SMEs critical of legal costs

SMEsLegalCosts.jpg

Over half of UK small and medium-sized enterprises (SMEs) feel they have taken a risk by not paying for proper legal support and advice.

However, nearly three-fifths of SMEs said they feel that law firms generally offer little value for the fees that they charge.

In addition to this, 44 per cent of business owners saying they put off hiring a lawyer because they believe they are likely to have their own interest at heart, instead of their clients’.

The findings have been revealed following a survey by online legal firm LawBite.

It’s founder, barrister Clive Rich, said: “Britain’s small businesses are the backbone of the UK economy, but far too many are at risk because their owners are unwilling, or unable, to pay through the nose for essential legal support.”

He added that the prospect of millions of contracts not being legitimate because they had not been drawn up with proper legal support was “terrifying“.

Posted by the Secret Businessman