Having a dedicated lawyer on your team can make all the difference in protecting what you’ve built. But is a legal insurance plan like LegalShield worth it for your small business?
As a business owner, numerous issues are fighting for your attention daily — employee matters, contract disputes, debt collection, court appearances, etc.
The challenge becomes, how do you pay for a small business lawyer at around $200-$300 an hour?
In this article, we’ll discuss the importance of legal protection, the benefits of a LegalShield Small Business Plan, and why it’s a good investment compared to large retainers!
Being proactive to legal situations is the best way to protect yourself and your small business.
Let’s take a look at LegalShield Small Business Plans!
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What Is LegalShield?
LegalShield is one of the most well-known prepaid legal protection plans.
Like a gym membership or health plan, paying a monthly membership fee has its advantages.
A prepaid legal plan encourages you to get the most for your money for important legal matters that would normally cost you by the hour.
Most legal plans give you unlimited access to a range of legal services, consultations, and expert guidance from your attorneys.
LegalShield offers plans for personal and business use and group legal plans as an employee benefit.
Whether you’re self-employed, a startup or a well-established company, this is an affordable way to protect your small business from potential legal pitfalls without the billable hours.
LegalShield offers small business legal plans that provide comprehensive legal assistance and advice with just a few clicks.
The Importance Of A Small Business Lawyer
A small business lawyer is a legal professional with expertise in the unique challenges faced by smaller companies.
Their expertise can help you navigate negotiations, mediation, or even litigation if necessary, protecting your business’s reputation and assets.
- Legal Structuring and Formation: Starting a small business involves choosing the right legal structure. A small business lawyer helps you navigate options like sole proprietorship, partnership, LLC, or corporation, considering taxes and liability protection for proper registration and compliance.
- Contracts and Agreements: Business contracts are crucial for relationships with clients, suppliers, partners, and employees. A small business lawyer drafts, reviews, and negotiates contracts to ensure clarity, protection, and avoidance of potential legal pitfalls.
- Regulatory Compliance: Small business owners often face complex regulations. A small business lawyer aids compliance with local, state, and federal laws, reducing risks of fines and ensuring ethical operations.
- Intellectual Property Protection: Protecting your trademarks, copyrights, and patents is essential. A small business lawyer assists in registering and safeguarding intellectual property, preventing unauthorized use and potential infringement.
- Dispute Resolution and Litigation: In legal disputes, a small business lawyer provides representation and guidance through dispute resolution processes, ensuring your business’s interests are protected.
They provide tailored legal guidance, advice, and representation, ensuring that your business operates within the confines of the law while minimizing potential risks.
From inception to daily operations, a small business lawyer plays a vital role in safeguarding your interests, resolving disputes, and helping your company thrive in a competitive market.
What Does A LegalShield Small Business Plan Cover?
A LegalShield Small Business Legal Plan is designed to offer easy access to a local law firm for your business needs, all for a budget-friendly monthly fee.
Whether you need advice, research, or consultations, a prepaid legal plan could be what you’ve been looking for at the right price. Use your plan for:
- Consultations
- Document Review
- Collection Letters
- Employee Matters
- Litigation
- Intellectual Property
- Small Claims
- Breach of Contract
For a small monthly fee, you can have peace of mind knowing professional legal assistance is readily available when you need it most.
LegalShield vs Hourly Rate
A lot of small business owners don’t have the extra funds to pay a legal retainer. Depending on where you’re located, this might cost thousands of dollars.
To find a small business attorney you could ask friends and family for a referral and pay $200-$300 an hour.
With LegalShield, you’ll pay around $50 a month and open the app on your phone to schedule an appointment with an attorney at your dedicated firm.
Having a LegalShield Small Business Plan can give you peace of mind knowing that expert legal help is just one click away for a few dollars a day.
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How Do LegalShield Small Business Plans Work?
LegalShield business plans give you affordable access to a law firm for a consultation on any business-related legal matter such as a contract or lease review, debt collection, demand letters, and more.
Once enrolled, you can contact an attorney directly through the LegalShield app or website whenever you need guidance on legal matters.
Need help reviewing contracts or drafting agreements? IRS audit? Employee issue?
Whether it’s employment law, intellectual property issues, or general business concerns, it’s like having a legal team at your disposal.
With LegalShield by your side, navigating the complex world of business law becomes less daunting and more manageable. Protecting your company has never been easier!
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What’s Included With A LegalShield Small Business Plan?
Legal plans offer a wide range of services to businesses, providing comprehensive support, advice and protection.
One of the most important services they offer to members is access to certified, experienced small business lawyers who specialize in various areas of business law.
Services include small claims, incorporation, workers’ compensation & employee law, and more.
No matter what legal issue your business may be facing, you’ll have an attorney available to help you navigate through it.
Membership gets you legal advice, consultation, and research, including pre-existing legal matters. As an example, the Small Business Plus Plan includes:
- Designated consultation: Five 30-minute business law telephone consults per year.
- 25% discount: Additional savings of 25% off your provider lawyer’s standard hourly rate for matters outside of plan coverage.
- Collection letters: Drafting of up to 10 collection letters per month, with additional letters available at a low flat rate of $75 each.
- IRS audit legal services: Up to 25 hours of a provider lawyer’s time to assist with an IRS audit, investigation, or examination of your federal tax return (2.5 hours for representation or negotiation, 21.5 hours for trial time).
- Document review: 20 legal business documents reviewed per year (up to 5 per month), up to 20 pages per document, with additional reviews available at a low flat rate of $75 each.
- Letters & phone calls: Any combination of 20 legal letters or phone calls per year (up to 5 per month), with additional communications at a low flat rate of $75 each.
- Flat fee services: Trademark and copyright services: 1 per year with additional services available for $500. Employee handbooks: $750. Drafting of custom contracts up to 25 pages: $250.
- Interstate services: Half of all services for letters, phone calls, advice and consultation, document review, designated consultations, and collection letters can be used for matters outside your principal residence state.
In addition to legal advice and representation, LegalShield also assists with document review and contract drafting.
This can be particularly beneficial for small businesses that may need more resources or expertise to handle sensitive documents.
Another valuable service offered by LegalShield is debt collection assistance. If your business is struggling with unpaid invoices or delinquent clients, LegalShield can step in and help you recover the money owed to you.
The services provided by LegalShield are designed to give businesses peace of mind when it comes to legal matters.
Whether you need ongoing guidance or help with specific issues as they arise, having access to experienced attorneys at an affordable cost can make a significant difference for any business owner.
How Much Does A LegalShield Small Business Plan Cost?
When it comes to protecting your business, cost is always a factor. You want to make sure that
you’re getting the best value for your money.
So, how much does Legalshield cost? The pricing structure for LegalShield varies depending on the size of your business and the services you choose.
There are three different membership options available for small businesses:
- Small Business Legal Essentials – $49 a month
- Small Business Legal Plus – $99 a month
- Small Business Legal Pro – $169 a month
Each plan provides access to legal consultation and advice on various matters such as contract review, debt collection assistance, and employee disputes.
Plans cover a specific number of hours for legal service per month. If additional hours are needed beyond what’s included in the program, they can be purchased at a discounted rate.
Is A LegalShield Small Business Plan Worth It?
Choose a LegalShield plan, then multiply the monthly cost by 12. Let’s say the Legal Essentials plan at $49 a month. That’s $600 a year.
Next, take the average cost of a good lawyer, say $200-$300 and hour.
If you don’t anticipate needing a lawyer at all for any reason the entire year, then a legal plan is probably not worth it.
On the other hand, if having access to a team of lawyers anytime you need them to help run your business makes sense, then it’s a great investment.
Recap of benefits:
- Predictable Costs: With a prepaid legal plan, you know exactly what you’re paying for each month, allowing you to budget effectively and avoid unexpected expenses.
- Unlimited Access: Gain unlimited access to experienced small business lawyers who can provide timely advice, review documents, and address your legal concerns as they arise.
- Comprehensive Coverage: From contracts to compliance, a prepaid legal plan covers a wide range of legal services, ensuring you have a trusted legal partner for various business needs.
- Preventive Strategy: Proactive legal guidance can help you identify potential risks and take preventive measures, minimizing the chances of legal issues affecting your business’s operations.
- Peace of Mind: Knowing that you have reliable legal support at your fingertips allows you to focus on growing your business with confidence, while legal experts handle the complexities.
It’s affordable.
Remember the figure from earlier? $300 an hour is what you’ll pay on average for a lawyer.
LegalShield isn’t designed to replace your in-house counsel, but it is an affordable solution for many business owners to get help for most everyday issues.
If you just used one of the benefits offered by the LegalShield Essentials Plan you’d save. It really is a no-brainer.
It’s convenient.
Additionally, LegalShield Small Business Legal Plans provide peace of mind by offering 24/7 emergency access to legal assistance. Call or open the app and help is on the way.
This means that if an unexpected issue arises outside regular business hours, you can reach out for guidance without delay.
It’s a smart investment.
If you’re numbers driven consider this: LegalShield Essential Plan is about $600 a year — that’s $49 a month for unlimited use of your covered legal benefits.
Or you could pay $300 an hour for an attorney.
Of course, every business is unique, so take some time and compare the plans and budget to assess whether Legalshield aligns with your specific needs.
By weighing these factors against each other, you’ll be able to make an informed decision about whether a legal plan is right for you.
Remember: Choosing the right legal services provider can make all the difference in protecting your business from potential risks or disputes down the line.
Get A LegalShield Small Business Plan
After learning about how LegalShield works for businesses and the services it offers, you may be wondering how to get started:
- Visit LegalShield
- Choose your plan
- Checkout
By subscribing to LegalShield, you gain access to a network of experienced attorneys who can assist with various legal matters such as contracts, employment issues, debt collection, and more.
Focus on running your business while leaving legal matters to professionals.
Considering the costs associated with hiring a full-time attorney or dealing with legal disputes on your own, LegalShield is the small business lawyer you’ve been waiting for.
Information is meant to be accurate and educational and not intended to be legal, medical or financial advice. Be sure to do your own research and contact a professional for help. Our site is free to use, but we may receive a commission from our partners & advertisers at no additional cost to you. Read our disclosure for more information.
Licensed health & life insurance broker helping individuals, families and small business owners get better access to affordable health benefits.
His background in marketing research, insurance and retirement plans gives him a unique perspective to help others plan for the future and improve their physical, mental and financial well-being.