If you get into trouble with the law, chances are you have your lawyer’s number saved in your phone. But what happens if your business needs a lawyer? That’s where a business lawyer comes into the picture. Business lawyers are there to help keep companies running smoothly. They oversee the legal ins and outs and put out any potential ‘legal fires’.
Business law covers a wide range of legal areas, including corporate law, partnership law, sales law and securities law. If you live in Australia there are numerous business lawyers Melbourne businesses can use to their benefit. Here’s why you can no longer ignore this topic.
What do Business Lawyers Do?
The main task of a business lawyer is to anticipate problems that may arise for their clients down the road. They then need to create a strategy to combat these problems. For example, a business lawyer that is representing a bank involved with a loan, will need to draft all the necessary documents. Documents such as the promissory note and security agreement will be handled by the business lawyer.
The lawyer’s main focus would be to protect their client, in this case, the bank. The lawyer will need to develop a solution and possible penalties if the client should default on their loan. They will also be responsible for filing all the necessary documents with the court.
The business lawyer needs to know the law and have a basic understanding of how their client’s business operates. Here’s a rundown of their tasks that you may be in need of.
They Provide Legal Advice
The main function of a business lawyer is to assist business owners in understanding different legal issues. This could be helping them register a ltd company or ensuring they know the compliance regulations of their industry. This could also be regarding lawsuits or potential legal violations that could have a negative effect on their business. They will provide your business with a legal solution, legal advice, and guidance about what you should do in the situation.
Facilitate Dispute Resolution
If your business falls into conflict with another establishment your business lawyer will need to come to a solution that suits both parties. This process is known as litigation. Litigation can cost a lot of money!
According to numerous reports, approximately 4% of cases of personal injuries are resolved through the court system. The rest are negotiated through conflict resolutions performed by business lawyers.
Keeps an Eye on Legal Changes
It’s easy to break a law that you didn’t know existed in the first place. Laws change all the time, sometimes without notice. A business lawyer is tasked with keeping an eye on the law and notifying your business of any changes that might affect it. They will keep you updated on the current regulations and ensure that you are following the letter of the law.
Help you Navigate the Legal System
At some point or another, most businesses find themselves on the wrong side of the law. A disgruntled client may make a case against you, even if he or she has no ground to stand on.
When this happens, you will need someone in your corner to help navigate the legal system. Lawyers ensure that your rights are protected. In the event of a lawsuit or court case, they will represent your business.
Connect You with a Specialist
Sometimes the legal problem your business is experiencing will need to be handled by a specialist. In this case, the business lawyer will be able to point you in the right direction and find the perfect person to represent you. Most lawyers are very well connected so they will know someone who will be able to assist you in your unique situation.
Ensure that Contracts are Legally Binding
A contract is simply a piece of paper if it isn’t legally binding. A business lawyer will draft contracts that are legally binding and will stand up in a court of law. They will also be able to review contracts that your business is required to sign and look for potential problems or loopholes.
Helps Your Business Get Paid
After providing a product or a service, your business needs to get paid. Many clients are reluctant to pay for services or default on their account payments. If the client owes you money but they show no commitment to pay, you may need to get a business lawyer involved. They will send the client a lawyer’s letter on behalf of your business.
If they still refuse to pay, the business lawyer will help motivate them to pay and if necessary, put the legal steps into motion. Luckily, most clients will get a fright after receiving a lawyer’s letter and they will call to set up a payment plan before legal action is taken.
Final Thoughts
All businesses, both big and small, will benefit from having a business lawyer. They don’t only deal with lawsuits and can be a valuable asset to your company. If you want to keep your business on the right side of the law then it’s best to hire a business lawyer to handle all the legal aspects on your behalf. So, are you properly prepared for your business’ future?