In every Law firm, Business lawyers are highly recommended because they help to keep companies running and growing by overseeing their legal ins and outs.
Business law encompasses all of the laws that dictate how to form and run a business.
This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow.
According To Britannica, a lawyer is one trained and licensed to prepare, manage, and either prosecute or defend a court action as an agent for another and who also gives advice on legal matters that may or may not require court action.
According To Wikipedia, A lawyer or attorney is a person who practices law, as an advocate, attorney at law, barrister, barrister-at-law, bar-at-law, canonist, canon lawyer, civil law notary, counsel, counselor, solicitor, legal executive, or public servant preparing, interpreting and applying the law, but not as a paralegal or charter executive secretary.
Working as a lawyer involves the practical application of abstract legal theories and knowledge to solve specific individualized problems, or to advance the interests of those who hire lawyers to perform legal services.
Who Are Business Lawyers ?
According To Legalcareerpath, Business lawyer is sometimes called mercantile law or commercial law and refers to the laws that govern the dealings between people and commercial matters.
There are two distinct areas of business law; regulation of commercial entities through laws of partnership, company, bankruptcy, and agency and the second is regulation of the commercial transactions through the laws of contract.
What Do Business Lawyers Do ?
Once a business is up and running, they might need employees. Most businesses need legal advice to help them understand how to hire and fire employees.
They need to know how to handle employee disputes and discipline. Businesses need to know what they need to offer employees in terms of pay and benefits.
There are also mandatory payroll taxes and deductions. Above reasons are what business lawyers do, which is to educate their clients on the rules and best practices for managing employees.
What Are The Types Of Business Lawyers?
There are different types of business lawyers and here are the areas of concentration:
• Employment Or Labor Lawyers
Employment lawyer is the state and federal laws that protect worker rights, prevent discrimination, and promote safe work environments.
Employment law is the area of law that governs the employer-employee relationship.
Therefore, if the business has more than one employee, then the business likely uses employment law.
This area is made up of both state and federal laws and includes many different subjects with the common goal to protect workers’ rights. For employees, these laws work to:
- Prevent discrimination
- Promote health and safety
- Establish a minimum required level for economic support
- Prevent work disruption due to disputes between labor and management.
• Corporate Lawyers
The role of a corporate lawyer is to advise clients of their rights, responsibilities, and duties under the law.
When a corporate lawyer is hired by a corporation, the lawyer represents the corporate entity, not its shareholders or employees. This may be a confusing concept to grasp until you learn that a corporation is actually treated a lot like a person under the law.
A corporation is a legal entity that is created under state law, usually for the purpose of conducting business. A corporation is treated as a unique entity or “person” under the law, separate from its owners or shareholders.
Corporate law includes all of the legal issues that surround a corporation, which are many because corporations are subject to complex state and federal regulations.
• Tax Lawyers
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context.
The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself.
• Contract Lawyers
A contract law is a legally enforceable agreement between two or more parties where each assumes a legal obligation that must be completed.
Many aspects of daily life involve contracts, including buying property, applying for a car loan, signing employment-related paperwork, and agreeing to terms and conditions when buying products and services or using computer software.
• Property Lawyers
Buying and selling of properties are important and delicate transactions that require the services of experts like property lawyers.
The role of a property lawyer is to protect the interest of the parties in any property transaction (i.e. either the Purchaser or the Seller).
• Contract Attorney
A contract attorney is a lawyer who works on legal cases on a contract basis. Such work is generally of a temporary nature, often with no guaranteed employment term.
• Mergers And Acquisitions Lawyers
It may not always be immediately evident what you are liable for during these encounters. It’s essential to consider hiring a mergers and acquisitions (M&A) lawyer to defend your privileges during the deal.
M&A lawyers are well-versed in the technicalities of acquisitions and mergers. M&A is a complicated process, and going through this without the expertise of an M&A attorney is not a wise idea.
Importance Of Business Lawyers ?
It’s true that business Lawyers help business owners to understand different legal issues, such as lawsuits and legal violations, that might impact their operations.
They provide the required advice and legal guidance to help you come out of the legal situations or avoid breaking the law in the first place.
Conclusions On Having A Business Lawyer
In today’s business climate, every business owner needs to have a business lawyer on their team.
Lawsuits and other legal complications can arise seemingly out of nowhere, and you need to be protected.
Note: If you are threatened with legal action, having a lawyer already on your team means that he already knows your business, which allows him to hit the ground running. Even more importantly, a savvy business lawyer will have constructed your business agreements in such a way that you will have an immediate advantage in a legal dispute.