Whether they give value-based advice or concentrate on their case, attorneys are paid to prompt their customers on the most proficient method to handle circumstances with legal bearing. However, in light of that fact, if an attorney recommends that a business owner do something, it doesn’t mean they always will.
Indeed, even counselors and financial specialists offer guidance that isn’t generally welcomed. It is said that most exceptionally terrible business visionaries listen to they are told. Yet, the most successful business people take advice as advice and follow their gut. One man almost always follows his gut, but mainly because he can afford to.
Bad Business Mojo
In June, 2004, Mark Cuban, Dallas Mavericks owner and Shark Tank venture capitalist, sold his six-percent stake in Mamma.com, a Canadian Web inquiry organization. Around the same time, he got a call from the SEC about the likelihood that a notorious stock swindler was included with the organization.
Essentially, Cuban committed insider trading, just not the blatant, malicious kind most are used to seeing. The SEC claims Cuban benefited from selling his shares before the company made a change to offer private stocks, which tanked the value of their shares. Cuban avoided a $750k loss and the SEC wanted to take him to court for it.
Stubborn as a Bull
Mark Cuban got legal advice from his lawyers, they said the smart move is to avoid litigation and settle out of court, whether he really committed a crime or not. Cuban ignore the warnings of years of stress and lawyer fees, went on to successfully fight and win a seven-year long investigation and trial process.
You could say Mark Cuban has great intuition; that fits his profile as a famous investor on Shark Tank. You could also say that he loves to take risks and defy odds, but is the moral of the story here to ignore consultation or legal advice if your heart is saying something else? Cuban has been on record before giving bad advice to average people, this case is no different.
I think it’s safe to say that Mark Cuban is not your typical example of a person or even a business that finds themselves in legal problems. Despite the unsavory view that many people have about attorneys, their job is first and foremost to protect you and to win your case. If that entails settling to prevent going bankrupt or being put in jeopardy of real jail time, then you might need to think hard about how important your principles are.
Mark Cuban is a billionaire, he can afford to tussle with the courts for years, because no matter what, he comes out winning in the end. For more information about this case, you can read the detailed descriptions of the particular laws that pertain to it here:
http://www.law360.com/articles/506437/why-you-should-not-follow-mark-cuban-s-legal-advice
You can’t afford to be unlucky in your gauging of a legal situation. Laws are tricky things, they are designed to fail you if you cannot afford proper legal representation. Don’t be too proud to get free consultation from an attorney if you think you might be in some trouble.
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