Contracts are the backbone of any business relationship, defining rights, responsibilities, and expectations. Whether you’re forming partnerships, hiring employees, or working with clients, having a well-drafted contract is essential. But how do you get one without breaking the bank? Here’s a closer look at your options and how you can save money while protecting your business interests.

1. Downloading Free Templates Online

If you’re on a tight budget, downloading a contract template from the internet might seem like a good idea. After all, there are plenty of free options available with just a quick search.

However, there’s a significant downside to this approach:

1. Quality Uncertainty: Can you trust the source of the template? Not all templates are created equal, and using a poorly drafted one can leave you vulnerable.
2. Risk of Errors: Filling out a template without legal expertise might lead to omissions or mistakes that could invalidate your contract.

While this option is affordable upfront, it can end up costing more in the long run if the contract fails to protect you.

 

2. Hiring a Lawyer

For complete peace of mind, hiring a contract lawyer is the gold standard. A professional lawyer will take the time to understand your unique situation and draft a customized agreement that’s legally sound and tailored to your needs.

However, this comes with a steep price tag:

1. Business lawyers typically charge between $150-$400 per hour, depending on their experience and location.
2. For small businesses or startups, these fees may not be feasible.

If your budget allows, this is the safest option—but it’s not the most cost-effective for every situation.

 

3. Using a Template with Legal Review

The middle ground between cost and quality is using a reputable template and having it reviewed by a lawyer. Here’s how it works:

1. Download a professionally crafted template from a trusted source.
2. Fill out the details yourself.
3. Submit it to a business lawyer for review to ensure compliance with the law and proper protection of your rights.

This hybrid approach combines affordability with professional oversight, making it a smart choice for most small businesses.

 

A Better Way: LegalShield Small Business Plan

If you’re looking for a cost-effective, hassle-free way to draft contracts, consider a small business plan from LegalShield. Here’s why it’s a game-changer:

1. Access to Lawyer-Drafted Templates: Save time and avoid guesswork with high-quality templates tailored to business needs.
2. Unlimited Consultations: Need advice? Consult with experienced business lawyers whenever questions arise.
3. Document Review: Submit contracts and other business documents (up to 15 pages each) for professional review and feedback at no extra cost.

LegalShield offers the perfect balance of affordability and professional protection, giving small businesses the tools and support they need to thrive.