Corporate lawyers deal with legal issues that face
businesses day to day. They are highly specialized in multiple aspects of the
law that relate to business operations, which can include securities and tax
law, code compliance, contract negotiations, intellectual property, bankruptcy,
and financial reporting, among many
other specializations
Unlike trial lawyers, they are not involved in litigation and
do not spend a lot of time in the courtroom. Corporate lawyers focus their work
mostly on business deals and commercial transactions. Their work involves a lot
more collaboration with other lawyers, either from other companies to negotiate
contracts or those with legal expertise in other aspects of law to help ensure
that the company he works for complies with all local, state and federal
applicable laws.
Some are hired directly by corporations as in-house counsel
and act as internal advisers providing legal advice on issues ranging from
labor and employment issues, intellectual property issues, contractual issues,
and liability issues. Then there are those who work in large or midsize law
firms and are hired as consultants by corporate clients to provide counsel on
corporate governance framework and practices such as the rights and
responsibilities of corporate directors and officers, and also to oversee
activities associated with the daily needs of the business, including
negotiation, drafting, mergers, acquisitions, and divestitures, financial
reporting to owners, employees, shareholders and government agencies and other
general oversight that may affect the legal activities of the company.
How can a corporate lawyer help new businesses?
Budding entrepreneurs can benefit a great deal with the
services of a corporate lawyer. Startups are usually faced with numerous
decisions, such as drumming up new customers, developing a website and
launching a new product and often times the administrative and legal aspects
are overlooked. It’s good to have a corporate attorney who will provide, not
only advice, but also assistance to prepare, file and register all the
necessary federal, state and local requirements, including zoning compliance,
copyright and trademark advice, and formal business incorporation.
One aspect of law that any new business may find challenging
involves the decision on the legal entity of the business. Determining the
right legal structure of the business is crucial to help protect your personal
assets from any liabilities of the company.
Whether the business will be set up as a corporation, a
partnership, a limited liability company, a sole proprietorship, or even as a
joint venture, it will have an effect on financial and legal matters that may
potentially influence the success of the business in the long term. Each
structure will have its own set of advantages and disadvantages and only a
corporate lawyer is qualified to explain several issues involved, such as the
implications of federal and state tax requirements and how to limit liability
for the stakeholders.
Many corporate lawyers specialize in the laws involving new
business structures. As such, they can also be involved in the development of
the business plan, help you register your products and services for federal
trademark and copyright protection and also in negotiating possible sources of
financing, such as with investment bankers and venture capitalists.
The primary responsibility of corporate lawyers is to
ensure that all business transactions
involving their clients’ organizations are in compliance with the law at every
level. But aside from their legal expertise, they must also possess a very keen
business and financial acumen in order to make certain that business risks are
minimized and clients make legal decisions that translate well for the bottom
line.
No comments:
Post a Comment