Commercial law is important to any business. Consulting with a commercial lawyer gets you up to speed on the latest changes in regulations governing your business and employees, which can save on penalties and claims down the road. They can also intercede on your behalf, acting as your advocate in negotiations to help you get a better deal.
It’s sometimes difficult to know exactly how they can help you in every situation, so here is a short guide to some of the lesser known ways a commercial law firm could help your business out.
All businesses need capital to develop, whether it’s investment at the beginning to get up and running in their first premises, or to expand into new markets with new offers. In the current climate, tracting investment can be difficult, and a good lawyer can help in many ways.
Firstly, they can ensure you’re getting a good deal: joining you for negotiations and bringing their skills to bear by checking contracts before you sign them. They can make sure you get the most investment while sacrificing as little control over your business as possible. It’s also a good vote of confidence to have a lawyer attached to your proposition. It shows potential investors that you are competent, responsible and already doing everything you can to reduce the risks to your business, and there for their investment.
An experienced lawyer will also have access to a network of contacts in the business community. It’s possible they can connect you, a business looking for investment, with a consortium looking to invest in a business. This has to be done carefully to avoid accusations of unprofessional behaviour, but you shouldn’t underestimate a lawyer’s network.
Ending a Business
While it’s to be hoped you won’t need to do this for a long time, leaving a business is complicated. Whether you’re having to shut down your own business or you’ve been acquired by a bigger, more expensive fish, you’re going to want to make sure you’re both fully compliant with the law, and leaving with as much as you can get.
A lawyer can help you in this difficult time, making sure your business is wound up correctly. They can make sure you avoid unnecessary charges and expense and, if necessary, help to negotiate the sale of your stake in the business for the maximum possible amount.