When we think of a lawyer, the first image that comes to our mind is that of a person arguing for his or her client in a court of law. Though lawyers do appear in courts to defend their clients, they do a whole lot of other things too, especially in the corporate world.
Let's look at some of the ways through which they add value to a business, thereby making them a must-have for every business.
Drafting business contracts
The most common reason for hiring lawyers is to draft business contracts and other legally binding agreements. Since lawyers know the right language that has to be used in such legal documents, their help is often taken to draft these documents.
Many times, negotiations happen between two or more parties before a formal agreement is signed. Lawyers are hired to oversee this negotiation process to ensure that the terms agreed upon by both the parties are according to the prevailing laws and regulations.
Educate employees about applicable laws
A good law firm like Benson & Bingham can educate employees about their rights and responsibilities. Providing such information is mandated by many regulatory bodies and it is a part of the compliance process. In addition, educating the staff about the legalities and illegalities of their actions can help them to avoid doing things that are against the laws. This way, the entire business operation will become smooth and easy.
Business owners may not always be familiar with the laws pertaining to their line of operations. This is why it is a good idea to hire a lawyer who can provide legal assistance on a wide range of operations related to the business. Whether it is starting a new line of business, merging with another company, handling employee dissatisfaction, or just about anything else related to the legality of action - a lawyer can help.
Forging business relationships
The presence of an experienced lawyer can help a business to forge better relationships with its partners, suppliers, customers, and other stakeholders. The documents will be transparent and well-written to bring out each others' responsibilities and obligations, so there is no room for ambiguity. Such a clear approach is sure to cement relationships.
Helping with lawsuits
Lawyers help not just individuals to win a case in the court of law, but also businesses. In other words, they represent a business and defend it against other entities that could be individuals or other businesses. In this case, though, experienced lawyers save enormous amounts of money for businesses that they would otherwise have to pay as fines, settlements, or penalties.
In all, experienced lawyers are a must-have for every business because they provide the necessary legal assistance, help to draw business contracts, oversee negotiations, defend lawsuits, and other operations that are related to legal knowledge and procedures. This is why almost every business hires a lawyer and consults with him or her before making important decisions.