One of the biggest risks that businesses face comes from legal disputes and litigation. By not having a legal contract or an agreement in place, businesses unnecessarily get exposed to the possibility of disputes.
This can not only be expensive and time-consuming but has the potential to close the business’s doors altogether. Companies that don’t have employment contracts in place are far more likely to engage in litigation than those that have them.
Legal costs to UK businesses exceed £13 Billion a year. This could be mitigated if entrepreneurs understood the risk posed by their unwillingness to build their businesses on a solid legal footing.
Most business owners do take out some sort of insurance policies to protect their businesses but they choose to ignore the legal aspect of their establishment. One reason for ignoring this is the costs that come with it.
For writing a simple legal letter, lawyers can easily charge up to £500 excluding VAT. The costs rise even more when they have to draft a contract or a legal agreement. And since business owners are focused on saving every penny they can, they decide against securing legal services at the expense of their business’ long-term prospects.
Now as the technology develops, the lawtech sector is offering solutions to UK businesses that provide them with legal protection but cost only a fraction of what lawyers charge.
Legislate Technologies, an Oxford-based company offers UK businesses an extensive library of lawyer-reviewed up-to-date contracts. Entrepreneurs can use them to base all of their dealings on the solid legal ground which puts them in a better position to manage legal risk compared to not using lawyer-approved contracts..
Business owners can customise these contracts within a framework which means they can only add or remove clauses which make sense from a legal perspective. It gives them the ability to have a contract with their employees and partners that is fair and customised to their liking.
Legislate offers them a web portal from which they can not only create contracts and customise them but also get them signed electronically and have them stored with state-of-the-art protection.
This makes Legislate a convenient platform for business owners to manage all of their contracts. It does not only save money but also saves time as it serves as a one-stop solution for a startup’s legal needs.