Companies hire business lawyers to help them navigate legal situations and solve problems. It doesn’t matter how large or small the company is; businesses of all sizes face legal issues that they may need professional help in handling. Business attorneys cover various areas, from creating a company to dissolving and all the legal matters in between.
There are many benefits to hiring a business lawyer. This article will dive into the lawyer’s responsibilities and what you can expect from working with them. Business lawyers are knowledgeable and can help your business run smoothly. Choosing to work with a business lawyer will help your company and ensure all your operations are above board.
What is a Business Lawyer?
The basics of being a business lawyer include helping companies with advice and other legal aspects. Because their work varies so much across the board, it can be hard to define what a business lawyer does. They can help a company with any legal matters, like conflict resolution, compliance, business formation and structuring, and mergers and acquisitions.
Business lawyers typically have various experiences, whether they’ve worked for large corporations or small businesses. Some business attorneys may even be hired out for special litigation proceedings if they have expertise in a particular area.
Business Lawyer Requirements
Any practicing lawyer has to follow a few different requirements. Business lawyers must have a Juris Doctor law degree, successfully pass the bar exam, and have a valid state license. These three requirements are crucial, no matter what type of law an attorney wishes to practice. Business lawyers should also possess specific skills to be successful. These include, but aren’t limited to:
- Strong verbal and written communication
- Excellent critical thinking
- Problem-solving skills
- Critical and analytical thinking
- Leadership qualities
- Negotiation skills
- Knowledge of the industry where they’re providing counsel
Why You Should Hire a Business Lawyer For Startup
Every kind of business could benefit from hiring a business lawyer, whether you’re a small business or start-up, or a large corporation. Some companies might use a business lawyer more often than others, depending on their business and the industry's scope.
Business attorneys can assist with legal counsel, create contracts, protect intellectual property, and deal with lawsuit mitigation. They can also ensure the company knows essential employment and labor laws. There are other more obvious instances where a business lawyer's help is needed, like in handling compliance issues or disputes. Here are a few more reasons why companies should hire a business lawyer:
- Contracts and agreements: a business lawyer will ensure you know what you’re signing and the legal implications of any documents.
- Taxation: different types of companies are taxed differently, and it’s vital to know which type of tax deductions you can expect.
- Risks and liabilities: you don’t want to be stuck with a lawsuit because you were unaware of certain liabilities.
- Finances and capital: navigating the world of financing your business can be complicated, but business lawyers can assist with making the right decisions.
- Lawsuit mitigation: having a lawyer on hand can help you avoid lawsuits and keep situations from escalating into something worse.
- Business across state lines and eCommerce: rules vary from state to state, and if you operate online, you’ll need to know what laws and regulations to follow depending on where you are located.
What Does a Business Lawyer Do?
Now that you know what business lawyers are and why companies should hire them, you’re probably wondering what exactly they do. It varies depending on the company they work for and what industry that company operates in. Business lawyers can help with everything from the list above and many other problems companies may face. Business lawyers can assist with everything from contracts and agreements to risks and liabilities. Some large corporations have a team of lawyers always present, while small businesses might choose to consult with an attorney from time to time. When a business is created, restructured, or sold, a business lawyer is usually present.
Sometimes, companies may require outside litigation counsel if a particular lawsuit comes up. They will need to find an attorney that has the right experience for the specific case. No matter what industry your business operates in, you will need a business attorney at some point. Here are a few more examples of what a business lawyer may help out with:
- Company restructuring.
- Helping a business adjust to a new law or new ownership.
- Transferring shares in a company.
- Drafting, reviewing, and negotiating business contracts.
- Taxes and audits.
- Registration of business structure and other necessary licenses.
- Conflicts regarding the sale and purchase of stocks or the company.
- Data or security breaches.
- Resolving any legal issues.
- Ensuring relevant laws and regulations are followed.
- Examining legal matters and reporting any problems to relevant parties.
- Overseeing the process when a company dissolves.
Things To Consider When Hiring a Business Lawyer
There are a few key things companies should consider when they set about hiring a business lawyer. Choosing the best attorney for your business is a critical first step. Companies should start by evaluating their legal needs and budget. Consider the reasons for hiring a lawyer. What are the company’s legal requirements?
Narrowing down your answer to that question will help you find the right attorney. Asking about how legal fees are structured is another critical consideration. Payments can be structured in a few different ways, so make sure you know what to expect. Other items companies should take into consideration include location, credentials, specialization, and resources.
You will want to hire an attorney familiar with the area, including any local laws or regulations that your business deals with. Do some research about the attorney and their experience. Some lawyers have unique credentials and specializations that may be vital to your business’s operations. Besides knowing the attorney you’re hiring, you’ll want to know what kind of resources are available to them as well.
Benefits of Having a Business Lawyer
Running a business can be stressful and overwhelming, but hiring a business lawyer can help ease anxiety. Ensuring your company is following proper regulations and not getting caught up in any legal issues is an integral part of a successful business. Operating with an attorney or a legal team will keep your business on track and ensure everything is sound. The benefits of having a business lawyer and access to legal counsel will be evident from the very beginning.