How does a corporate lawyer add value to a business?
- 23 May 2023
Growing businesses have lots of things to think about. For example, you need to hire new talent and train them. You also need to be clear on your branding and oversee your advertising campaigns to ensure they’re giving you the ROI you want. Of course, a reliable set of functioning core operations demands much of your time too.
It may feel like you need the same number of limbs as an octopus to juggle all these business demands, but one other thing is also worth your consideration: a corporate lawyer.
What does corporate law involve?
As the name suggests, corporate law is business focused. There is an important distinction to be made here, as people often confuse it with commercial law. However, commercial law is a broader area of law that relates to topics such as intellectual property and franchising. Lawyers in this field also work on devising the correct disclaimers for businesses to use so that they can avoid any liability disputes.
Corporate law is more closely related to the life cycle of a company. It covers things such as structuring issues, expansion and shareholders’ rights.
What is the role of a corporate solicitor?
You can consult a corporate solicitor to ensure your business decisions align harmoniously with relevant laws and regulations. They are the best party to consult when you need help preparing contracts and advice on how any new legislation in the pipeline might affect your corporation or business.
A corporate solicitor can work with anyone from entrepreneurs and start-ups to private equity firms, high-net-worth individuals and corporate financiers.
How does a corporate lawyer add value?
No matter the size of a business, following regulations with care and diligence is an essential ingredient to staying afloat. Corporate law is complex and so it saves a lot of time and reduces the risk of error-making to enlist a professional to assist.
The next step for a growing business is often to acquire mergers or acquisitions. A corporate lawyer’s advice becomes invaluable here. They’ll tell you what needs to be done to move this process along, optimise the company’s structure and finance any new resources that may be needed.
What makes a good corporate lawyer?
Corporate lawyers usually work for law firms but can also be hired to work in-house. Whichever option you choose, you’ll want to vet them for several factors. The traits of a good corporate lawyer include confidence in corporate law itself but also an adept use of soft skills.
They will constantly need to communicate with different parties, such as business partners, executives and court members. As such, the ability to convey information without getting any wires crossed is imperative. They need to be equally confident in spoken and written communication.
Commercial awareness is another key trait that you should expect of your corporate lawyer. They need to be well-acquainted with your sector and any current changes in the market that may have implications for the way your business is run.
Whatever stage of development a business is at, a corporate lawyer’s expertise saves you money and frees you up to oversee the business operations in the ways you do best.