If your business is unfortunate enough to become the victim of a lawsuit or legal movement, then it could prove costly.
This could spring from dozens of situations, including failure to pay taxes, poor staff treatment and breach of contract. However the case arises, reducing costs will prove tricky – but not impossible.
So, if you’re concerned about the legal status of your company or just want to prepare for a rainy day, look no further. This is how you save your business money on legal costs!
Control the working environment
The best time to prevent accidents is before they ever happen. So, perhaps the best way to cut legal costs is to simply… not get involved in any type of legal movement. If someone slips at work or if your health and safety isn’t up to par, it could be you who ends up being sued.
So make sure you take a basic set of steps to protect yourself from litigation. It’s not going to take thousands and thousands, though it could if things go to court. You could try the following:
- Placing ‘wet floor’ signs above slippy patches.
- Lighting dimly-lit areas.
- Give staff regular breaks to prevent accidents
- Run emergency drills frequently
- Maintain and check equipment for faults
- Place floor markings
- Thoroughly train staff in health and safety
This way, you reduce the chance of an accident happening, which could lead to a lawsuit further down the line. A safer environment can also bump staff productivity and increase revenue.
Consulting law experts
Let’s look at an example. You have had a severe disagreement with one of your employees, which is resulting in legal action being taken. By enlisting the help of a company who offers employment tribunal services, the impact on your business is reduced.
This tribunal could lead to a lengthy court case and could result in your company losing lots of cash. By seeking aid at this stage, your company is more likely to live to see another day!
Don’t pay with money
You may not think it, but yes, this is possible. In some cases, anyway. If your business has a valuable service to offer the lawyer, then perhaps they’ll take that instead of a cash payment.
For example, you could be a marketing firm and offer these services to a lawyer in exchange for legal aid. Or, you could be a web designer and spruce up their website at no extra cost. It’s worth a go – if the lawyer needs those services anyway, then it makes sense to offer them for free.
Alternative payment arrangements
If you’ve ever haggled the price on a house or a car, you’ll know exactly what to do here. By attempting to negotiate the cost of your legal fees or trying to pay them in a different way, you can cut them substantially.
For example, some lawyers may lower their price if you pay in a cash lump sum, while others allow you to spread costs over many months. Not every lawyer will agree, but it can’t hurt to give it a try!