How Can A Commercial Lawyer Help Your Business
Business owners have to know and apply the law in all their transactions, partnerships and contracts. Not knowing the legal requirements doesn’t make you innocent, should you get sued by one of your partners or clients. This is why you have to make sure you apply the law in everything you do. Nonetheless, knowing all legal details of all transactions can be impossible, as laws can change quite frequently. The role of a commercial lawyer is to draft and review all agreements and business transactions in order to make sure they are in line with the legal requirements of the moment. A business may decide to have in-house commercial lawyers or to outsource these services by hiring a law firm.
Commercial lawyers spend a lot of time researching, drafting and reviewing business documents. They need to identify all rules that must be followed and all conflicts that might arise. This activity requires many hours of study, as these attorneys might need to examine a lot of international and local laws in order to be able to determine such rules and potential conflicts.
The main point of using the services of a commercial lawyer is to prevent the need for going to court to resolve disputes. Well drafted contracts, leases and other legal documents set out the conditions and fees for all transactions so that each party should be clear on their obligations. Difficulties arise when one party does not adhere to the agreements between the two parties.
Commercial lawyers in fact rarely appear in court since their work is predominantly desk-based centred around contracts, lease agreements, shareholder agreements and terms of trade among other documents. If there is a disagreement then they will work with the other party’s lawyers to try to come to a suitable arrangement. It is only if this breaks-down that people have to go to court to get a resolution,
Some business owners think they are safe, as they don’t give their partners or clients any reason to be unhappy. Nonetheless, this is a wrong way of thinking. You need to play it safe at all times, otherwise you might need to pay huge legal fees once you have to defend your case. Generally speaking, the fees of a commercial lawyer represent only a fraction of what you may need to pay to a lawyer to get you out of trouble once it’s happened. It is always wiser to prevent such situations occurring than allow them to come to pass.
If you run a business, you should consider hiring the services of a commercial lawyer. You may already have your agreement drafts and various business documents you use in your daily work, but how can you tell they are good? By hiring a legal professional to assess and edit these documents, you can gain the peace of mind that you are going to be on the safe side and will be able to either enforce them or be able to defend yourself
If your business is small, you should probably outsource such legal services. Hiring an in-house business lawyer could be too expensive for you, as you’d have to pay this individual each and every month, regardless their activity. On the other hand, if you hire a law firm to check or develop your business documents, you are only going to pay for what you use. If they work 10 hours, you are only going to be charged the fee for this time and nothing more.
Either way, each and every business should use a commercial lawyer to make sure they minimise the risk of either losing a case or not being able to enforce your own position.
McVeagh Fleming is a firm of commercial lawyers on the North Shore of Auckland.