiti PC
3. You Can’t Sue Yourself
It boils down to risk mitigation. If you review your own contracts and agreements and make a mistake, you have no recourse. If your lawyer makes the mistake, you can sue him. Lawyers may not like this advice; but, in the end, that is why we all purchase errors and omissions insurance. – Anthony Johnson, Johnson & Vines, PLLC
4. You’re Not An Expert On Contracts
Hiring independent counsel to review your own law firm contracts and agreements is often a good idea. Lawyers should stick to what they know best. If you are not an expert on contracts, leases or employment issues, you should hire outside counsel to review and draft your important documents to avoid making a crucial mistake. – Lawrence Buckfire, Buckfire & Buckfire, P.C.
