The Pros and Cons of Using Contract Templates vs. Custom Drafts from a Solicitor

Signing a business contract is a big commitment that requires careful consideration. You want to ensure the agreement protects your interests without creating unnecessary obstacles. This leaves many businesses wondering whether they should use a pre-made template or pay a solicitor to draft a custom contract. There are pros and cons to each approach.

Using Contract Templates

Pros:

Save time and money – Templates allow you to bypass the lengthy process of having a solicitor draft an agreement from scratch. This significantly reduces solicitor fees. Templates are ready for quick customisation and signing.
Accessible options – Various websites offer free templates covering common business agreements like NDAs, independent contractor agreements, and lease contracts. Many solicitor firms also sell template packages for different business needs.
Good for simple contracts – If you need a straightforward, standard agreement, a basic template may suffice. They cover the key contractual terms and clauses you’d expect to see.

Cons:

Lack of customisation – Templates use generic language not tailored to your specific situation. Without customisation, the contract may not address unique needs and risks.
Need for care – Review template terms thoroughly. Templates shouldn’t be signed as-is without careful consideration. Legal gaps or errors could lead to issues down the line.
No legal review – Since you aren’t working with a solicitor, you won’t have an expert eye to identify weaknesses in the template before signing.

Custom Drafts from a Solicitor

Pros:

Customised to your situation – Solicitors will create agreements reflecting your specific business relationship, objectives, industry standards, and concerns after discussing your needs.
Higher legal validity – Experienced solicitors know how to draft air-tight contracts less vulnerable to legal challenges. They ensure critical terms and protections are included.
Ongoing support – Your solicitor can answer questions and provide guidance on executing and enforcing the contract after signing. They can also help amend the contract if needed.

Cons:

More time intensive – It takes time to brief your solicitor, for them to draft an agreement, and to review revisions together. Completing a custom draft often takes weeks or longer.
Higher cost – Solicitor fees for custom contracts typically cost hundreds or thousands of pounds depending on complexity. However, this investment reduces future risks.

Though solicitors charge more upfront, their expertise is often worth the investment for important contracts. Solicitors understand the nuances of contract law and common sources of interpretation disputes. A solid contract drafted by an experienced firm of solicitors like PA Duffy Solicitors reduces risks down the road, providing peace of mind and financial protection well worth the solicitor fees.

Key Considerations

Before deciding on using a template or local solicitor, consider factors like contract complexity, business risks, and the value of the deal you are trying to build. Simple everyday contracts can likely be adapted from quality templates. But high stakes contracts warrant the utmost legal scrutiny of a custom draft. Understanding the trade-offs helps strike the right balance for your business.

Author Profile

Adam Regan

Deputy Editor

Features and account management. 3 years media experience. Previously covered features for online and print editions.

Email Adam@MarkMeets.com