A lot of people seem to have a restrictive view of what attorneys can do for a business. However, they can do much more than simply draft contracts and resolve disputes. They can play a central role in how your practice is run and have a direct effect on profitability. They also may be able to foresee issues before you can or give you helpful advice that will help you navigate the ever-changing medical-legal field. Let’s take a look at a few reasons why you should consider hiring a dental practice lawyer.
They Understand Business Law
When running a practice, you can’t simply concentrate on caring for patients. This is a business you are running, and if you have a limited understanding of the legal implications of owning one, you may run into trouble.
One of the things an attorney can do is help you protect your brand. Many practice owners are not aware of how people can manipulate their brand image against them. A dental practice lawyer will help you protect everything from your logo, to your business name, and your trade secrets if you have any.
They could also advise you on whether contracts should have restrictive clauses. For instance, you may want to add non-disclosure or non-compete provisions in case you want sensitive information to be protected or prevent an ex-employee from opening a competing practice in the same area as yours.
Choosing a Business Structure
Another thing a dental law attorney will be able to do is to help you choose the best business structure for you. Not everyone has the same goals for their practice and a lawyer will help you choose the business structure that is the most in line with your particular financial goals.
For instance, you may assume that forming a partnership with another dentist is the best option, but they might advise that you go for an LLC instead because of the personal liability issues with partnerships. Or maybe they could advise that you go for a corporation for the tax benefits or if you want to be able to bring in investors later on.
They will Help You with Expansion
If you want to expand your business, a dental practice lawyer may be able to help you at many levels. For instance, they may open you up to other opportunities like franchising. Franchising could be a great way to capitalize on your brand and grow without having to actively manage every location. But it’s close to impossible to set up on your own if you don’t understand franchising law.
A lawyer may also be able to warn you of the legal risks of expanding. Or you may have new legal requirements or regulations you need to abide by. On the other hand, they may also be able to point you towards grants, programs, and benefits you may now have access to.
Another area where they could help is if you decide to buy another practice. They might be able to help you tell if a certain offer is advantageous. On the surface, the numbers may seem good, but an attorney may be able to see things you wouldn’t. It goes the other way as well. If you ever decide to sell your practice at a later date, an attorney will be able to help you get the most value for it.
Leases are drafted so that owners can extract maximum value from the property and give tenants as little control as possible. This is why you need to work with a lawyer before you sign any lease. That’s because there are many essentials of a lease that only someone with expertise will be able to understand. Some of the essentials include tenant and ADA improvements, right to sublet or assign, option to renew, tax provisions, recapture clause, relocation clause, and many more.
In-Depth Experience of the Regulatory Landscape
Healthcare, which includes dentistry, is probably the most tightly regulated sector in the country. There are various state regulations and laws with federal regulations and statutes on top.
There are also administrative decisions, rules, public guidance, employee handbooks, advisory opinions, declaratory statements, and various other sources of oversight and regulation. These are all things only a lawyer will be able to truly understand.
As you can see, there are tons of reasons why hiring a dental practice lawyer is essential for any dental practice. We strongly suggest that you speak with one today and work with them to determine any other areas where they could help.