Who Is A Business Attorney? What Does A Business Attorney Do?
A business attorney, sometimes called a business lawyer, is hired to present legal guidance and sometimes business/financial advice to clients. They ensure that businesses stay legally compliant while also staying afloat. A business attorney has the best interest of a business in mind while ensuring that affairs follow federal laws, bylaws, and state laws.
Also called corporate lawyers and corporate attorneys, they deal with various legal matters such as drafting employment contracts, acquisitions and mergers, taxes, adherence to fair practices in day-to-day dealings, and so much more.
An attorney serves as an agent or a substitute for the person who hires them for their services. They are authorized by the law of the land to act on behalf of their clients.
Conflict resolutions, business model formation, compliance with national and International law, and other matters that arise with operating a small-scale or a large-scale business- all of this falls under the purview of a business attorney.
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Business Attorney: Types of Lawyers
In the post-Covid era, a lot of start-up companies have come into existence. Make sure that your startup stays legally compliant with the business laws of the country, and thus, it is a good time to hire a business lawyer. However, before you carry on, it is better to understand what type of business lawyers you can employ to do your job.
- A general business lawyer:
A business attorney who provides consultation on a wide range of subjects is called a general business lawyer. They can help draft documentation contracts and other internal business policies that will suit a particular business.
- A business lawyer specializing in employment law and labor law:
If you are running a business, that means you are working with employees. In these cases, it is important to keep company policies updated according to labor and employment statutes of the land. A business lawyer specializing in labor and employment law can help that happen.
- Business lawyers specializing in mergers and acquisitions:
This is the branch of business law that deals with merging or purchasing other companies. Drafting, appropriate negotiation, contract and their performance, and selling specific parts of a business- all of these are dealt with by a business attorney.
- Business lawyers specializing in Tax Law:
All businesses require payment of taxes. Hence a business lawyer who specializes in tax law will deal with all financial concerns relating to transactions, taxes, marketing processes, and so on. It will be their job to make sure that tax obligations, benefits, and exemptions are duly carried on by the company hiring them.
- Business attorney specializing in intellectual property rights
Intellectual property is a set of assets that only have value in the context of business. Businesses deal with intellectual property daily. For that purpose, it is important that accompanied dealing with intellectual properties hire a business lawyer specializing in business law.
What exactly does a business attorney do?
Business lawyers help companies through the legal processes related to setting up and carrying on their business. In short, they are required to file cases when necessary, prepare arguments and legal documents on behalf of the organization, and also represent the company in case of trials. A list of their duties may include:
- Helping a business start functioning legally.
- Settle disputes the business with other businesses.
- Draft contracts under the law, be it international, national, or other bylaws.
- Help the company in times of acquisitions and mergers.
- Provide useful legal advice in case of claims and issues.
- Resolve any disputes related to property owned by the business.
- Provide legal advice as to the risks involved and legal compliance.
Business Attorneys Near Me: Charges and Availability
If you are looking to hire a business lawyer, it is best first to research them. Try identifying the areas in which you need their expertise. Also, suppose you are looking to hire a lawyer for a shorter period of time instead of a permanent member of your business. In that case, visiting a lawyer offering hourly legal services is best. The internet is always a good place to start. You can look up lawyers in your area and for the type of matter you are dealing with, for example, tax, mergers, etc.
The average cost of a corporate or business attorney in the United States is $150 to $400 an hour. The charges vary depending upon the extent of legal services required and the type of your business. If you own a large-scale business, it is better to hire a business attorney who has been practicing for a while.
Wrapping it up!
If you are wondering whether you need to hire a business attorney, here is the deal. For a startup, even though you may be running low on capital at the moment, it is important to stay on top of your financial and legal requirements and ensure compliance. One could benefit immensely from hiring a business attorney.
If it is a large business, it is also advised that you hire a business lawyer for the very same reasons. That being said, large companies that have been well functioning for a long time are usually more aware of a business’s legal and financial responsibilities. Therefore, it would be wise to research whether you need to hire a business lawyer. However, in case of legal trouble, a business lawyer is the best person to be hired the get you right back on track!
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