The majority of businesses will need to associate themselves with two different kinds of professionals, an accountant and a lawyer. The reasons for getting an account are fairly obvious, the reasons for getting a lawyer might not be so immediately clear.
A corporate or business lawyer is a legal professional who understands how to navigate the legal issues relating to business operations. They will assist in the drafting of contracts, issues of copyright and trademarks as well as dealing with real estate among other things.
A corporate lawyer is best used before a lawsuit
If a business is getting sued, it is too late for a corporate lawyer to do their best work. A business lawyer is meant to be used as a preventative measure, not a reactionary one.
With the supervision of a corporate lawyer a business can prevent itself from falling into legal situations that can be easily avoided. A corporate lawyer is a form of insurance for a business that is better to pay for and not need than to need and not have paid for.
This is especially true for growing businesses that take on a new range of liabilities as the organisation expands. Regular businesspeople cannot predict legal complications and compliance issues in the same way that a professional corporate lawyer can.
Find the right firm for your needs
Employing the services of a large corporate law firm has its advantages and disadvantages. The cost of a large law firm will bring large overheads but will also give a business access to highly specialised lawyers.
As the field of law becomes more complex and competitive, less and less lawyers operate as general practitioners. A ‘jack of all trades’ lawyer is unable to be as effective in high profile cases that require the services of a lawyer who has dedicated their expertise to a specific area.
The reputation of a large law firm should not be discounted either. Prestigious firms can offer associated businesses a range of benefits both tangible and intangible.
Don’t hire a businessperson in disguise
A corporate lawyer functions primarily as an adviser and advocate for the business they work for. They should be happy to educate business leaders on the legal framework of their industry and help make suggestions relating to legal decisions.
A corporate lawyer is not meant to second-guess non-legal business decisions. They should be offering business leaders with a range of viable legal alternatives and make informed suggestions where appropriate.