Business Law 101: What A Business Lawyer Does
The business world of today is vast and complicated. It is said that today every business cannot exist without these two assets: an accountant and a business lawyer. There are many legal policies that every business must follow, so protect their themselves. This is why a business lawyer is so vital to the viability of the business. They specialize in knowing which policies and laws affect the business to make sure they are compliant, allowing them to excel in the business activity. We will discuss just a few of the responsibilities a business lawyer has.
Contracts are an everyday occurrence in the business world. They are present from small food purchase contracts of restaurants to massive real estate development. The purpose of the contract is to protect both parties in the transaction. The lawyer’s responsibility is to draft and review the contract and verify their party is properly represented. Before and after the implementation of the contract the lawyer needs to document the activities and make sure all relevant documents are in order. At the time of contract closing the business lawyers need to confirm the signatures and dates are matching to seal the contract. This also includes certifying documents, participate in the negotiations.
Due diligence is the practice of fact finding in the corporate industry. The lawyer must do active research to stay up to date on relevant business partners and clients and their professional relationship. If new policies are enacted the lawyer needs to see how it will affect these relationships. This goes for internal employee relationships as well. The employer might have an obligation to give sick days, benefits, safe work environment and the lawyer must stay up to date on what these obligations are.
There is an old saying that “An ounce of prevention is worth a pound of the cure.” This means the business lawyers should help prevent the problems before they start. This means for example, if the business is being sued, its often too late for assistance from the lawyer. The lawyer needs to be active in daily business practices to ensure problems wont arise. Hiring practices and even environmental issues can greatly alter the operations of a business if not properly observed. All these activities are aimed at improving the process.
Business lawyers for the small startup company to a multinational corporation are involved in finance. Any transaction for office space or loans can be made easier and safe with the help of a lawyer. Even before a business is up and running, a lawyer can assist in registering the startup, copyrighting and trade makes, even patents.
To put simply, a business lawyer is responsible for making sure all aspects of the business are running smoothly and legally, so they protect the interest of the people involved.