While the main goals in business are growth and profitability, it is important for a firm to achieve these objectives within the confines of the law. Enter the corporate lawyer. A corporate lawyer ensures that a corporation, from any legal risks that may arise during the day to day running of the business. A good corporate lawyer is well versed in many aspects of the law such as contract law, tax law, securities law, intellectual property rights among many others. This makes a corporate lawyer an invaluable partner in any organization. Here are five ways in which a corporate lawyer can be beneficial to your business.
Advise the business on the laws that apply to its operations
Depending on the industry in which your organization is operating in, it will be required to adhere to certain business rules and regulations. For instance, if you are in the food business, then your company must comply with the Health and Safety Local Laws among other regulations. A corporate lawyer will help you understand the laws that apply to your business and protect you from severe penalties that may arise from non-compliance. Where the regulations are complex, a general corporate lawyer can refer you to specialists in the area.
Draft and Review Contracts and Agreements
Contracts and agreements are part and parcel of business. When you were starting out, you had to sign a lease or sale agreement for your business premises; you had your staff sign employment contracts when you hired them. Every purchase or sale is, in essence, a contract between your company and a supplier or client. It is imperative that the firm hires a corporate lawyer to draft its contracts and agreements because they will ensure that the terms of sale or purchase will help protect the interests of the business should a dispute arise.
Offer guidance on finance and growth options
As your company grows, you will require the necessary finances to expand your operation accordingly. This will involve looking into various types of financing options for instance bank loans or approaching private equity players, venture capitalists or even the stock exchange. A corporate lawyer will help you assess the legal implications of each option, and help you negotiate the terms of agreements.
Should the organization decide to expand by merging with another firm, an experienced corporate law firm such as Steinpag Perth can help conduct due diligence, ensure that the interests of the company are kept front and center and that they are also protected. Should there be any potential risks, the lawyers are able to mitigate these in time as well.
Protect Intellectual Property Rights
No matter your business, you need to ensure that your brand is protected. Whether it is art and designs, literary works and music, or names, symbols, and images used in business, you need to ensure that your intellectual property is protected. In the case of a unique invention you need a corporate lawyer to help you take out a patent while if you are in publishing, you need to ensure that the authors’ literary works are copyrighted.
Give legal advice when the business gets into trouble
In the course of running your business, you may get into a dispute with a client, supplier, employee, competitor or even a business partner. A corporate lawyer comes in handy to advise you on the best course of action. Do not wait to get into trouble in order to hire a lawyer. Contract one from the moment you consider starting your company and you can save your company court costs, settlements, and other expenses.