Business Lawyers – Everything You Wanted to Know About
No business can survive without a lawyer,
as the businesses have a large number of legal requirements to fulfil.
Businesses have to deal with several legal issues and having a lawyer on their
side will help in the smooth operation of the business. As a business owner,
you may have to meet business compliances, copyright issues, trademark and
other issues. Here we give a brief description of what a business lawyer can
do.
What is a Business Lawyer?
A
business lawyer is a lawyer who advises businesses about various issues that
may affect them. He is the person who ensures that the company meets all the
rules and regulations so that the business doesn’t have to face legal issues.
Such lawyers help businesses with several issues that include resolution of
issues, matters related to corporate laws, compliances, mergers, acquisitions
and dissolution of company shares among the others. In a nutshell, they are
concerned with the overall business structure of the companies.
What Does A Business Lawyer Do?
As we are talking about the business
lawyers, one thing that comes to your mind is what business lawyers do. What is
the importance of their roles? Is the money spent on them worth it? Here we
give you a brief summary of the major responsibilities of a business lawyer.
- They anticipate problems that may come into
your path and make strategies to tackle them.
- He prepares legal documents to present your
case as and when required.
- He prepares applications so that approval
from the authorities can also be sought.
- He interprets the law and regulation for
company owners and the people working in the company. - He meets with other lawyers and brief them
about the company’s standpoint so that they can represent it in court. - He helps his company while it is time to
negotiate with a law firm. - He looks after the inappropriate use of the
company’s data. - He plays a vital role in situations like
sale and purchase of companies, stock and securities. - His helps in the registration of the
business, and help get federal and state tax identification numbers. - He helps get solve national and
international issues for this company. - An attorney has a vital role to play when
it comes to the distribution of ownership and shares of the company. - If a company is looking to shut shop, an
attorney will facilitate this process. - He helps the employee to comply with the
changing local laws. - He provides legal support in changing the
structure of the company, as it goes from LLC to the corporation. - He helps draft, rewrites and negotiates
business contracts on behalf of the company. - In big business houses, a business attorney
specializes in certain areas of business.
Difference Between a Business Lawyer and
Corporate Lawyer
Business lawyer and corporate lawyer –
these terms sound similar. But there is a difference between these two.
Business Lawyer
A business lawyer is supposed to provide
legal assistance in different aspects of a business. He makes sure that the
business he is representing meets the local laws, regulations and the latest
government orders. He advises on formation, dissolution and acquisition &
merger of the company. Besides, he also guides the company management on
contracts, reviewing employee manuals and enforcing various laws. Here are the
major roles of a business lawyer.
- He prepares a business plan for your
company. - He looks after the copyright and trademark
issues of your company. - If there is more than one partner in your
company, he creates a partnership agreement for you. - He explains the unclear section of the laws
so that you can have clarity on it. - He advises you on the different lawsuit
where your company is involved.
Corporate Lawyer
Being a corporate lawyer is different from
being a business lawyer. Such a lawyer works within a corporate setup and
represents larger businesses. He provides legal support to businesses and also
writes a contract for businesses. He files a lawsuit against others on behalf
of his company and defends his company against the lawsuits. Most of the time,
they work with big law firms and work in conjunction with the legal department
of the company.
- A corporate lawyer helps you incorporate
your business or if you have already incorporated it, he can further suggest you
regarding the same. - If you are dealing with an international
organization and have signed a contract for it, he makes sure that your
interests are safeguarded. - A corporate lawyer helps with the legal
aspects of investor rights, acquisition and mergers.
When Do I Need A Business Lawyer?
As a business owner, you might have come
across several legal complications and you must have thought whether or not to
hire a business lawyer. Are you looking for legal assistance while starting a
business, making someone partner in your business, dissolving a business, or
going for acquisition and merger? Whatever the issue may be, you might be
looking for a good business lawyer who can assist you with all the legal
processes. There are some small issues that can be handled without a lawyer but
some specific issues like those mentioned above need assistance from a lawyer.
- You are making changes in your partnership
agreement. Here the help of a business attorney is required. - You have plans to allocate a business property
to a partnership or an LLC. - You have plans to buy a business that is
shelved due to environmental issues. An expert business lawyer will suggest you
ways to set aside these roadblocks. - There are some employee-related issues in
your organization and an employee is threatening to sue you in court. - As a business, you have to make several
agreements, a business attorney will help document all these. - If another business is violating your
intellectual property right, a business lawyer will prevent him from doing so.
Different Types of Business Lawyers
A business lawyer has become a very generic
term and like any other profession, there are several specializations in it.
Here we talk about some of the major specializations for business lawyers
Contract Lawyer
A contract lawyer is a business lawyer who
prepares a contract for your business. As a business owner, you might have to
enter into a contract with several stack holders like partners, customers and
suppliers. At the same time, you also have to sign contracts you may be asked
to sign. A contract lawyer on your side will advise you better and safeguard
your interest.
Business Organization Lawyer
A business organization lawyer suggests you
what is good for your business. Whether your organization should be a
corporation or a Limited Liability Company (LLC). He suggests the legal
procedure for it and prepares the documentation.
Real Estate Lawyer
As a business you may have to rent out
space, you have to rent this space or take them on lease. Documentation for
these spaces is often drafted in the favor of landlords. But here a business
lawyer with a proper understanding of real estate will safeguard your
interests.
Taxes and Licenses Lawyer
Taxes might come under the jurisdiction of
your accounts team but having a tax lawyer on your side make sure that your
business is complying with the federal or state law. Any violation of these
laws may put your business into trouble.
Intellectual Property Lawyer
If your business deals with creative things
like media, books and design you might be concerned about the protection of
your intellectual property. Here your business lawyer must have an in-depth
understanding of intellectual property law so that any violation of these
rights can be properly dealt.
Employment Lawyer
As a business, you may have to face several
employment issues that include employee compensation and contract. Here we need
a lawyer who can interpret these issues for you and take the required action if
necessary.
Acquisition and Merger Lawyers
Acquisition and mergers are very common in
business. There are times when you might need to acquire a business or merge
with another. Whatever the situations may be, these actions have legal
complications. A good business attorney will assess its legal repercussion and
guide you before you sign it. He will also ensure whether these actions are in
accordance with the state and federal laws.
Internet and Technology Lawyers
There is hardly any business that can run
without internet and technology. But your website needs to be in compliance
with several state and federal laws. The laws issued by the Federal Trade
Commission (FTC) and the General Data Protection Regulation (GDPR) are popular
among them. in addition, there are several industry regulations that should
also be met.
How to Hire a Business Lawyer
As you are running a business, you must be
looking to hire a business lawyer to fulfill your multiple legal needs. But
getting such a lawyer is easier said than done. Here we give valuable tips on
how to hire a business lawyer.
Define Your Legal Needs
Defining your needs is a major step towards
finding the right kind of lawyer for your business. A lot depends on the nature
of your business. For example, if you are running a technology company where
you have to just safeguard your intellectual property then your legal can only
be met by hiring a corporate lawyer. Some of the technology companies outsource
this task to a business law firm. However, those dealing with manufacturing and
services need to negotiate with the clients. Here they have to send proposals
and sign contracts. So, they should hire a lawyer who is expert at these
things.
Understanding your legal needs gives you
clarity on the kind of attorney you should hire for your business. You may have
to comply with government regulations, employee rules, product warranties and
several other things that need attention from an experienced lawyer. In
addition, helping the LLC become corporate, leasing and sale and purchase of
assets also require legal assistance.
Get Referral from a Reputed Person
A lawyer works in a public domain and hence
he comes in contact with many people. These people don’t mind sharing their
experiences. If the business attorney is good at his work, they don’t mind
praising him. But if he has not performed well in his previous assignments,
they will give negative reviews. While you are hiring a business lawyer, you
should seek referrals from your friends and acquaintances. in all probability
you might be part of a business association where a large number of businessmen
are members. You can request them to find a business lawyer near you, and many
of them will come up with a suggestion. As you have already defined your legal
needs, you will get many suggestions that will exactly fit your requirements.
Research on Your Own
People recommend him and says that he is a
good lawyer but how can you believe. So, doing your own research is essential.
As the internet is full of references of business lawyers as per your needs,
you shouldn’t avoid this. There are several review websites where reviews of
professionals including business attorney are listed. Go through these listings
where clients have expressed their opinions. If people have been talking
positively about a particular lawyer than he is worth considering. Social media
has become a powerful medium to know about different professional and if the
business lawyer under consideration has an account on social media you will get
to know him better. You should also visit the state bar association to know
whether he is listed there and licensed to work.
Meet Them in Person
Once you have shortlisted some of the good
lawyers following above-mentioned methods it is time to meet prospective
business lawyers. You should set an appointment with them to know whether they
are the right fit for the job. Most of the attorneys offer these initial
meetings free of cost however some attorney charges a small hourly for these
meetings.
This first meeting is good for you and your
lawyer as you will get to know each other and discuss the requirement you have
at your company. As you have listed all your requirements before, you can ask
whether he is able to perform all these roles or if he has handled similar
roles before. As you must be looking for a long-term association, you must
ensure that you and attorney are easily getting along. You can ask several
questions to know whether the attorney meets your expectation and ready to
adapt as per your style of management.
Fee Structure
The prospective business attorney must fit
in your budget. You should get clarity over that. You should ask him the fee he
would be charging. Generally, law firms have different payment structures and
you should know that what fee structure suits you. If the prices are exorbitant
and beyond your budget, you look for a different attorney. Some lawyers charge
a flat fee for a particular work, some who charge an hourly fee and there are
some who charges for every appearance. So, having clarity on that would ensure
you a peace of mind.
Compare Different Options
As you have interviewed several lawyers you
have got an idea about them. Now you are better positioned to make a decision.
As you may have judged them over several parameters making a decision is easy.
Choose one that perfectly meets the criteria you have set.
Questions to Ask Your Business Lawyer
While you are looking for a lawyer you
would have several questions for them. You should ask all the right questions
so that his credentials can be established. Here is what you should ask a
lawyer while looking for the right fit.
Is He a Legal Brain?
Some business lawyers take interest in
business rather than its legal aspects. When you meet them ask them what does
they think about your business. If he talks more about the business strategy
and less about the legal aspects of it then he is not worth considering.
Is He a Good Communicator?
It goes without saying that a business
lawyer should be a good communicator. He should be extremely good with written
as well as spoken words. As he has to draft various policies, prepare
proposals, draft employee manual or negotiate with clients and partners so
great communication skill should be one of his major strengths.
Where is His Location?
As he is the legal consultant of your team
you must have to contact him often. Here a business lawyer leaving in close
proximity would be of great help. You should search business lawyers near me on
the internet and you will be served with the list of business lawyers in your
proximity. You save the valuable time visiting your lawyer.
Confidence
Among other things, a business lawyer
should also have a pleasing personality. As you are meeting him, you should try
to know whether he is confident or not. A confident attorney will better
represent you in court and tilt the scale in your favor.
Is He Good to Get Along?
You have to work with your lawyer for long
as and when a need arises. And you must be looking for an attorney who is fun
to work with. You should make sure that you and your lawyer are on the same
page. If you think that you and your lawyer have different opinions it is
better to look for some other lawyer.
Business Lawyer – Different Fee Structures
Most of the small-scale businesses hesitate
to hire a business lawyer as they come expensive. It goes without saying that
specialist lawyers come at a higher price. They have different fee structures
and you should select one that best suits you.
Hourly Payment
Most of the attorneys in the US charges an
hourly rate. If they require to travel, they may charge extra for it.
Flat Charges
A large number of business attorneys
charges a flat fee for the specific task. So, if you have a specific task to
perform then you can choose this option.
Monthly Retainer
A monthly retainer is also a good option
where you can get legal advice for a month by depositing a monthly retainer.
Contingent Fee
When it comes to complex legal issues,
lawyers like to work on a contingency fee basis. In this method, the lawyer
agrees to handle the case under the conditions that they will be given 25 to 40
percent of compensation if they win the case. If they don’t succeed, their
expenses will be given.
Value Billing
There are some law firms who charge a high
amount if they get a favorable judgement. If your law firm is also doing such
types of billing, you should avoid such law firms.
Benefits of Hiring a Business Lawyer
Business lawyers are in high demand due to
the various benefits they offer. Their presence makes our business more
efficient and streamlined. Here we list the top benefits of business lawyers
for you.
He Helps make a Business Structure
You should select a business structure from
the very beginning. If you don’t have a proper business structure your business
may face legal issues very often. There could be various business structures
like sole proprietorship, partnership, S corporation and limited liabilities
companies (LLC). He will help you select the right structure. Even if you have
already selected a structure, he will help you transition to another
appropriate structure.
Prevents Lawsuits
Having a lawyer on your side will save you
from potential lawsuits. The lawsuits could be any type that may include
customers, vendors, local authorities. A business attorney understands the
impact of lawsuits and takes proper steps to resolve the issues. He has a
proper understanding of state and federal laws and he leverages this knowledge
to keep your business intact.
Looking After Contract
A business lawyer may have to get into
several contracts. Most of these contracts involve partners, employees, vendors
and customers. As contracts are legal documents, they should be drafted in a
way that all the essential elements of the contract should be mentioned in it.
An experienced lawyer will help prepare a quality contract.
Safeguarding Your Intellectual Property
If you have a business which is associated
with book publishing, stock images, product designs and anything similar to
this, you must be looking towards the protection of intellectual property
rights. Several copyright, trademark and patent issues may be involved. A
lawyer experienced in these laws will be better positioned to safeguard your
rights.
Lease and Agreements
As a business, you might have to lease a
property to set up your business. There are several terms and condition
associated with the leasing of property. You need a lawyer who can read these
documents and tell you the significance of these leases so that you don’t have
to face any issue in future.
How Much a Business Lawyer Costs?
There are several causes for which a
business lawyer charges a flat fee. However, the cases where a flat fee can’t
be charged, they charge an hourly rate that is $300 per hour. However, this fee
may increase or decrease depending upon the case and popularity and skill of
the lawyer.
Business Lawyer for Startups and Small
Business
Businesses of every kind need legal
assistance at one stage or another. However small businesses can be launched
with little support from a lawyer however LLCs and corporation need continuous
attention from an experienced business attorney. Here we discuss the legal
requirements of small businesses, startups, LLCs and corporations.
Do
Small Businesses and Startups need Business Lawyers?
Small businesses and startups may not hire
a business lawyer for their office but they have a business whom they often
visit for a consultation. Like any other business, they also have to comply
with federal, state and local laws. Launching and running a business put you at
several risks if standard procedures are not followed. An experienced business
lawyer follows all the procedures to avoid these risks. As a small business or
startup, you might need to write the terms and conditions of your business.
Your business might have to maintain a relationship with employees, vendors and
customers that are governed with agreements. The lawyers prepare such
agreements. Some attorneys have expertise over tax laws and they help you
reduce your tax.
Situation Where Small Businesses Must Consult
a Business Lawyer
A small business or startup needs several
kinds of legal help for its formation and running it smoothly. As you are
setting up a business you might have to choose between several forms that
include sole proprietorship, partnership, LLC or corporation. He guides you
about the positive and negative side of each form of business.
If you are in the stage of setting up a
business, he conducts research to find a suitable name for your business. He
ensures that the chosen trademark is not already registered by someone else
otherwise it may lead to legal complications. In addition, a lawyer also plays
a great role in drafting partnership or other documents essential for a new
business. A new business needs to obtain several permissions before starting
operations and a business o attorney helps you get these essential
certifications. Creating a contract and getting patents for products are other
situation where the help of a business lawyer is needed.
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