Legal Audit

For busy people managing businesses without an in-house legal department,  it is  easy to ignore the myriad of legal issues related to their business until something happens that requires immediate legal action.    There are other pressing needs.   Time is limited.  Lawyers cost money. 

For some lucky businesses, this practice will work  “no harm –no foul.”  But,  too many will find that an ounce of prevention would have been far better than the pound of cure.

We recommend regular legal audits to help management:

  • Identify legal issues that may be exposing the business to unnecessary risk (including the risk of litigation);
  • Identify legal issues that could expose the business owners to pass through liability that should be avoidable; and
  • Identify opportunities to increase income or reduce expenses by maximizing legal strategies.

Some legal audits will uncover opportunities to increase profits and generate an immediate positive return on investment.  Others will identify opportunity to reduce the risk of loss or costly litigation, which could have very significant implications for long term profitability (or even viability) of the business.   Some will find that they were in good shape and that no changes are needed.

To those who say that they don’t see the need to make an investment into a legal audit because they have been in business for years and have never needed one, we ask: “Would you stop purchasing homeowner’s insurance because your house has not burned down in the past?”

The Legal Audit – The Physical For Your Business