“A lawyer’s time and advice are his stock in trade.” – Abraham Lincoln
It’s a widespread perception that lawyers can be expensive. But having a good lawyer can be invaluable in providing you with sound advice and saving you time and money in the long run. Over the course of your career, the needs you may have from a lawyer will vary. Today, we’ll discuss how a lawyer can help you in terms of your business and personal needs as a physician.
Business Requirements
In most cases, you will need to hire a lawyer to incorporate a medical professional corporation (MPC). Once the corporate structure is set up, a lawyer can continue to help you meet annual requirements to maintain your MPC (more to come on Incorporation later). A lawyer may also be able to help you navigate the process of buying or selling a medical practice. In addition, a lawyer can vet contracts for you to ensure you are getting the fairest deal, whether it is contracts for employees at your practice, reviewing locum contracts (either as the locum or hiring physician), or a partnership contract with other doctors in your clinic or group.
Personal Requirements
On the personal side, a lawyer can guide you through estate planning (more to come on this later) or real estate needs, such as buying or selling a house. Sometimes, a family lawyer is needed to navigate you through family law concerns, including divorce or legal separation, child custody or child support issues, etc.
The Bottom Line
Each lawyer tends to specialize in one area of the law (real estate law, estate and trust law, family law, corporate and commercial law, etc.). You can either find individual lawyers to meet your various needs or deal with one law firm that offers services for all of your needs.
Remember, you can shop around for a lawyer or law firm and choose the one that best aligns with your needs. Here are some questions to keep in mind when looking for a lawyer or law firm:
- Do they offer all the services you anticipate needing in the near future?
- Are their prices comparable to those of similar firms?
- Do you like their communication style, and do you feel comfortable with them?
- Can they refer you to other trusted professionals, like accountants?
Here’s a summary of how a lawyer can help you:
I hope you gleaned some valuable tips today. Join me next time as we explore the next topic of The Doctor’s Dream Team Series.
Until then, be well,
Laura
Disclaimer
I am not a certified financial advisor/planner, accountant, insurance broker, or lawyer. The content of this blog is for informational purposes only and is designed for a Canadian physician audience. The information provided does not constitute professional financial, tax, investment, insurance, or legal advice.
Readers should:
- Understand that every financial situation is unique
- Consult qualified professionals before making any financial decisions
- Not rely on this blog as a substitute for personalized professional advice
The views and opinions expressed are of the author and do not represent any affiliated organizations, including but not limited to L.J.A. Medical Communications Inc. The author does not warrant or guarantee the accuracy, completeness or usefulness of this information. Any reliance a user places on such information is strictly at the user’s own risk. The author does not assume any responsibility or liability for any actions taken based on the content of this blog.