Jay Bloom likes real-world examples of logic, reasoning, and persuasiveness in enterprise legislation
Every entrepreneur realizes at some point in their career that they need to seek advice from a lawyer. The more ventures an entrepreneur undertakes, the more often a legal expert is needed. Entrepreneur Jay Bloom sees this as an opportunity to understand the legal system and see real-world examples of logic, reasoning, and persuasion.
When viewed through this lens, legal matters aren’t scary or intimidating. Instead, they offer learning opportunities that can only help companies in the future.
Find a business lawyer before you need one.
One should never wait until they are knee deep in a case to “become a lawyer”. Tools are available to help you find an attorney who has experience in business matters. Jay recognizes that finding a good, trustworthy lawyer is invaluable and you never know when that legal help will be needed.
Legal requirements often change as entrepreneurs diversify their business portfolios. This is why it is helpful to have connections within the legal world. As a co-founder of Pegasus Group Holdings, which owns and operates large utility-scale renewable energy infrastructure facilities, Jay Bloom needed the expertise of very specific types of legal advice. Building a professional network that includes the legal profession is always a wise decision.
Areas of study of law that affect business.
The key is not to be afraid of the process; Instead, choose to learn from it. Understanding what is going on is important, at least until you are able to ask good questions and be an advocate for yourself.
Working with his attorneys helped Jay when he and a business partner, according to Las Vegas, developed the Sun First 100, bought discounted liens on HOAs in Nevada, and used a special provision in state law to remove the lender’s mortgage. This process resulted in profits for First 100.
When an investor failed to provide the promised funding, First 100 took them to court. Jay studied the legal aspects from every angle so he could be of benefit to his legal team. In the end, a First 100 judge handed down a massive $ 2.2 billion judgment, the largest judgment in Nevada state history.
Put legal ideas into practice.
Let’s say someone can’t afford a lawyer right now. They still have the power to understand the fundamentals of business law and to support their endeavors. Jay Bloom recommends doing as much research as possible on the law, your rights and obligations, and how the court works.
For Jay, this fascination with the legal process has created opportunities to help draft some laws. He was also appointed to the Nevada State Bar Disciplinary Board, where he saw both the good and the bad that lawyers can do. Approaching the law as a friend rather than an enemy, studying aspects of the law that affect your business, and working with good lawyers to get the results you deserve are keys to using the best you can legal resources as tools for your company.