Commercial lawyers are people who deal with business and commercial legal matters. Their duties include transactions, paperwork and business documentation. They are also tasked with other business-related issues that pertain to lawsuits. Commercial lawyers are heavily tasked with drafting business contracts, business mergers, employee and employer agreements, and negotiations.
Commercial lawyers, like other legal professionals, work for businesses through law firms while others are exclusively hired by corporates to look after their legal needs. State governments and NGOs employ others.
Many commercial lawyers take care of paperwork such as drafting paperwork, terms and conditions between parties involved, creating contracts of employees, participating in negations between business and companies and similar legal concerns, plus, representing their clients in the courtrooms.
Primary duties and responsibilities of a commercial lawyer
Lawyers specialised in business law are responsible for commercial business endeavours. They assist the business in transactions and other business legal issues to ensure that enterprises deal in conformity with the stipulated regulations and ensure that business transactions follow due process. Most of their legal duties to startups revolve around contracts, terms and conditions, non-disclosure agreements, data processing by competitors, and non-compete agreements.
Other duties include representing the company when it has been wronged or when sued by fired employees of the company. As the company lawyer, they serve their company against other corporations or individuals where economic or financial damage has been caused to seek compensation and to represent the company’s best interest.
When to hire a commercial lawyer
As a business, any transaction requires scrutiny by a legal professional. Without legal advice, companies easily find themselves stepping on the wrong side of the law. From the onset, when a business can afford to maintain a commercial lawyer, it should never give a second thought about hiring a commercial lawyer. It is essential to hire one all the time to ensure all transactions are legit and always protected to prevent losses in terms of penalties and fines. These individuals also help businesses and companies prevent disasters and litigation.
What commercial law professionals do for startups
Corporate and commercial law: They provide seamless corporation and association between companies and any other transaction that requires explicit attention from all parties involved. Other issues include trademark registration, patent registration and intellectual rights.
Dispute resolution and litigation: Commercial lawyers are tasked with providing a clear roadmap towards dispute resolution, mediation and negotiation on behalf of their clients. If the lawsuits escalate further to courtrooms, they are expected to represent the company and defend their interest. If they can’t win the case in their favour, at least lobby for fairer fines or penalties to minimise the losses.
Property conveyancing: Conveyancing refers to the transfer of property from the seller to the new owner. The exchange of a property can elicit emotions from both parties involved. With commercial lawyers between the seller and the buyer, there is a seamless transfer of property ownership without fear of contradiction. Business lawyers will handle the transfer soberly and in a manner that both parties feel satisfied.
Startups: These are companies newly founded by entrepreneurs to develop new products or services to the market. The processes involved in a startup requires the input of a commercial lawyer to offer legal advice before the business launches its products or services to the market.