Legal

Last Updated Feb 2009


Joseph Soraghan • Danna McKitrick

Years of experience:  U.S. Navy (submarine officer), three years; practiced law for 37 years, adjunct professor, six years

Years working with small firms:  entire legal career (I also represent large firms)
 
Key challenges:  Small businesses – balancing family with overwhelming demands of the business for time and attention.  Small-business attorneys – providing appropriate legal protection to the client to compete with larger competitors while staying within the client’s budget.
 
Key advice to small firms:  1) Get your “partners’” (business partners, advisers, etc.) agreement before making large decisions – and your spouse is your most important partner; 2) pick your partners carefully (your best friend may not be a good business partner); 3) recognize the need for advisers, both professionals and knowledgeable friends; and 4) plan, plan, plan and then plan some more.
 
Biggest mistakes seen and advice to solve the problem:  1) Insufficient planning and 2) ignoring creditors when payment problems begin.  Advice:  1) Plan more and 2) when you miss a payment, contact your creditor before the creditor contacts you, and start to work out the problem on the best terms you can afford.  (Creditors who are ignored are much more likely to sue you – in which case I may make more money.)
 
Motivation to help small firms:  Small business 1) constitutes the bulk of business in this country, so they provide the largest pool of possible clients, and 2) has a much greater likelihood of developing new and innovative ideas, processes and products to a) improve people’s lives and b) employ  more people in the future.  In the small-business arena, therefore, I believe I can have a greater effect improving people’s lives than in working for larger, more mature businesses.

  

 

Categories