What is a commercial legal firm? Any organization- be it a startup, and SME, Private limited company, National corporations or Public limited companies, they all need to have a permanent and reliable Commercial Law firm at their disposal for any legal assistance that they may need. Legal advisors are primarily hired to keep companies out of any legal trouble by preempting the possible issues that may occur. A legal advisor will prepare for you all your legal documents like commercial contracts, company policies, employment contracts, rules and regulations etc. The commercial legal advisor / firm will also proofread documents for errors and to check if it is enforceable legally. A legal advisor will take some protective measures in order to help you out:
- Safeguard your intellectual property.
- Find out about regulatory requirements applicable in your situation
- Ensure confidentiality of agreements.
- Advice you on various tax norms
- Help you draft appropriate legal documents and formulate a legal structure
- Help in employment rules and enforcement laws.
From safeguarding your intellectual property to estimating a choice of funding options, from corporate advisory to family law; a good commercial legal advisor can help organizations in many more ways.
Why is it important to have a commercial Legal Advisor / firm partnered with the business?
When a Businessman starts his business, he knows his vision and his business strategy inside out. But he wouldn’t know of the legal proceedings – what is permissible as per law and what is not. From hiring to firing, from tax deduction to income tax payment; a company needs a good Commercial Legal Advisor for everything. Organizations also utilize legal services for corporate advisory – which means funding & investment related advice.
Lets evaluate in what aspects a Commercial Legal firm can bring value to the table for an organization:
- Incorporation – A legal advisor will help you in formulating your business structure, which is legally bound and also make sure that filing of paperwork is done correctly; using a lawyer while incorporating the business, since it becomes an expensive affair to make amendments later.
- Intellectual Property – Protection of intellectual property is very critical. Tasks like filing for patents, navigating IP licenses, registering trademarks and dealing with violation are included.
- Employment Issues – When you employ anyone, it is critical to categorize them clearly as an an independent contractor or employee, failing which can cause great financial penalty in the business. A lawyer is involved in formulating the appointment letters or contarct paoers given to employees.
- Contracts – Whether they have a contract with employees, customers, clients, partners or suppliers, each of them need to be tailor-made and proof read for any probable mistakes.
- Corporate Governance / agreement – In the current scenario, you and your partner may be in good terms, however many business partners witness somber disagreements. This could put the future of your company at risk, hence it is advisable to have a lawyer draft the Initial founders’ agreement also.
- Fundraising – In a situation that you need to ever look for investors, a legal advisor can guide you through the document preparation for diligence checks and they can also negotiate the agreements clauses on your behalf.
A Legal advisor / firm can come in handy just for everything you do in your business, hence finalizing a good lawyer or a Law firm is critical. And it is an age old saying “you should never change your doctor and your lawyer”.