Top 5 Tips for Businesses to Prevent or Decrease Litigation
By: Lauren Marsicano
Insta: @networkingmaverick
Top 5 Tips for Businesses to Prevent or Decrease Litigation
I’m a business and commercial litigation attorney, which basically means I deal with agreements. Agreements (or disagreements) between people or businesses, for products or services. I’ve been practicing for six years, and I have both jury and non-jury trial experience. I have handled cases ranging from individuals and startups in state court to defending large multinational corporations in federal court. During this time, I’ve saved a company over $250,000.00 by uncovering a fraudulent scheme being perpetrated by a husband and wife team. I’ve prevented an owner from losing his business when the owner failed to protect his business with the proper corporate documents and contracts. I obtained a judgment against an employee that was running up corporate debts for personal expenses without proper authority, and I have mitigated damages in the millions of dollars for businesses and owners alike. Through all these cases, I have seen what steps could have been taken early on to prevent costly litigation, or at least severely decrease the risk of exposure. Here are my Top 5 Tips that you can start implementing to decrease or prevent costly litigation:
1) Hire the right team. The most important professionals to have as part of your team – Accountant and Lawyer.
2) Get it in writing! Reduce agreements to a written contract with specifically defined terms and enforcement mechanisms.
3) Don’t sign anything without having a lawyer review it (and not the other side’s attorney!).
4) Get some security. For giving a loan, make sure any loans are secured with collateral (i.e. a home or car). If providing a service, get partial payment upfront to secure your services. If paying a deposit, make sure it is held in escrow.
5) Invest in yourself. If you are running a business, you need to budget for accounting and legal services. Skimping on these services to save a couple thousand now can cost you tens of thousands (or even hundreds of thousands) in the long-run. Invest in yourself, your company, and your future.
By following these tips, you should be able to prevent (or decrease) your risks and exposure to costly litigation and add to your company’s bottom line in the long-term.
So in conclusion, you could save thousands of dollars a month by switching your litigation to Marsicano.
*This article is being offered for educational purposes only and is not legal advice. No attorney-client relationship has been formed, and you should always consult an attorney to discuss your unique situation.