2023 economic downturn

Disclaimer: This article on hiring a litigation lawyer in 2023 is intended for the purposes of providing information only and is to be used only for the purposes of guidance. Please note this article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

At Beeksma Law, we have been practicing law for quite some time and through different economic climates. We have seen how the practice of law changes as world conditions change. For example, we remember how our practices changed during the recession of 2008 and the boom of 2017.

By all accounts, we can expect the economy to continue to shift in 2023. Recently, Royal Bank predicted back-to-back negative quarters as early as January 2023. However, we don’t want to be all doom and gloom. We cannot control the changes that will take place in the economy, but we can control how we handle those changes.

Our experience has shown us that when there is a downturn in the economy, there is a greater need for litigation lawyers. At Beeksma Law, we can provide you with knowledgeable legal counsel and representation when it comes to litigation matters.

In this article, we will outline specific areas where you may need our litigation expertise as we move into 2023. We will also outline some steps you can take today to protect yourself, your families and your business.

Business Disputes

This is the largest area where we see an uptick in litigation files. You may find it harder to get paid by clients as people face harder economic times. You may find yourself in other disputes.

A knowledgeable lawyer is crucial when navigating these situations and ensuring that you are lawfully protected. (Of course, enforcing your contract means being able to show that you upheld your contractual obligations.)

However, it is also important to have a lawyer on your side to prepare strong contracts. Those strong contracts will protect your interests. Your budgets may be stretched a little thin, but this is one area that you should prioritize. Without a contract in place, you are more likely to have to pursue litigation to resolve your issue. This is much more expensive than having contracts prepared.

Arming yourself with strong, well-written contracts is the single best thing that you can do to protect yourself and your business before 2023.

Real Estate Litigation

We still see some sales held up by a sudden inability to close because the purchaser can no longer get financing.

When that happens, you need an experienced advocate to negotiate how to close the deal. However, if the parties cannot agree (a topic for a future blog post), a seller’s only option may be to sue.

Of course, you can protect yourself well before you get to that point. A prudent lawyer will be able to help you structure a sale that protects your interests. She will also help you document everything in the event you need to pursue litigation.

Estate Litigation

If you are an executor or administrator of an estate, you may face more inquiries from beneficiaries during tough economic times. When people are struggling financially, they may be more likely to challenge the terms of a will or trust.

In other situations, you may suspect your loved one’s power of attorney is mismanaging the estate, leading to disputes. It’s important to note there is a 2-year limitation period where you have known, or ought to have known that a power of attorney was mismanaging the estate. Therefore, you need to be aware of your rights and act quickly in these instances.

If you find yourself in the middle of an estate dispute, it’s best to consult with a lawyer early to protect your interests and the wishes of your loved one.

Preventing Litigation in 2023

Litigation is stressful, time-consuming, and expensive. It can also have long-term impacts on a business or individual’s reputation. That is why it is so important to protect yourself now before we move into 2023.

It’s said that the best defense is a good offense, and we could not agree more.

At Beeksma Law, we specialize in working with clients to prepare them for any legal issues that may arise. We can help you review contracts, provide advice on how to structure transactions, and more. We will also be there to represent your interests if a dispute arises.

If you think you may need a litigation lawyer in 2023, book a call today. We can help you navigate potentially difficult situations with confidence.