Every business person realizes at some point in their career that they need to seek the advice of a lawyer, and the more ventures an entrepreneur engages in, the more times a legal expert will be required. Entrepreneur Jay Bloom sees this as an opportunity to understand the legal system and to see real-world examples of logic, reasoning, and persuasion.
When looked at through this lens, legal matters aren’t scary or intimidating; instead, they are learning opportunities that can only help businesses down the road.
Find a Business Lawyer Before You Need One.
One should never wait until they find themselves knee-deep in a legal matter to “lawyer up.” There are tools available to find a lawyer experienced in matters of business. Jay recognizes that finding a good and trustworthy lawyer is invaluable, and one never knows when that legal help will be needed.
Legal needs often change as entrepreneurs diversify their business portfolios, and that’s why it’s helpful to have connections within the legal world. As co-founder of Pegasus Group Holdings, which owns and operates large utility scale renewable energy infrastructure assets, Jay Bloom has needed the expertise of very specific types of legal advice. Building a professional network that includes members of the legal profession is always a wise decision.
Study Areas of the Law That Affect Business.
The key is not to be fearful of the process; instead, choose to learn from it. It’s crucial to understand what’s going on, at least to the point of being able to ask good questions and be an advocate for yourself.
Working with his lawyers helped Jay as he and a business partner, according to the Las Vegas Sun, developed First 100, which bought discounted liens on HOAs in Nevada and used a special provision in state law to eliminate the lender’s mortgage. This process resulted in profits for First 100.
When an investor neglected to provide funding as promised, First 100 took him to court. Jay studied the legal aspects from every angle so he could be an asset to his legal team. In the end, a judge awarded First 100 a massive $2.2 billion judgment, the largest judgment in the history of the State of Nevada.
Put Legal Ideas Into Practice.
Let’s say someone can’t afford a lawyer at the moment. They still have the power to understand the basics of business law and help their ventures. Jay Bloom recommends doing as much research as possible about the law, one’s rights and responsibilities, and how the court functions.
For Jay, this fascination with the judicial process has led to opportunities to help draft some legislation. He has also been appointed to the Nevada State Bar Disciplinary Board, where he has seen both the good and the bad that lawyers can do. Approaching the law as a friend and not a foe, researching aspects of the law that affect your business, and working with good lawyers to get the results you deserve are the keys to employing the best possible legal resources as tools for your business.