A commercial lawyer is a vital aspect of your business operations. However, finding the right-fit commercial lawyer can be a taxing process. This excerpt details the qualities to look for in a commercial lawyer.
Industry Knowledge
Your commercial lawyer must have industry-specific knowledge. It comes in handy as they assess the legality of your enterprise and the various business deals. For instance, if you are in the import-export business, you need a lawyer who comprehends international trade rules and regulations. Conversely, if you deal with real estate, your lawyer must understand the various conveyancing laws and land regulations.
So, how do you tell if your commercial lawyer has the required industry knowledge? Conduct a background check to determine the lawyer's clientele. You will be at an advantage if the lawyer represents other businesses in your industry. You could also evaluate the lawyer's credentials. For instance, some lawyers undertake post-graduate training to make them competent in a specific field. Other lawyers have certifications from professional associations that make them industry leaders in their speciality fields.
Negotiating Skills
Your commercial lawyer will often meet with your suppliers or partners to negotiate favourable terms as you conduct business. For example, you could ask the lawyer to draft a supply contract or sale agreement. Ideally, the professional should prioritise your business interests without damaging your relationship with the supplier or seller. Therefore, the professional must be an excellent negotiator. It goes a long way in helping create a culture of trust between your business and its various stakeholders.
Proactive
Your commercial lawyer must be proactive. For instance, they must pay attention to changes in commercial law or government policy that could affect your business. For example, the government could ban imports from a specific country if they do not meet the required standard. In this case, your lawyer could ask you to consider new suppliers. It goes a long way in keeping your business operational during a crisis.
A proactive commercial lawyer also conducts due diligence on behalf of their clients. For example, suppose you intend to sell a share of your business to another person or company. In that case, the lawyer investigates the new partner to ensure they do not have ill intentions. For instance, you could be shocked to discover that the partner-to-be intends to conduct a hostile takeover. Alternatively, they may be involved in criminal operations that could affect your business image. Your commercial lawyer is best placed to provide you with such information.
For more information, contact a local commercial lawyer.
Share10 November 2022
I love watching legal dramas from all different countries. I often call up my friend who is a lawyer to ask her about whether the cases I have seen on the latest drama are realistic or if they wouldn't happen that way in Australia. It's so interesting to me to see the changes that they make to make the stories flow more convincingly as well as the differences between the law in Australian compared to other countries. This blog is for other fans of legal dramas like me and has some tips on the best places to get real legal advice (hint, it's not on the TV!).