Most business owners hire an attorney for expert legal advice. But when you employ a general attorney rather than an experienced transaction attorney, you may find yourself paying top dollar for a lawyer who knows less about the ambulance business than you do.
All attorneys are trained to understand and interpret the law, but passing the bar doesn’t guarantee the ability to handle sensitive business transactions efficiently. A specialty industry like the medical transportation business requires specialty expertise. Because transaction attorneys concentrate in business law, they are often familiar with everything from drawing up purchase agreements and merger documents to legally transferring trademarks and intellectual property. Whether you are selling an ambulance business or buying an ambulance service for sale, a specialist can help your transaction proceed quickly and effectively while minimizing the risk of an expensive mistake – a mistake that could cost you the deal of a lifetime, or even result in litigation.
How much do attorneys cost? That depends on how much value you receive in return for their services. Yes, some general attorneys charge lower legal fees. But with less experience, they may also require more time for research. Keep in mind that many legal professionals charge by the hour. You don’t want to end up paying for someone to learn the ropes of the medical transport business on your dime. You also don’t want to give up a million dollar deal with a great buyer, because your unseasoned attorney dropped the ball during crunch time. An experienced attorney may be pricier upfront, but those initial higher costs can translate into savings later down the line. Industry specialists need less hand-holding. They understand the urgency to get a deal done quickly, before a buyer changes his or her mind. They have the ability to provide legal advice and counsel, not just paperwork.
The Bottom Line
You need an attorney for one reason: to help you make a smooth transaction. You don’t want to be left hanging at the closing table because an inexperienced attorney is still working out the kinks in the purchase agreement. Carefully research your attorney beforehand. Ask about his or her credentials and experience. Make sure you’ve got the right person for the job. An industry specialist – whether it’s a transaction attorney, financial advisor, or broker – will have the business acumen to ensure the outcomes of your transactions are as effective and favorable as possible. That may be worth every penny.