Why A Corporate Lawyer Is Essential to Your Business

Here are some of the reasons your business may need the assistance of an attorney and what you should look for when hiring one.

Money

The most oft-repeated reason a business owner will give you when you ask him why he doesn’t hire a corporate lawyer is that it costs too much money. While attorneys can be expensive, the choice not to hire one can be even more so. Make a bad business deal without consulting an attorney and your company could feel the financial ramifications for years to come. Most startups don’t have the luxury of making a bad decision like that in the beginning. You don’t want to be forced into hiring an attorney after the fact; if you have one at the outset, you can avoid the costly litigation that sometimes comes after making a bad legal decision.

Services

You can’t separate the business dealings of a company from the legal entanglements it involves you in. Every single thing you do as a business owner has to be within the law and, hopefully, advantageous to your goals. Take hiring employees, for instance. Every state has laws governing how your can hire people, what you must pay them, and the hours they can work. Federal laws are in place as well. No business owner can know them all, but if you break those laws you could end up losing everything. This stretches to a wide variety of legal issues you may be involved in: licensing, intellectual property, and contracts of any kind. If you don’t have a corporate lawyer helping you take these steps, you could easily make a costly mistake.

Hiring a Corporate Lawyer

Of course, making the decision that you need legal representation is only half the battle. Now you have to go out and find one. You’ll soon find that not all of them are created equally. Here are some things to look for when hiring. You want experience, first and foremost. Next, you want a firm that will give your company the personal attention you deserve for your money. If you sense you’re just going to become another number, look elsewhere. Hiring a corporate lawyer isn’t cheap, and you should be able to count on excellent communication when you hire someone.

Make Sure Your Business Is Represented by the Best Corporate Law Firms

Running a business is one of the most rewarding and challenging things you can ever be a part of. Even though you may enjoy the financial aspects and perks that come with being associated with a successful corporation, you need to remember that there are responsibilities you will need some legal help with. That is why you need to know which corporate law firms you can turn to if you ever need some assistance and guidance. You can’t afford to waste time looking for them when you need them, because time is something that is not on your side in the corporate world.

Take some time to learn about the different corporate law firms that are out there. Find out what they can do to keep your business safe. It doesn’t matter if they are in your area or not. You want to make sure that your business has the best legal aces you can find and it is highly unlikely that they will all be conveniently located next door. Don’t assume that you will only need their services to protect you from your customers, you will also need protection against other types of potential situations.

You may not be familiar with how to run certain aspects of your business or how to document certain things properly as far as shareholder and board meetings. These are things that corporate law firms can help you with. No matter how long your company has been around, there will be situations in which there are conflicts of interest. You can’t afford to simply ignore them, because things can get worse and progress in a way that can seriously affect your ability to successfuly run your business.

Regardless of the challenges you come across, the best way to ensure that everything that your business does is in compliance with all of the laws is to have the support and guidance of some of the best corporate law firms. There are too many laws, regulations and other standards that are in place for you to attempt to deal with any matter blindly. Even if you feel the need to react or respond to something in an urgent fashion, it would be best if you were to consult with your legal representatives first. It is their job to make sure that anything that is done is handled in accordance with the laws and regulations. This will further protect your interests and anyone else’s interest that is vested in the success of your company.

So before you start off another day in hopes of nothing going wrong or in hopes of no demands, requests, acquisitions, and takeovers from other companies and entities, make sure you know who you can contact for assistance. Start interviewing and screening different corporate law firms until you find several that are qualified, capable and experienced enough to protect you and your company’s interests.

Corporate Law Firms – A Layman’s Explanation

We’ve all seen the dramatic depictions of criminal defense attorneys in shows like Law and Order, but there’s much more to the world of legal practice. Although they don’t share the same dose of cinematic limelight as criminal trials, corporate law firms play a big role in how the business world and the overall economy operate.

The History

In the United States, each state has its own system of corporate rules and regulations. Following World War II, the American Bar Association created the Model Business Corporation Act in an effort to standardize the widely disparate legal standards regarding businesses state by state. Now followed by 24 states, the revised MBCA dictates state level regulations while federal laws dictate publicly traded corporations. After the Great Depression, Congress passed the Securities Act of 1933 to regulate the sale of securities on a federal level and inform investors on business operations with appropriate disclosure. While legislation alters particular aspects of law over time, these acts remain influential in how business is conducted and how corporate law firms advise companies to this day.

The Numbers

According to Harvard Law School, there are “between 760,000 and 1,100,000” lawyers practicing in the United States as of 2007. The numbers are difficult to pinpoint but around six percent of those lawyers work in business law. The largest concentration being insurance, with around 11,000 lawyers actively practicing in this field. After insurance, the largest sectors are employment, manufacturing, commercial banks, and investment banks and securities. Each of these sectors employs around 4,000 lawyers. The corporations with the largest in-house corporate law departments in 2006 were familiar names like Citigroup, GE, and Liberty Mutual,. While these in-house legal departments are large, Citigroup alone employed 1,500 lawyers in 2006, independent corporate law firms still employ the majority of lawyers. In terms of location, most of these lawyers work in the US, but a growing number of US attorneys practice outside the US with top law firms basing around ten percent of their employees abroad. At around 5,000, the United Kingdom has the largest amount of US lawyers in a foreign country.

What They Do

They facilitate transactions between corporations to ensure full legal compliance in their specific industries. As such, the corporate lawyer generally needs to be well versed in contract laws, licensing and tax laws. Larger corporations tend to employ in-house legal counsel while smaller corporations contract external counsel from corporate law firms for specific needs like drafting company governance policies and stock option plans.