If you are a small business owner or entrepreneur, it can be helpful to purchase a prepaid legal plan. Using a traditional hourly legal fee structure can quickly add up, especially for small business owners trying to make a profit. When you use a prepaid legal service, it can significantly impact your company’s life span, profit, and future. We will discuss the benefits of prepaid legal plans below.
What is a Pre-Paid Legal Plan?
Prepaid legal plans are somewhat new on the scene when it comes to business law. At InPrime Legal, we offer business-first, subscription-based legal counsel built for small to mid-sized companies. Our attorneys do not bill by the minute. Instead, we charge our clients a predictable flat monthly fee. In exchange for a predictable monthly fee, our clients will be able to work with a dedicated legal team that will try to understand your business and its goals. Instead of waiting to react to a lawsuit, a prepaid legal plan allows small businesses to be proactive about preventing lawsuits by developing a legal strategy without paying high hourly legal fees.
Your Business Will Save Money
Prepaid legal services providers are becoming more popular. With a prepaid legal service plan, a law firm offers a plan for a small business owner that allows for easy consolation within a month’s notice. Customers have more flexibility and can pay by the month for their prepaid legal services. A business can enjoy the services and protection of working with an attorney for a monthly fee should any legal issues arise. Without a prepaid legal plan, hiring an attorney can cost $350 to $600 per hour, or even more, depending on the attorney’s fee structure.
You Will Protect Your Business
Not every business needs a legal team, and many small businesses cannot afford to hire an in-house counsel to act as their attorney. Nonetheless, businesses need the assistance of a lawyer to protect them from lawsuits from employees, customers, and more. If your business owns intellectual property rights, you may need an attorney to protect someone from stealing your marketing idea, product, or design. If your products or services cause bodily injuries are Financial damages, you are at risk of a lawsuit. Contractors who do not follow through on their legal agreements can face lawsuits.
A customer or employee could slip and fall and become injured on their commercial property. If you fail to comply with local, state, or federal regulations, you could face a court case that requires an attorney. The solution to avoiding these unexpected and high legal fees and costs is to work with a prepaid legal services provider for small business operations. It only takes one significant verdict to crush a small business. Using a prepaid legal plan helps you protect yourself and your business at an affordable cost.
Easier Access to Your Attorneys
Most prepaid legal plans provide assistance to their members by giving them access to an extensive network of pre-selected lawyers. Prepaid plans are typically selective regarding the lawyers they accept in their network, minimizing the time you will have to wait until you find a reputable lawyer. At InPrime Legal, we offer our clients easy access to attorneys. You will not have to wait two weeks or more until you speak to an attorney about your legal issue. Instead, you can have access to a hotline to get legal advice quickly that is tailored to your unique situation.
Get Assistance With Minor Legal Cases Too
Business owners are always trying to cut down expenses to make sure they turn a profit each month. As a result, they may be less inclined to contact an attorney for issues they think or minor legal issues. They do not want to spend a high hourly fee working with an attorney. Instead, they tried to figure out the issue themselves, wasting their own time and possibly even more money. Minor legal problems can become major legal issues that cost thousands of dollars.
Most business owners experience some type of legal issue every year, but they do not always seek legal help because of their budgets. Working with a prepaid legal service will allow you to ask your attorney questions relevant to your business about issues you may think are minor. Instead of waiting for the issue to snowball into a bigger issue, an attorney can help you manage it quickly and efficiently.
Increase Your Profits
At InPrime Legal, many of our clients have told us that they have become much more profitable after paying for a prepaid monthly legal plan. One of our clients, Rumi’s Kitchen, has stated that they have become four times more profitable than the monthly fee they pay to InPrime Legal. Working with an attorney regularly, as opposed to when an urgent need arises, helps companies prevent frivolous lawsuits that cost them significant money. An attorney can also help business owners identify areas where they can cut costs or become more profitable.
Paying a monthly fee gives business owners access to an attorney who can help them with legal issues. Instead of a business owner spending time researching legal issues on their own, an attorney who already knows how to analyze and address legal issues can work on the issue. Doing so allows business owners to focus more on running and managing their business, making their business more profitable than if they were spending a significant amount of time on issues an attorney could be addressing.
Contact Our Attorneys About Our Prepaid Legal Plans Today
Many advantages come from Prepaid Legal Services. If you are a small to a mid-sized business owner who would like to discuss a prepaid legal service, contact InPrime Legal today to learn more.