Recent research has shown that more businesses are facing more lawsuits and business litigation law issues than ever before. Employee lawsuits alone have risen an incredible 400% over the last 20 years.
If you are a business owner who doesn’t yet have a lawyer for small business, now is the time to hire one — as you could be facing a business litigation law problem yourself.
But what is business litigation?
Here are five facts every business owner should know about business litigation law:
1. According to the Florida Bar, the business litigation definition is the practice of law that concerns legal issues surrounding businesses and commercial ventures and their relationships with employees, clients or customers or over building and construction law.
2. Every year, about 53% of businesses throughout the country become involved in business litigation law conflicts. About 58% of small businesses reported having business litigation law troubles in 2013 as well, making them more likely than the average business to get involved in a legal battle. Most small business litigation concerns involved problems with contracts, such as issues with negotiations or failure to collect payments.
3. A surprisingly small percentage of all legal battles are actually settled in court — which means many business litigation law settlements are reached out of the courtroom.
4. By hiring a business litigation lawyer now, you can prevent major legal catastrophes from happening at your business. They can advise and guide you so you will know how to conduct business according to the law, and cost much less than a legal settlement.
5. If you end up with an employee lawsuit on your hands, take it to a federal court — plaintiffs in employee lawsuits are usually more likely to win a business litigation law battle in a state court. Read more about this topic at this link.