Regardless if it’s a sole proprietorship, small or medium-sized, starting or had already built a name in their respective industries, a company needs professional assistance for various aspects of their business operations to ensure its smooth sail – from financial management, sales and marketing strategies, and most importantly, legal aspect.
Business law is a complex area in the business industry that requires thorough attention and time of a business owner, as a huge sum of money is potentially at stake if it fails to meet rules and regulations applicable to their operations. Hence, companies usually hire business law firms to provide legal expertise and ensure that the company’s reputation is at all times protected.
If your business is looking for legal assistance, here are things you should know if you are considering to hire a business lawyer of your choice or expert commercial solicitors in general.
They are different from other types of lawyers.
A business lawyer usually provides legal advice in almost all aspects of a business’ operations. Basically, they are hired to ensure that the company is compliant with a country’s rules and regulations in operating a business. Their expertise is also sought in drafting and implementing company policies, business plans, partnership agreements, review of contracts, and definitely protect the company from lawsuits. They also work within the legal unit of a company.
They are different from a trademark lawyer and even from business dispute solicitors. Ultimately, it all boils down to their area of expertise or specialisation. You would go for lawyers who specialise in the area of corporate law if the matter concerns about your business.
They can determine the type of business to start.
There are business lawyers who can help individuals and start-up companies decide on the type of business they should pursue – may it be becoming a sole proprietor, partnership, Limited Liability Company (LLC), or a corporation as the type of business you’ll establish will determine the financing capabilities you’ll need to have to sustain it.
They are negotiation and documentation-savvy.
Business solicitors are also hired to negotiate settlement(s) if either the company or its external client or provider fails to perform its duties and responsibilities. This can include writing contracts, non-disclosure agreements, or even bringing the issue or case to court.
Further, they also deal with real estate laws on behalf of their clients – from dealing with the leasing agent or company to delivery of paper works required to procure a land or property.
4 – They protect a business’ name and trademark(s).
These legal professionals also aide their clients in protecting their business name and trademarks by performing the following functions:
- Verify for similar business names or trademark(s) already registered;
- Provide legal advice on choosing business name and trademark(s);
- Perform the application and documentation required for registration; and
- Monitor its status and work on concern(s) that may arise from application.
Not only they can deal with business name and trademark(s) application and possible issue(s), business lawyers are also known to deal with product and/or service litigation suits and provide straightforward settlements.
5 – They deal with settling employment concern(s).
While business and employments laws are two distinct fields, a commercial solicitor may come into the picture when problem(s) in relation to unfair practices and violation(s) of contract by an employee is found.
Moreover, in dealing with business to business (B2B) or business to consumer (B2C) contracts, business lawyers are task in creating employment contracts, they’re even involved in the decision-making process of re-hiring both regular and irregular employees.
6 – They play a vital role in a company’s structuring and restructuring.
If a business plans to restructure its company, a business lawyer’s expertise should be first sought as it can have repercussions to a company’s operation. Through their help, a company may be able to gauge the ideal structure, help in drafting and implementing restructuring plan and ensure smooth transition in dealing with both internal and external clients. They can also deal with payment to creditors and closely work with court and other involved government as restructuring plans also involve approval of various external parties.
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