Legal Expenditure

My Personal Cost Cutting Ways to Reduce Legal Expenditure

Legal

Like it or not everyone has to use a lawyer now and then, whether it is for your own side business or income properties, or simply need to make a will, all of us probably need legal help sooner or later. Unfortunately, lawyers are very expensive. Trust me, I being a small business owner have to use them a lot which adds up to the cost. I have seen many people simply skip using lawyers entirely, that is about as smart as never going to the doctor because you don’t like paying the doctor’s bills.

The legal world is a complex one and you like or not, but we all need legal advice from time to time. I am here to provide you with some tips on how to reduce the legal expenditure as I have done it too.

 

The good news is that the internet revolution has dramatically changed the legal landscape, just like it has nearly every other industry. There are numerous start-ups and online resources that have made some basic legal services like hiring conveyancing lawyers in Melbourne more accessible and affordable.

However, it is not easy to understand all the different options but to help you make sense I am providing you with some tips on how to save money on legal fees.

  • Make a Budget

Before you take any action, sit down and figure out what you have to work with and then prioritize your expenditures. Making a budget is the most important thing that you can do because it will help you understand where your money is going and where you can afford to make cuts.

  • Use Alternative Fee Arrangement

Everything is negotiable, even how much you pay your lawyer. When shopping around for a lawyer, you need to interview at least two or three, be sure to ask if they will consider a flat fee or alternative billing model. Not every lawyer will agree to this, it also depends on the situation, but it’s worth asking.

  • Recognise the Requirements of the Job and Obtain the Skills Needed

The capability to perform legal services at an elite level is often the primary basis of assessment for a potential in-house counsel. Similarly as vital are the in-house counsel’s ability to source and manage lawful necessities that surpass their geographic, skill or time limitations, the third quality to look into is the ability to design and deliver internal legal liability reduction programs. This can be done by creating standardised practices, materials and processes aimed at reducing the company’s legal costs over time and reduce any potential legal liability or risks as the company pursues its business goals and objectives.

  • Reduce the Legal Services Required

As a small business owner you need to divide the legal functions into 4 categories such as maintenance-related, employee rights, transaction-related and crisis related and then adopt management plans for each. The legal expenses of your organisation can be reduced through training employees responsible for causing them. For example, you can reduce expenses of wrongful dismissal lawsuits by developing standard employment contracts and providing related training to the human resource staff. This can considerably reduce the law expenses. However, sometimes the employment issues become so high that you will have to hire employment lawyers in Melbourne to help you out.

So, these are few of the tips to help you cut legal expenses.