Every business owner needs a lawyer by their side, and naturally, they will look for the best commercial lawyers they can find. But what does a commercial lawyer do, and how do they stand out from other professionals in law? The answer can be more straightforward than you expect.
First, we need to clarify the difference between commercial and corporate lawyers. Although both are very similar and often share their responsibilities, some key elements separate both practices.
Essentially, a corporate lawyer handles the daily operations of a company, being in charge of matters such as contracts, taxes, capital, etc. The corporate lawyer is a constant presence in the life of the business owner and maintaining a good partnership between the two can be a game changer.
Then, what exactly does a commercial lawyer do?
It is all about transactions and money. Commercial lawyers offer a more on-point, specific kind of practice than their corporate peers. They take cases that won’t usually be a regular part of the business, but that requires a refined analysis of the situation before they can act on it. After all, monetary matters are better handled by experts with plenty of time to study, apply their knowledge, and make the best decision.
Litigation
One of the main functions of a commercial lawyer is to represent the company in court. Depending on the size of the business, the need for a litigation lawyer may vary. Smaller businesses tend to have fewer disputes than megacorps, especially regarding consumer satisfaction.
However, it is good practice to have someone on standby. Commercial lawyers in Calgary usually provide litigation services along with other tasks and will be glad to clarify any questions their clients might have in a first meeting, so don’t hesitate in asking what they can do for you.
During the lifetime of a business, it is also possible that the company will be the one that needs to take legal action against someone else. Commercial lawyers will also do that for you: they don’t only defend you against others, but they will also actively represent your rights in court. If they are already on standby, it is even better since they can provide legal aid on whether is worth filing a lawsuit or not before the company misses possible deadlines.
Employment
In an ideal scenario, a manager would hire their employees, and they would stay with the company for many years. However, it is not always like this, and an ever-changing staff can create an unnecessary amount of stress in the business.
One of the roles of a commercial lawyer is to provide adequate paperwork for new and former employees. A business owner must guarantee that their workforce’s rights are met and that all obligations have been fulfilled properly before anyone joins or leaves the company. For that reason, the job of a commercial lawyer will often be incredibly detailed, and the contracts resulting from that are no different.
There are hundreds of terms that need extra attention in order to not cause further complications in the future, both for the employer as well as the employees. Due diligence and compliance are only two things, among many others, that the commercial lawyer must excel at.
Property
Having a property is the first step to setting up your business if you want to be successful, and the acquisition of other real estate is the result of a company’s expansion.
Although this is not a daily occurrence—and therefore not something a corporate lawyer would be handling—, it is a huge event to buy or sell real estate for your business. A commercial lawyer can provide all of the aid that you may need, including advice regarding if the installations fit your activities or not.
From negotiations to closing, the commercial lawyer will have your back. Not only with an initial property, but also with franchising, moving, and renewing.
Most importantly, and perhaps a little more complicated than real estate, is to guarantee your intellectual property. For many technologies and innovations companies, the IP is the core of operations, and they can’t afford to risk their assets by not having a good commercial lawyer assisting them in acquiring the proper documentation.
Transactions
Profiting is the end goal of any company, but it comes with risks. To really start making money out of your business, you need to invest and negotiate with a multitude of players—stakeholders, investors, partners, competition, clients, etc.
Such matters will inevitably lead to transactions, and even for small businesses those can be huge. Knowing when to risk your money and what kind of agreement you can afford to settle or not is also something your commercial lawyer can help you with. Their expertise provides them with valuable knowledge of the market, and not only they will guide you through negotiations, but they will also finish all of the paperwork needed for your success.
Having a trustworthy commercial lawyer working with you is the pathway to triumph. Even the most experienced businessman in the world still needs a commercial lawyer by their side, so you can never go wrong by hiring you as well.