The Role of a Corporate Business Lawyer
A corporate business attorney is a lawyer who specializes in corporation and business law, such as the laws for legal business structures including, limited liability companies (LLCs), professional corporations (PCs) and general partnerships. A corporate business attorney is usually the best option for businesses that deal with complicated matters, from drafting contracts or reviewing legal documentation after a merger or acquisition. Corporate business attorneys may have a broad range of responsibilities for their clients , dealing with a multitude of issues. Some of the most common duties that a corporate business attorney performs include: Finding an experienced corporate business attorney with knowledge and understanding of your business area will allow you to have a critical partner on your side to help you with a variety of issues. An experienced corporate business attorney can offer legal insight that might not be immediately obvious to those who are not well-versed in corporate law.
Why You Should Hire a Corporate Business Lawyer Who’s Near You
Having a corporate business attorney who is familiar with the state laws and local laws can be a huge asset to your business. Depending on the particular business deal or situation you are dealing with, the laws in California vary greatly from the laws in other states. You should have an attorney that can not only help you with a lawsuit or dispute, but also has or can become well-acquainted with every aspect of your business. They should have the intellect and experience to be able to handle your business law matters so that you can focus on what is most important to you, your business. A local attorney is usually aware of issues that might affect your business. An attorney that actively practices in the district courts of California will be familiar with the judges and most likely many of the other lawyers and firms involved in litigation in that area as well as the local rules. They also might have specialized knowledge about dealing with a certain judge, or other lawyers and accountants you might be involved with. If you do not have a set plan for how to deal with internal problems, commune issues, sales and customers, conflict resolution, insurance, royalties, international matters or patents and trademarks, a corporate business attorney can draft all of these things for you. Having all this information in one place can prevent any future problems while saving you both time and money. It can allow your corporate entity to function without any unwanted hiccups because everything is in order and properly spelled out.
What You Should Look Out for When Hiring a Corporate Business Lawyer Near You
In your search for the best corporate business attorney near you, there are several important factors to take into consideration:
Experience: Unless you have specific requirements for unique legal situations, such as land use or environmental law, corporate business attorneys are a relatively homogenous lot. While your corporate business attorney may be knowledgeable in many other related areas, such as ownership transition and estate planning for business owners, he or she can’t be an expert in all things. Look for one with demonstrable experience in your particular business area of interest, and current representation with similar clients.
Reputation: Building an enterprise takes vision, skill, tenacity, and much hard work. And the stakes are high: One misstep, an ill-worded contract, a poorly structured business entity, could mean the difference between meteoric success and mediocrity, or worst case, bankruptcy. In addition to seeking out nominees from colleagues, your local bar association may be able to provide confidential reviews of corporate business attorneys as well.
Specialization: You also want to make sure that any corporate business attorney you choose has proven competency in the areas of the law upon which your business depends, for example employee relations or supplier and vendor contracts.
Where You Can Find Corporate Business Lawyers Around You
Finding the right corporate business attorney in your area can be a nuanced process that involves ensuring that you are represented by someone who is both qualified and who understands your business like no one else. Fortunately, there are a number of ways that you can go about finding the corporate business attorney for you.
Local Referrals
While some may be tempted to go the online directory or cold calling route to find the best option for corporate business counsel, there are times when nothing beats a local referral. Often, businesses in your community interact with one another in a variety of ways without going through the typical channels (e.g. consumers). Therefore, if you can identify a business owner who has utilized the services of a corporate business attorney in the past, they might well be able to recommend someone you can do business with.
Online Directories and Resources
Even with a local referral, however, it is important to maintain a degree of independence when it comes to selecting a corporate business attorney. For this reason, the use of online directories and resources can be particularly useful. The most commonly referenced search engines like Avvo and Justia often allow you to filter your search results according to criteria that includes practice area, location and education. Furthermore, sites like Avvo also allow you to seek consultation from lawyers outside of your specific area, which can be useful if you are looking for an attorney for an out of state business venture.
Coincidentally, reviews and testimonials can also be easily tracked online. In addition to filtering your online search to reflect reviews and testimonials that have already been written about an attorney or firm, you might also want to consider reaching out to satisfied previous clients to see if they would be willing to talk about their experience doing business with someone you are considering.
Ultimately, there are many factors to consider when trying to select a corporate business attorney. Factors like legal fees, availability, authenticity, quality and location all need to be taken into account when making your decision. However, with the use of these tools, you are sure to be able to find the one that is right for you.
Key Questions to Ask an Active Corporate Business Lawyer
As you interview prospective corporate business attorneys, focus on the following 6 important questions to ensure that the one you choose will best meet your particular business needs:
1. What other areas of law do you practice?
Depending on the nature of your business, a candidate with expertise in "horizontal" practice areas such as labor and employment or commercial and consumer finance may be more beneficial than a candidate specializing only in corporate law.
2. How long have you practiced law?
When considering your options, realize that unlike a family law attorney who has an ongoing relationship with your entire family, corporate business attorneys will have a deep, lasting relationship with only a few individuals in your company, such as the CFO and the CEO.
3 . How large is the firm you’re affiliated with?
Working with a large firm may provide you with greater value in terms of resources, legal counsel and other opportunities.
4. What other resources may be available to me through your firm?
If you run a large organization, you may wish to work with an attorney who is affiliated with other firms to obtain additional resources and access to data.
5. Is your firm familiar with the industry I am in?
Industry-specific experience is invaluable, as it can enable your attorney to help you make better decisions and learn from others’ mistakes.
6. What is your billing structure?
Please be aware that corporate business attorneys bill for all actions that even indirectly relate to your account, including client communication and research, writing letters and even reviewing your calendar, among other things.
Advantages of Having an Experienced Business Lawyer on Your Side
Corporate law and regulations vary dramatically on a state-to-state basis, and some corporate issues can fall under both federal and state laws that govern business entities. Depending on the types of businesses you buy and sell, can even fall under complex environmental laws. Therefore it should go without saying that any entrepreneur would be well-advised to hire a reputable corporate business lawyer. However with so many different areas of the law to consider, how do you know your legal representation has the level of knowledge you need? A lawyer who specializes in corporate law – such as a business attorney that can help with LLC filings or an attorney specializing in environmental regulations – will ensure your business will not be caught under a severe fine. Good corporate business lawyers can save a business thousands of dollars in unexpected legal issues arising from non-compliance or even provide advice for when the sale of a business fails to close. Corporate attorneys are also invaluable during negotiations, when multiple parties are involved, or when conflict arises between shareholders or officers. Furthermore, corporate attorneys are essential when it comes to navigating mergers, acquisitions, partnerships, sales, and joint ventures. When you hire a corporate attorney with a significant depth of experience, you can feel confident that they’ve dealt with countless legal issues that arise in the corporate world. Experienced corporate business attorneys provide qualified, knowledgeable direction no matter how complex your business is. Their familiarity with the frameworks and regulations helps you stay off the risky end of litigation and avoid potential fines. Having to manage multiple entities, tax and other regulations, and liabilities while growing your company creates greater risks of corporate regulatory errors. Advice from a corporate attorney is invaluable for any business owner, so having that advice on hand is an important asset.
Corporate Business Lawyer Costs and Fees
Based on experience, we expect the cost of hiring an experienced and reputable corporate business attorney to be somewhat high. Average hourly rates will largely depend on the location of the firm, the size of the firm, years of experience, level of expertise and/or a specific niche within corporate law. The Urban Institute recently reported on a study that found the average hourly legal fee in 2009 was $246 per hour. This was the most expensive in the South region of the country.
Corporate business attorneys may also offer fixed fees based upon an understanding of the client’s needs and preferences. Projects that have a more restricted vis-a-vis qualitative scope of work such as reviewing lease agreements, shareholder agreements, or employment agreements for both company and employees. The total fee can often be estimated up front. Once the work is successfully completed, a bill can be issued reflecting the same basic fixed fee.
Fees can also be capped. For example, the company and its attorney can agree on a reasonable and realistic amount that would include all of the work to be completed. If the total fee is less than cap, the total amount paid to the corporate business attorney would be adjusted downward to match the actual cost. However, if the total amount of work performed exceeds the cap, the company would likely be responsible for the total amount of fees owed .
Maintaining a certain level of predictability over the budget is a very important factor for a company in managing costs and making sure that nothing is overspent. The key to managing those costs is communication between the client and the attorney so that i) the scope of the engagement can be agreed upon by the parties; and ii) the attorney is able to readily inform the client of any work that is outside the scope of the engagement.
In addition, the corporate business attorney should inform the company of how much time he/she estimates the project will take and how much the anticipated project will cost the company. If a matter gets more complicated than initially anticipated, the company should be informed and be asked whether it wishes to continue or terminate the project. In all circumstances, the final bill should not exceed the previously agreed-upon budget without the express consent of the client.
In reviewing expenses, the company should not just focus on the amount of the bill as it relates to the cap but also on whether the cap reflects the type of work and the level of expertise to be provided. It is still possible to overspend the amount of the cap if the company expects its attorney to perform a lot of work at a lower level or expects its attorney to use a lower-level associate.