Whether you run a small or large business, legal aspects are something you cannot ignore. A single mistake can lead to several complicated issues that might lead to the closure of your business. That is why it is important to have a commercial lawyer who you can turn to whenever you need professional legal assistance.
What Does a Commercial Lawyer Do?
Corporate or commercial law refers to legal concerns that are specifically for businesses, commerce, trade and sales. Commercial lawyers handle a wide range of matters, such as reviewing agreements and contracts, lawsuits, business formation, compliance, intellectual property, mergers, acquisitions and more. Some are even knowledgeable about tax issues. Commercial lawyers protect your assets and make sure that your business is operating smoothly and legally.
How to Find a Commercial Lawyer for Your Business
Hiring a commercial lawyer can be of assistance to you and your business if you are in need of legal advice or require help in settling disputes. However, before you hire one, there are several factors that you have to consider in order to ensure that your partnership will go well.
Here is a guide on how to properly choose one.
1. The lawyer must match your needs
Each business has different structures and needs. Your commercial lawyer needs to be competent, someone who can fit with how your business works. Your lawyer and your business have to be in the common field so that the problems in that specific industry can be analysed and handled in an efficient and effective manner. A professional with a deep understanding of your business is bound to produce more positive results.
For example, if you have a business in the entertainment and media industry, you need a lawyer who is in line with this commercial sector.
In addition, you also need to evaluate the law firm’s size to determine if it matches your resources and budget.
2. Ask the right questions
There are a lot of commercial lawyers in Australia and knowing how to sift them can help you determine which one is the right business lawyer for you. They also often offer an hour or less of free consultation, so having a list of questions ready can help you maximise the allotted time. This can serve as a way for you to grasp the lawyer’s personality and to know if you two can work together.
Some of the criteria of the questions you should be asking your commercial lawyer are:
Ask about the lawyer’s reputation and qualifications. Inquire how long they have practised law, if they have a valid license, the type of cases handled before and other things that you want to know about their professional background.
Throw questions that will allow you to gauge your commercial lawyer if they are a good match for your case by asking about their previous experiences. By doing so, you can know if the lawyer is truly knowledgeable in your specific business line and if they can provide adequate assistance to the area you need help with. You can present specific scenarios and ask for their proposed approach or solution to the matter. You can also ask if they have special training or other qualifications outside of their law degree that could help with your situation.
- Legal Fee
It is important to inquire about the costs of the lawyer’s services to know if it is within your budget. A breakdown of the fees will be beneficial so that you will know where your money will specifically be spent on. It is also crucial to ask about the payment options and how they will be billed.
Being prompt is an indicator of how commercial lawyers work. Take note of how long they take to answer your call or messages and if they arrive on time for your consultation. If they fail to get back to you early in your communication process, this might become a recurring problem when you start working with them. When you are busy handling a business, the last thing you want is to be stressed when there is a delay on your lawyer’s end.
4. They must be willing to work with you
Your commercial lawyer must be willing to be part of your team, whether it is for the long-term or short-term arrangements. You must also explain your preferred type of setup and if you have a specific approach in mind to determine if they are aligned with how your lawyer works.
5. The fees must match the service
Compare other lawyers’ fees and the scope of their services to get a grasp on the average cost for the service you need and to ensure that the assistance you will get would be at the right price. Each firm has different ranges, giving you plenty of choices that would suit your budget.
There are cases when a firm or a lawyer’s hourly rates change, so be mindful of that.
How Madison Marcus Can Help You
Madison Marcus has helped many businesses to realise their visions and achieve their desired outcomes through our outstanding legal services. We have been recognised by legal and business communities for our legal work, innovation, corporate leadership and more. We have commercial lawyers in Sydney, Melbourne, Parramatta, Adelaide, Brisbane and Perth, who are experts when it comes to commercial law and business advisory. We will closely work with you to help you ensure excellent outcomes and negate risks while running your businesses.
For enquiries or a free 15-minute consultation, kindly contact our expert team today via this form.