According to a recent survey conducted by UK-based LawyerLocator, although half of all potential start-ups consider the advice of an accountant essential in launching their business, only 27% believe that engaging the services of a lawyer is equally valuable.
The report, commissioned by the online directory of law firms and solicitors, revealed that talking to a solicitor even ranked below seeking the advice of family and friends, which was cited by 28% of respondents.
However, speaking to the UK media following the survey's release, Peter Groves, advisor to LawyerLocator and commercial solicitor, stressed the importance of obtaining legal advice before setting up a business:
'Perhaps the legal profession has not always done a great job explaining what they have to offer new business ventures,' he observed, continuing: 'Seeking legal advice might be seen as time consuming and a bit daunting, but the consequences of not doing so can lead to financial pain.'
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