Most businesses generally assume that risky outcomes are more likely to meet other organisations rather than their own. But by the time they realise that it can happen to them as well, it’s far too late and they have to come up with the funds to fight litigation, most likely at the expense of inflicting financial damage to the business they worked so hard to build.
According to a YouGov survey (with financial analysis by CEBR), not securing their businesses against legal liabilities costs UK businesses a whopping £13.6 Billion a year.
The same survey reported that more than half of respondents agreed that seeking professional legal help would have reduced legal costs to their business. So, it’s safe to say that rather than ignorance, it’s an underlying reluctance of UK businesses to seek legal help that ends up hurting them.
The biggest reason for this reluctance is the price that these businesses have to pay for professional legal advice. And since most businesses have to watch every penny they spend just to stay in business, they choose not to seek professional legal assistance, which costs them and the UK economy £13.6 Billion a year.
Employment disputes, not having a contract with partners, service providers and others are all factors that drive up litigation costs for UK businesses.
Legislate, an Oxford-based Law Tech company, provides a range of legal contracts that are easy to understand, approved by lawyers and provide legal protection for both sides.
Legislate’s contract templates are not set in stone, with complete flexibility, they can be tailored to specific situations by answering simple questions. Users can even invite their team members to collaborate on contracts with them and once done, they can invite all parties to conveniently e-sign the documents.
Businesses can even manage and store all of their contracts in one place with robust protection and state-of-the-art searchability. With all of its features and extensive library of contracts, Legislate costs only a fraction of what lawyers charge for drafting a single contract.
As can be decided from the YouGov survey, businesses expose themselves to financial jeopardy in the long run by saving money in the short term. Legislate helps UK businesses save money in the short term and offers long-running protection against legal claims.