While you might think that hiring a commercial solicitor is an expensive luxury, it might end up saving your business a lot of money in the long run. Developing a long-term relationship with your commercial solicitor will mean that they understand your business and are able to offer advice appropriate for you. If you simply hire a law firm when you need it, they won’t know your business and are likely to provide a less good service than that established by having a commercial and legal relationship.
When hiring a business lawyer, take a look at the entire firm. Does it have solicitors expert in all areas – you never know what needs might arise? For example if you are running a company, you will want a firm that has access to specialist company/commercial, employment and tax solicitors. By choosing a firm, which can offer you all these services, it means that your file can be opened by a business lawyer and when necessary, passed to another specialist without having to duplicate any information.
Below are some examples of times when your business will need to use a commercial lawyer; this is by no means a comprehensive list.
– Company incorporation.
– Drafting of constitutional documents.
– Drafting important internal agreements.
– Buying, selling or renting commercial property.
– Problems with employees.
– Protection of intellectual property rights.
– Share sales.
– Tax problems.
– Litigation claims.
– Contract negotiations.
Employing a commercial solicitor can offer your business protection on many levels.
Prevention and Protection
Your solicitor should be involved during the incorporation of your company or launch of your business. In which the former, they can draft a comprehensive set of articles of association in line with the Companies Act 2006 and complete any necessary registrations with Companies House. At the same time as incorporation you may need other documents drafting such as a shareholders agreement or generic contractual terms & conditions. Your lawyer will be able to draft these documents in line with your company’s articles and/or to your personal specifications. Most importantly however, is that your business’s constitutional documents are legally watertight and your company remains better protected.
An experienced business solicitor can offer your company on-going protection, by drafting contracts of employment on your behalf and registering any intellectual property rights you may have.
Litigation and Protection
An experienced commercial solicitor will not only be able to offer your business commercial protection through good drafting skills. If an incident arises within your business, your solicitor will be able to offer you the professional advice you require to prevent litigation from occurring. Having a commercial relationship with your solicitor means that they will be able to act to appropriately reflect the needs of your business.
Your solicitor can also help your business solve or avoid conflict with regulators such as the HSE (Health & Safety Executive), HMRC (Revenue & Customs) and EA (Environment Agency). They can act as a go between communicating directly with the regulator on your behalf in order to answer any queries or resolve any problems. This might help deter any future challenges or litigation.
About the Author:
Bonallack & Bishop are Salisbury solicitors with a team of expert commercial solicitors . Senior partner Tim Bishop is responsible for all major strategic decisions and has grown the firm by 1000% in 13 years. He intends to expand further, seeing himself as a businessman who owns a law firm.
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