A business is difficult enough to own and operate without adding surprise lawsuits to the mix. When you work in construction? The difference between a company that can stand toe-to-toe with the best of them and a company that goes belly up is employment law. A lawyer for business owners works as a mediator between everyday business and the fine print that undercuts the entire process. Managers, employees and customers benefit from a business that takes the time to learn about labor law and commercial litigation. Even if your’e a seasoned veteran of construction law, a refresher course can’t hurt.
There’s no such thing as being too prepared. Brush up on your statistics and learn why you should hire a lawyer for business owners this year.
How is the construction industry faring? According to a few statistics…not particularly well. Between April of 2006 and January of 2011 the American construction industry eliminated over 40% of its workforce. Not only did thousands of people lose their jobs, but many companies found themselves closing up shop before they could truly begin. Where does employment law come into play here? How can you make sure you’re prepared for whatever heads your way?
The construction industry is notable for its high amount of civil lawsuits and personal injuries. This is both due to the inherently dangerous nature of construction work and the high demand for updated buildings and structures. Although construction companies rely on 3D printers more than ever to print materials and streamline the process, a lawyer for business owners is a resource you shouldn’t overlook. Back in 2015 the American Arbitration Association administered over 500 construction industry cases. These claims hit $500,000, sometimes more, and the total value over that year exceeded $5 billion.
Everyone needs a form of insurance. Car owners need car insurance to keep them covered in case of an accident or mechanical failure. People need health insurance to keep up their dental work, vaccinations and medication refills. Your business, just like anything else, requires back-up to shelter it through tough times. Builders risk coverage is written for a minimum term of one year, covering a new building or structure under construction. This applies if the structure is undergoing additions, repairs or new alterations.
When you find yourself neck deep in a lawsuit, it’s imperative to know when to hire a business litigation attorney. According to the American Arbitration Association, arbitration cases are much faster than traditional litigation. While the median length of a jury or bench trial in civil cases can exceed 27 months, arbitration is often solved in eight months or less. The largest ever case resolved by a single arbitrator was a claim of $232 million, with the smallest claim being just $23,000. The state you live in will have a major impact on the result you should expect.
Take Texas, for example. Texas law dictates that a breach of contract claim needs to be filed within four years. This can change, however, if the contract specifies a smaller span of time. Breach of contract cases make up a significant 34% of civil cases filed in court, which should give you a good idea of what you could be up against once your business starts taking off. A 2005 review of civil cases filed in state courts sees plaintiffs winning bench trials nearly 70% of the time. Although this sounds promising, a lawyer for business owners is indispensable.
New businesses and experienced companies alike will have a bright future with the aid of a construction lawyer on their side. Instead of hoping you’ll fall on the right side of modern statistics, up your game and keep a professional eye close.