Corporate Lawyers: What They Actually Do And How To Hire One

Running a successful business requires you to partner with various experts. Apart from being an accountant, and a marketer, you’ll also need to hire a corporate lawyer. This is a type of attorney who specializes in corporate law. In simple terms, they handle cases that involve the law governing businesses, so their practices are confined to companies’ legal affairs and operations.  

What Do Corporate Lawyers Do

Business owners and managers often consider it an extra cost to their operations when they want to hire a corporate lawyer. While that’s true to some extent, partnering with a corporate attorney can be more beneficial to an organization in the long run. Some of the tasks performed by corporate lawyers include the following:  

  1. Helps Decide On A Business Structure

One of the most important steps when launching a company is to decide on the business structure. And there are four of them: a sole proprietorship, a partnership, a limited liability company, and a corporation. These forms of organizations differ in how someone shares returns and pay taxes. You should choose a structure that works best for your goals.

While that’s the case, deciding which structure to settle on can be overwhelming. And if you aren’t careful, you could make the wrong choice. That’s where a corporate lawyer comes in.

  1. Assists In Developing A Business Plan

Having a business plan isn’t a legal requirement, but it can help simplify your operations and ensure success. It describes your business, including everything from objectives, marketing strategy, management team, and daily operations to financial projections for coming years. In simple terms, it acts as a tool to guide you in daily operations.  

Besides being legal professionals, corporate lawyers are also experts in business plan creation. And if you’re planning to hire employees and consultants from outside the country, corporate immigration lawyers from reputable firms, such as Prudent Law, can be of assistance. The right counsel will guide you in ensuring your business plan will work, along with the best people.

  1. Helps In Lawsuits

You’ll likely face many lawsuits in the course of running your enterprise. A worker can file a compensation claim, and a customer may sue you for a data exposure or breach. Dealing with such cases can take much of your time. It even becomes worst if you lose the case since the company’s assets, or even your personal assets, could be at risk.   

Hiring a corporate lawyer can make a huge difference whenever faced with lawsuits. They can represent you in courtrooms to ensure you don’t lose the case. They’ll also advise you to prevent the occurrence of such cases in the future. 

  1. Helps Protect A Company’s Intellectual Properties

Your business will most likely have a logo, a trademark, artwork, and other digital materials that need to have a copyright. These are your business assets; no one else should use or profit from them without your permission. If somebody steals one of your intellectual properties, you should sue them. A corporate lawyer will assist you with this.  

  1. Helps Establish Contracts

Running a company involves dealing with many parties and signing contracts. When you hire a new employee, you’ll want them to sign a document to agree with the terms and conditions of the employment. And when you form a business relationship with suppliers, both of you must sign the agreement to avoid future problems.  

All business contracts should be drafted by a corporate lawyer. If you’re going to develop contracts yourself, it’d be a good idea to have them reviewed by a legal team to ensure all necessary terms and conditions are captured. And if you aren’t sure whether a particular transaction requires a contract, a corporate lawyer will advise you accordingly.  

Corporate lawyers play several roles. But this article has covered just a few of them to give you an overview of what they actually do. For more information, you can visit the website with corporate lawyer resources. This will enable you to learn other roles performed by such legal professionals.  

How To Hire A Corporate Lawyer

Selecting the right corporate lawyer for your business can be overwhelming, especially if you don’t know where to start. So, how can you ensure you connect with the right corporate legal provider? You can achieve that by implementing the following strategies and tips.

  • Evaluate Your Company Legal Needs

Your company’s legal needs will play a major role in selecting a corporate lawyer. That’s important since different corporate attorneys specialize in different sectors. You’ll barely get better results if you work with the wrong lawyer.

On the one hand, if you run a tech company, you’ll probably be dealing with intellectual property. In such a case, you should consider hiring a lawyer who is an intellectual property and licensing expert.  On the other hand, if your business deals with general services, you might need a general corporate lawyer to help draft and execute contracts. The idea here is to find the best provider for your business needs.  

  • Find A Corporate Lawyer With Proper Credentials

Before signing a contract with any legal expert, confirm that they’ve got the right qualifications and certifications. To practice corporate law, a person must hold a bachelor’s degree in law. They should also have passed the bar and acquired a practicing license from the state bar association. Avoid partnering with someone without such credentials.

After you’re satisfied with the qualifications of a particular corporate lawyer, consider their experience level. A provider with more years in the sector will likely offer better services than those who started recently. So, remember to ask your preferred provider how long they’ve practiced corporate law and the number of clients they’ve served. It’s best to hire someone with more experience since they’re more knowledgeable of the intricacies of business laws.

  • Confirm That The Lawyer Works With A Licensed Firm

Some people claiming to offer corporate legal services aren’t genuine. Some want to steal information and money from clients. The best way to avoid such individuals is to hire one from a licensed firm.  Partnering with a corporate lawyer from a licensed company may guarantee you quality work and excellent customer service. Lawyers from reputable firms will also have more resources to address the problems of your business. They can also consult with senior partners to create strategies and address any legal issues.

  • Get Referrals

Many businesses in the region have already hired corporate lawyers to assist them with legal issues. You can get referrals from them to help you make a sound decision in your selection. Approach several business owners or managers and ask them about their experiences with finding and retaining legal experts.  

While looking for referrals can help you connect with the most recommended corporate lawyer, you should not rely on them 100% to make your final decision. Research each provider in your list and hire the most suitable for your company. Some corporate lawyers might have done well in a certain industry but are not essentially the right fit for another.

Apart from getting referrals, you can browse the websites of various corporate lawyers and law firms to see what other clients think about them. That’ll give an overview of the quality of work to expect if you hire them.  

A legal expert with many positive reviews is someone you can trust for your business. Avoid partnering with any attorney with many negative customer opinions. This indicates poor services and might not serve your enterprise adequately. But if you find mixed reactions from different business owners, check how the corporate lawyer deals with negative criticisms. That enables you to make an informed decision.  

Whenever you can, contact a lawyer’s past clients and probe them to find more information about their knowledge, expertise, and work ethic. You may want to ask around other business owners and industry leaders in your community to get more insights.  

  • Compare Prices

Although corporate lawyers may provide similar services, their charges may differ significantly. You’ll have to compare prices and hire one who accommodates your budget. If you want to save money and promote profitability, go for an attorney with reasonable retainer fees.

Generally, corporate lawyers who are already established in their practice and have vast professional experience and high credibility will ask for expensive fees. Corporate lawyers with lower fees are usually those who are still new in the legal field and are still trying to make a name for themselves.

Essentially, there’s nothing wrong when you decide to go with a young corporate lawyer, especially if you’re working with a limited budget. However, just make sure that you will be charged a reasonable fee for their services. 

Takeaway

Hiring a corporate lawyer is one of the most effective approaches to ensure your business enterprise operates well for the foreseeable future. They can guide and assist you in all aspects of your business, including selecting a structure, developing a business plan, dealing with lawsuits, drafting contracts, and much more. However, you must work with the right legal expert. It can be challenging to decide which corporate lawyer is right for your company. Adopt the tips in this article to ensure you hire the most suitable one.