Frequently Asked Questions
What is a business lawyer?
What is the difference between a business lawyer and a commercial lawyer?
Business lawyers may be more specialised to assist with particular business needs than commercial lawyers who work on large matters. This includes attaining the correct permits and understanding the complex rules, legislation and regulations that apply to businesses, but do not apply to larger businesses. Business lawyers also have an in-depth understanding of how businesses operate in industries that have room for growth, and are driven to assist businesses in growing their business within that chosen industry. Business lawyers do not take on larger corporations as clients- those are taken on by corporate lawyers.
What are the benefits of hiring a business lawyer?
Hiring a business lawyer is a proactive method in ensuring your business has the capacity for future success. Some benefits include:
• The Protection of Business Assets
A business lawyer works to protect the interests of businesses and their owners through ensuring compliance with all applicable laws and regulations that govern the business’s operations. Business lawyers will draft and review documents that protect business interests, alongside providing legal advice or representation when disputes arise.
• Time Costs and Savings
Hiring a business lawyer is a worthwhile investment to save time and money in the future, despite the upfront costs. Hiring a business lawyer outsources legal tasks that business owners may not be aware of, providing clear and concise legal advice that prevents costly mistakes from arising in the future.
• Customised Legal Advice
Business lawyers differ from larger commercial lawyers as they have the capacity to tailor legal solutions that are specific to businesses and their operations. Business lawyers understand how to navigate and assist clients no matter what stage in the business life cycle they are currently in.
How much does a business lawyer cost?
The amount a business lawyer charges will vary depending on various factors such as experience, time and qualifications. A business lawyer will typically charge by the hour, meaning the legal costs will grow with every minute used to drafting, reviewing and providing legal advice in relation to contracts. Lawpath uses lawyers that provide businesses with assistance on a fixed-rate basis, which means you will be given a clear price from the outset and won’t have to worry about whether the lawyer has been efficient on the clock. Additionally, lawyers on a large team within firms can have a large workload which may mean that the timeframe for completion is uncertain, while our legal team is agile and reliable. Our lawyers also provide quotes from our lawyer network, meaning you can work with lawyers that are best suited to your financial and legal needs.
How do I choose the right business lawyer?
Choosing the right business lawyer is a critical decision that can have a significant impact on the success and longevity of your business. There are a few factors to take into consideration when hiring a business lawyer. Some factors to consider include:
• The business lawyer’s experience.
Assessing a business lawyer’s experience and expertise can assist you in finding the right lawyer. business lawyers should have a strong track record in handling issues surrounding business affairs and aspects impacting businesses and their operations.
• The business lawyer’s reputation and client review.
Reading reviews the business lawyer has which has been made by previous clients can be a method to employ when choosing the right business lawyer. A lawyer with minimal positive feedback can indicate to seek another business lawyer.
• The rate and fee structure of the not-for-profit lawyer.
Reviewing a lawyer’s fee structure can assist in ensuring that the lawyer you utilise is within your price range. Business lawyers differ in price, and finding one which is affordable and successful when it comes to their cases is central to ensuring you are correctly choosing the right business lawyer.
Why should startups invest in a business lawyer?
Startups face a wide range of legal challenges and complexities when operating within any industry. Investing in a business lawyer provides various benefits and advantages that contribute to a business’s success and future growth. Startup businesses provide legal expertise and guidance which lawyers who specialise in commercial law and larger corporations may not be too familiar with. Having a business lawyer means advice is specifically tailored to business owners and such guidance assists businesses in adhering to rights, obligations and potential liabilities. Business lawyers are also cost-effective. Hiring a business lawyer assists businesses in the long run as it ultimately saves money through preventing mistakes and breaches of legislation from occurring in the future.
What are some challenges faced by business lawyers?
Business lawyers are essential partners for entrepreneurs and business owners, providing invaluable legal guidance and representation across a wide range of issues. These lawyers navigate the complex legal landscape to help their clients address challenges, mitigate risks, and achieve their business objectives. Examples of some legal challenges business lawyers face include ensuring contracts have been drafted and reviewed properly. Businesses often have agreements with vendors, suppliers and if the business has expanded enough, partners. Business lawyers must ensure all documents are consistent and compliant with the legislation and regulations that are relevant to the documents. This responsibility of compliance also extends to ensuring all areas of employment within the business are compliant with employment law and work health safety obligations.
What are the signs I need a business lawyer?
Running a business comes with various legal considerations and challenges. Knowing when to seek the guidance of a business lawyer can help protect your interests, navigate complex legal issues, and ensure compliance with laws and regulations. Below are some signs that indicate the need for a business lawyer:
• Assistance Needed for Business Formation
Starting a new business or contemplating a change in structure for a business is likely to require legal assistance. This is due to business formation requiring a large amount of documentation and legal boxes to be checked. business lawyers can guide business owners through choosing the most appropriate business structure for the daily operation of their business.
• Heavy Contractual Matter
Ensuring all contracts are legally compliant is vital to ensure future success as agreements which are not compliant with legislation, regulations and common law may lead to financial and legal detriments in the future. Additionally, lawyers can help you ensure that your contracts are drafted to suit the interests of your business.
• Lack of Intellectual Property Protection
Businesses are often innovative, with most successful businesses being creative in how they design and provide their products and services. With this comes the necessity to ensure such ideas are being properly protected under intellectual property. Businesses assist in this matter, applying for patents, trademarks and copyrights to ensure businesses have their products and/or services are correctly protected.
