There are numerous reasons why you may need to seek out legal advice, which is probably why the global legal services market is one of the biggest entities in the world.
More specifically, this market is projected to reach $750 billion in cumulative value in the wake of the coronavirus pandemic, which had previously underpinned a global economic contraction.
But what are the most common reasons to seek out legal help? Here’s a breakdown of the most popular triggers:
#1. The Need to Sign a Contract
Contracts play a pivotal role in our everyday lives, whether you’re looking to strike business arrangements or purchase a new home.
Not all contracts are created equal, either, so you’ll need to seek out expert and niche legal advice to ensure that you’re agreeing to fair and transparent terms and receiving precisely what has been advertised.
#2. Making a Professional Negligence Claim
Interestingly, solicitors can often find themselves on the wrong end of professional negligence claims, which can be made by clients whenever they’ve been directly and tangibly harmed as a result of the advice that they’ve received.
Such claims are often made on a no-win, no-fee basis too, while claimants need to liaise with expert legal services to ensure that they have a viable case and are able to demonstrate the practical harms caused.
#3. Settling an Estate
It’s never easy when a spouse or loved one passes away, and in this case, you may come to rely on legal help advice to help manage and distribute the deceased’s estate.
In this instance, you’ll have to focus on utilising a probate or specialist estate planning attorney, with this type of professional able to maximise your investment options and optimise any potential returns.
#4. Buying or Selling a Home
We touched on this earlier, but there’s no doubt that hiring a real estate lawyer can help you to minimise the costs of buying or selling a home while simultaneously reducing delays and the underlying administrative processes.
Remember, there are a number of costs and expenses associated with any real estate transaction, many of which (such as stamp duty) are inherently complex and hard to understand from a layman’s perspective.
Ultimately, a real estate lawyer can be worth their weight in gold, especially if you’re buying your first home and new to the marketplace.
#5. Launching a New Business
Whenever you look to start a new business (especially a limited company), you’ll need to ensure that the venture has the requisite legal framework and is compliant with various national and international laws (depending on the precise nature of the company).
Make no mistake; a business lawyer can significantly improve compliance while reducing the often hidden costs of starting a new business, while also ensuring that you have the right tax structure and pay your dues in full and on time.