Megan Solomon from Goughs Solicitors believes the best time to plan for the future of a business is often much earlier than people think.
As a Corporate & Commercial Solicitor at Goughs Solicitors, Megan works with businesses at every stage of their journey, helping owners navigate growth, change and important commercial decisions. Her advice is simple: thinking ahead can save both time and money in the years to come.
Although Megan originally planned to become a criminal defence barrister, her career took a different direction during her legal studies.
“Initially, I wanted to become a criminal defence barrister, but during my undergraduate degree and GDL I realised that criminal law wasn’t the right fit for me,” she said. “After completing my LPC, I found myself much more interested in corporate and commercial law.
“I enjoy the variety of the work and the fact that you are constantly looking for solutions. It requires you to think carefully about both the legal position and the commercial reality for a client, which keeps things interesting and challenging.”
Today, Megan advises businesses on a wide range of corporate and commercial matters, supporting clients as they grow, restructure or prepare for significant changes.
One area she believes is often overlooked is succession planning.
“It may seem strange to think about where a business is heading when you are only just starting out, but having a clear idea of your ambitions can make a real difference,” she said. “Whether your aim is to grow the business, sell in the future, or pass it on to the next generation, those plans should influence the decisions you make from the outset.
“Succession planning and exit strategies are often things that businesses only start considering when a change is already on the horizon. Getting advice early means you can put the right structures in place and make sure the business is set up in a way that supports those future goals.
“Although it can feel like an additional expense at the beginning, putting strong foundations in place early is usually much easier and more cost-effective than trying to resolve problems further down the line.”
Working with businesses across a range of sectors, Megan says every client brings different ambitions and challenges.
“Every business has its own story, objectives and challenges,” she said, “The most important part of my role is taking the time to understand what a client wants to achieve and finding a practical solution that works for them.”
Megan also encourages anyone considering a legal career to understand what the profession really involves before making the commitment.
“My advice would be to think carefully before deciding it’s the right path for you,” she said. “Law is incredibly rewarding, but it is also a long and demanding journey. There are years of studying and training involved, and the reality is often very different from what you see on television.
“For me, taking a year out after sixth form gave me the chance to experience working in IT and think about what I really wanted to do. It meant I chose law because I was genuinely interested in pursuing it, rather than simply following the expected route of going straight to university.”
Away from the office, Megan enjoys running around Bath and supporting the city’s independent hospitality businesses.
For more information, contact Megan Solomon at Goughs Solicitors on 01225 715082, email email hidden; JavaScript is required, or visit www.goughs.co.uk.
