South Africa has over a 60% failure rate, in fact, it has increased to just below the 80% mark since March 2020. Some of the most pressing reasons are lack of access to markets and lack of access to funding. These however are in my view symptoms of another underlying cause; inadequate or no legal compliance. The reality is that legal services are often one of those aspects left unattended by entrepreneurs; there are many reasons for this. Some reasons include the cost of reliable legal services, the time execution takes and the issues around general accessibility to credible legal services. As a result, we know that many businesses have resorted to using free templates from unreliable sources. Where reliable templates are obtained – they are often incorrectly utilised or completed, which renders these completely useless.What we have seen to date is that COVID-19 and the lockdowns have amplified this trajectory.
So, now more than ever having legal ducks in a row will be the fine line between survival and demise, especially for small businesses. Dealing with employment and tax issues, and applying to relief funds will require the correct documentation. The costs of being compliant can be prohibitive at the best of times. Right now, every cent counts, and we’re working hard to help companies get on top of their affairs cost-effectively.
It is because of what the data has taught us, that SchoemanLaw identified the need to use Technology in a traditional law firm in a unique way, long before COVID-19 hit us all. Contracts4biz.co.za was the result of this realisation. It offers reliable legal contracts, no prior legal training required, easy to put together, instantly available to download and are made available at an affordable price. Contracts4Biz is supported through help texts, 24/7 chatbot free podcasts, videos, blog posts and training events.
Contracts4biz launched in 2018 and since then, has empowered thousands of entrepreneurs. The innovator behind this is law firm SchoemanLaw Inc in Cape Town, which has won a number of awards and accolades since its launch:
- Winner Gender Mainstreaming Awards 2018: Unlisted Companies – Women Empowerment in the Workplace
- Finalist 702 Cape Talk Nedbank Business Accelerator 2018
- Winner WOZA Women in Law Awards 2019: 6+ Women Lawyers
- Finalist Standard Bank Top Woman Awards Top 2019: Gender Empowered Company: Diversity & Inclusion Award
- Finalist African Legal Awards 2019: Best use of Technology
- HiiL Innovating Justice Challenge Class of 2020
The platform is also ever-evolving and ultimately, customer-driven. Documents are added as and when customers request them. All the materials are also frequently updated to ensure that they align with the latest best practice. There is no need to leave small business’ legal needs unattended ever again!
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