Carlsons Solicitors

If you own a small or medium business and you ever face a dispute, it is likely that you will lose a lot of money, if you don’t consider the services of a solicitor. That is usually money you would like to keep, so there is not really anything to wonder about. Getting such an expert on board is necessary to resolve any issues – big or small.

Some people believe that instructing a solicitor to deal with a commercial dispute is somewhat costly. However, you should look at this the other way around – not instructing a solicitor to handle the case is something that will make you lose money. They will deal with the case before it has grown into a complicated problem, that can even ruin your business.

Sometimes it is the prevention of dispute that matters most 

When it comes to businesses, chances are they will be involved in a dispute at some point. Whether it is a customer, a supplier, or some competitor, there will be some cost to the business, which can impact the company negatively.

Most commercial disputes fall in the contractual category. They result from delayed payments or no payments at all between the customers and the suppliers. This makes small businesses particularly vulnerable in these situations since they do not possess the resources to handle severe disputes. Therefore, it is of utmost importance for them to prevent disputes. Possible ways to do this include:

- Minimising the mistakes of credit control 

- Excellent management of commercial arrangements 

Small businesses should speak to their lawyers and solicitors on how they can manage the contractual process better. They should also invest in updating relations with their suppliers and clients. These are the changes that one business can implement to minimise the chance of disputes arising in the first place.

Resolving business disputes the right way

According to experts, small and medium businesses that do not tackle their disputes the right way, do one of three things:

They simply ignore the issue, which is by far the worst strategy imaginable. 

They recognise the need to do something but decide to do so without the help of experts. This often leads to further problems, which may increase the loss.

They turn to advisors, who simply lack the expertise to handle such matters. For example, they often rely on their accountant or financial adviser, while they should be speaking to a legal expert instead. 

It is of utmost importance to recognise these potential pitfalls and work to avoid them. Not only do they lead to no efficient resolution, but also further the problems and cause potentially big losses. That said, a professional solicitor can be of real help, due to the fact they can identify the issues and advise the business on the different options. They will also do another important job: to explore whether some sort of settlement with the opposite side is possible.

Consider litigation

When the dispute enters the stage of legal proceedings, instructing a solicitor is perhaps the best option. Don’t end up in an ‘if only I had acted sooner’ situation since that can cost you money and can make the problem even bigger. One of the most important aspects of litigation is how you are going to finance it. Consider conditional/contingency fees, or ask if there is the option of funding together and placing insurance if the case fails.

Obviously, you don’t want to find yourself in a situation where the inappropriate handling of a dispute can harm your business. That is why you should always be preventive, act quickly if the case is unavoidable and consider the expert help from solicitors, who can find the best form of resolution.

If you are interested in reading more tips on the matter, visit Carlsons Solicitors.

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