What can a business lawyer do for a company?
Business or commercial law deals with aspects of commerce, including trade, sale, rights, conduct, and marketing. Experts who are proficient in the law are called business attorneys, and if you’ve built a business that intends to serve a large population or deal with out-of-state clients, hiring a business attorney should be at the top of your to-do list.
Business lawyers serve different areas of business. They can handle most legal matters or be concerned with rights and conduct. It’s up to you and how much you’re willing to share the responsibility. The important thing is to find a good lawyer, one who has been practicing for many years.
All companies, regardless of their size, have use of at least a couple of services provided by business lawyers. Unless management is made up of these professionals, having at least one as part of the core team is essential. Let’s take a look at exactly how you will benefit from hiring a good attorney.
Simplified understanding of rights and responsibilities
Trade and commerce must be carried out in accordance with certain rules and laws. It is a vast field like all areas of law and difficult to understand for a layman. What a business attorney will do is explain the responsibilities and rights that you, as the owner of the business, have and can exercise with respect to the business, clients, and consumers. This gives you the knowledge of what can and cannot be done and prevents the company from facing lawsuits and other undesirables.
Preparation of contracts
Even if you have a small business that deals only in cell phones, for example, you will have to find suppliers, negotiate, seek the necessary permits, comply with state guidelines and many official pending tasks. A business attorney can show you the way and help you draft contracts that protect you, your associates, employees, and the business.
Help with initial public offerings
When your business picks up speed and you are sure that the way forward will be profitable, you can decide to go public with an IPO. The process can take a long time as there will be changes in the organization of the company. With a business attorney, you will be able to see that the process runs smoothly and focus on the immediate areas that need your time.
help with disputes
There will always be disputes in a company no matter how well organized it is. If the time comes when you are facing a lawsuit and you don’t have a good attorney by your side, you could suffer huge losses in attorneys’ fees, settlements, and other expenses. By hiring an attorney up front to round out your core management team, handling disputes becomes easier and you’re less likely to lose out.
Not all business attorneys have the full set of skills necessary to help run a business smoothly. The larger your company, the more lawyers you will naturally need. Still, if you can find people who are skilled in multiple areas, you’ll have fewer professionals to deal with.
The lawyer or lawyers you hire must have practiced in areas related to real estate, taxes and licenses, contracts, intellectual property rights and business organization. Hiring an attorney who is in the business of drafting wills, for example, makes no sense since the field is not business related. Therefore, spend good money on good business lawyers whose priority is the protection of your business and your interests.
