Those that have operated in the corporate industry for a number of years are no doubt aware the value that a commercial lawyer can bring to a growing company. All too often, lawyers are considered to be the last resort in cases where some kind of legal matter or problem has presented itself; the business may have been sued or be going through restructuring for example.
However, it is the case that establishing a relationship with a good commercial lawyer can be a real asset to a company, particularly in the initial stages of the business. When companies are starting out, there is often a myriad of things that need to be dealt with in order for the business to find its feet; from staffing to marketing. Legal matters may not always be at the top of the list of priorities for those running the business. However, taking preventative measures with a commercial lawyer can go a long way in ensuring that the business is protected and processes run smoothly into the future. This article will go into a few of the ways having a commercial lawyer on the side can contribute to business growth and wellbeing.
For many businesses, organising employee contracts is a fairly standard process that doesn’t necessarily require any special knowledge. However, in some industries, complex agreements and stipulations can be applicable and very important – the construction industry is a common example. Contracts will often be required that protect the companies’ interests in the case that the employee decides to leave. Technology companies may need to protect their interests as far as trade secrets and knowledge about developments and products. In these kinds of cases, the assistance of a commercial lawyer is imperative, to ensure the contract is airtight.
Commercial lawyers can organise the paperwork to ensure that a business’s intangible assets are protected via trademarking, copyrighting and patenting. This can include anything from the names, branding and logos, as well as designs or even ideas, which can cover anything from an idea about how to build automobiles to building certain software or even inventions. Given that such things can be the basis of a business, protecting them legally is very important indeed.
The way in which a start-up is structured – whether as a partnership, company, trust, etc. – can have a large bearing on how assets are used and divided, which can affect overall profitability and determine how financially secure it is. Part of the role of a commercial lawyer is to determine the most beneficial means of structuring the enterprise with respect to the number and value of assets, the parties involved and various other factors. It is of utmost importance to speak to a commercial lawyer when determining the best way to go, particularly when the business starts to expand and grow.
Adding to the previous point, often startups are structured in such a way that two of more partners contribute to the investment, with the expectation that things will run smoothly into the future.
In the initial stages, often it is the case that little thought is given to how things will work out if there is some disagreement and things don’t work out. Commercial lawyers can help protect the interests of all parties by planning for such events and ensuring that if certain parties are inclined to leave, the process will be as straightforward and painless as it can be, and – if possible – the business can continue without financial burden.
There is a long list of ways a commercial lawyer can positively impact a business, at just about every stage of the business’s life. Working with quality commercial lawyers is an important part of managing a successful business in just about every industry. For more information, speak to commercial lawyers in Brisbane about your needs.