As a high net worth individual, you’ve worked hard to achieve your success. You may have a team of financial advisors, accountants, and other professionals to help manage your wealth. However, one critical professional that is often overlooked is an attorney.
According to a study by the American Bar Association, approximately 50% of Americans will be involved in a legal problem or lawsuit in their lifetime. As a high net worth individual, the stakes are even higher. A legal problem or lawsuit can have significant financial and reputational consequences that can impact your personal and professional life for years to come.
By not having an attorney on call, you’re leaving yourself vulnerable to legal pitfalls that could have been avoided. Here are some reasons why having an attorney on call is crucial for high net worth individuals:
- Mitigate Problems Before They Become Bigger: By having an attorney on call, you can quickly address legal issues as they arise. An attorney can help you assess the situation, develop a strategy, and take appropriate action. This can help mitigate problems before they become bigger, potentially saving you time, money, and reputation damage.
- Protection of Assets: High net worth individuals often have complex financial arrangements, including multiple businesses, investments, and real estate holdings. An attorney can help you structure these arrangements in a way that protects your assets and minimizes your legal (and tax) liability.
- Reputation Management: Your reputation is everything, especially in the age of social media. A legal problem or lawsuit can damage your reputation and impact your personal and professional relationships. By having an attorney on call, you can proactively manage your reputation and take steps to minimize reputational damage.
- Access to Legal Expertise: Laws and regulations are constantly changing, and it can be challenging to keep up. By having an attorney on call, you have access to legal expertise that can help you navigate complex legal issues and ensure that you’re always in compliance with the law.
Not having an attorney on call can be a significant pitfall for high net worth individuals. By having an attorney on call, you can mitigate legal problems before they become bigger, protect your assets, manage your reputation, and access legal expertise. Don’t leave yourself vulnerable to legal pitfalls that could have been avoided. Contact us today to learn how we can help you protect your interests and achieve your legal objectives