Entrepreneurs typically are motivated to take action, accept risks, and forge their own paths. In business, this often works. However, business owners need to look carefully at less-than-obvious costs that may occur. For example, drafting your own legal documents may seem like a great way to lower your expenses – at first. It’s crucial that you carefully consider the hidden costs associated with serving as your own attorney.
Unintended Consequences
The law is far more complex than most people know. Business lawyers have the training and experience to look at the big picture and consider all sides of your legal issues.
When you draft your own legal documents, you may have no trouble comprehending the words on the page. It’s the future consequences of those words that will be murky. Even simple word choices can lead to results you did not intend and do not want.
Unfortunately, some of those consequences may relate to legally-binding agreements you deal with every day.
Unenforceable Contracts
The complexity of contract law makes drafting your own legal documents a hazardous activity. Inexperience may cause you to overlook provisions that provide important protections. Even worse, the contract that sets out the details of your agreement with another party may be unenforceable. Depending on the mistakes contained in your DIY contracts, you stand to sustain damage to your reputation and credibility.
Missed Opportunities
With the business world in turmoil because of COVID-19, this is no time to miss out on potentially lucrative opportunities. However, this may happen if you are drafting your own legal documents and representing yourself in business transactions.
Additionally, the time you spend time drafting your own legal documents might be wasted, especially if you have to ask a lawyer to rewrite them.
Unnecessary Legal Costs
The last thing you want to do right now is to increase your costs. You may spend $100 to buy a form contract online, only to learn that the contract doesn’t work for your situation. Now, it may be necessary to hire a business lawyer to get you out of a difficult situation. The expense may be far greater than if you had an experienced attorney draft your documents in the first place.
Avoid the Hidden Cost Associated with Drafting Your Own Legal Documents
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.