If you want to get it done, do it yourself, but if you want to go far, get a lawyer.
The above statement is one of many cheesy but true statements by lawyers over the world. One of the most striking features of the law is that it is a wildly dynamic discipline. Its relevance cuts across practically every other profession, through related laws and regulations that make these professions all the better for it.
The purpose of establishing any business is to use its objectives to make profit. However, the business climate can be one tasking terrain to navigate, due to the other factors affecting businesses (including existing laws and government policies). To a highly beneficial degree, having a lawyer to work with in terms of your business boosts the performance level and outlook of your business. It also saves businesses from unfortunate, easily avoidable mishaps.
Business lawyers are legal practitioners trained and experienced in the practice of using the law in assisting a business achieve its potential. They possess the required knowledge of business law, as well as the proper sources to get the right tools (such as platforms like Loio), to be utilized in working alongside businesses. The advantages of business lawyers to the success of businesses are almost impossible to completely highlight. However, in certain areas, lawyers have proven to be almost indispensable with regards to the value brought to businesses. Some of these are highlighted in this piece:
- BUSINESS FORMATION
Business formation is quite a complex process in many jurisdictions. Many things are to be considered at the point of forming a business, including the object of the business, the size of the business, and the capital used in establishing such a business. These considerations determine the type of business to be established, the structure of the business, among others. Making the most accurate decisions at this stage of the business is extremely vital to its future, and is primarily the responsibility of the legal practitioner advising the business owners. The lawyer carefully listens to the needs of the prospective business owners, asks the right questions and advises accordingly. Finally, the lawyers also facilitate the legal registration of the business.
- MANAGING APPLICABLE LAWS
Besides registration, the law also majorly regulates other areas of business operations. In countries with reasonably developed legal systems, specific laws are made to regulate areas like Contract, Employment, Intellectual Property, License and Permit, and the Environment. Businesses are expected to fully comply with the relevant laws in force. Violations may attract heavy sanctions and may stall the progress of such business. Lawyers with requisite knowledge of the laws affecting businesses can keep their clients (businesses) informed on the stipulations of the laws and how they can be properly complied with.
- DISPUTE RESOLUTION
Businesses are likely to come into disputes at one point or the other. This could be either due to lawsuits from consumers and other members of the public, or disputes with other businesses over the protection of intellectual property, among others. Business lawyers properly advise businesses on the best option of dispute resolution to take – arbitration, mediation, negotiation or litigation (if the business is not contractually bound to adopt arbitration). They also collaborate with the dispute resolution attorneys to represent the business till the case is concluded. This affords the business the opportunity to focus on its objectives and continue to carry out its primary businesses without a hitch.
For a company to remain in operation when it faces major problems like financial setbacks, certain legal restructuring options are open to be considered. These options include Mergers, Acquisitions, Management buy-out, among others. The procedures to be completed and the legal documents to be managed in the process can only be facilitated by lawyers, who are trained for that purpose and experienced in the field. They are aware of the best legal document management software to be utilized, in order to keep delicate files safe and avoid mishaps. They ensure the completion of these processes as swiftly and effectively as possible, giving the business room to resume normal activities and focus on future prospects, with the new structure it has taken.
Business lawyers affect the success of business in many ways beyond the above, many of them being unpredictable situations and events. While it may be impossible to highlight all the different ways by which lawyers improve businesses, one fact is that the absence of a business lawyer in the affairs of a business certainly sets such business on a course filled with doubts instabilities.