Introduction

I have for many years been preaching that prevention is better than cure. A recent survey by YouGov appears to reinforce that claim. The findings suggest that SMEs lose £13.6 billion per year by failing to take care of their legal issues.

The survey shows that the average SME faces eight legal problems per year and provided information on the most common problems businesses have to deal with. The most costly of these problems is disputes which cost Britain’s SMEs £1.7 billion in the last year.

The report also gave an insight into attitudes towards lawyers who did not score very well!

Comment

Many of our clients now treat Claric as its’ in-house legal adviser. We work with them to identify and minimise hidden risks which, if not addressed, could cause problems and/or incur significant costs in the future. A lack of or inadequate sales or purchasing terms and conditions, for example, can often result in misunderstandings and disputes between the supplier and customer. Similarly, the number of disputes between shareholders who have not put in place a Shareholders’ Agreement is quite disturbing.

Working regularly with clients allows us to get a real understanding of their business.

More detail on the survey can be found at:

https://www.lawbite.co.uk/cost-to-smes-survey/report-general 

This should not be relied upon for legal advice. If you would like any further information or advice please email richard@clariclegal.co.uk