38% of small businesses experience significant legal problem

SMALL BUSINESSES AND SOLICITORS

The Legal Services Board have recently published research into the legal needs of small businesses.  The report analyses the findings of a survey of almost 10,000 small businesses employing less than 50 people.

Over the 12 month period covered by the research, 38% of all the businesses experienced a significant legal problem.  25% of these problems had a negative financial impact on the businesses, the average cost of each problem being £6,700.

There are 4million enterprises of a similar size in England and Wales and it can therefore be suggested that legal problems cost small business over £100 billion a year.

Most small businesses turn to a solicitor for advice rather than any other kind of advisor.   12% of businesses turn to solicitors, the next highest were accountants 8%.

54% of small businesses agreed that legal processes are essential for business to enforce their rights, but 52% chose to handle their legal problems alone.

At Crane & Staples we appreciate that business may not have a solicitor they have used before and maybe reluctant or anxious to approach a solicitor for legal advice because of various concerns including costs.

At Crane & Staples we have people who can assist you with your  business problems.

Contact Bonnie Twiggs or Chris Brewis in the first instance who will speak to you by telephone about your business needs and who at our firm may be able to assist you.  We will be clear and transparent with you about cost issues.

If you are interested in looking at the report, you can find it by following this link tinyurl.com/omgmthu.