Corporate lawyers are excellent resources for growing companies. They serve many functions that keep your business safe, and they find ways to protect you in new relationships. If you’re unsure how a corporate lawyer can help you, this blog post looks at four different areas in your company that corporate lawyers can assist you with.
1. They Can Analyze Legal Issues Relating To New Products In Development
There is nothing worse than investing a ton of money on research and development only to realize your new product doesn’t meet certain legal requirements. Facing a wall of legal issues to overcome with a new product can set you back months. If you released the product, you might even have to face legal consequences. Fortunately, a corporate lawyer helps you avoid crisis situations like this.
Corporate lawyers can work alongside your research and development team to ensure the product doesn’t pose any issues. Consulting with a corporate attorney is particularly important when your company is developing new food items and/or products that could potentially be dangerous. A corporate lawyer will help you avoid setbacks by keeping your product development team in line with all regulations your company needs to follow. Simply making your research and development team aware of the legal regulations they need to follow can save you hundreds of work hours spent focused on the wrong thing.
2. They Can Help Structure Joint Ventures
Another important function corporate lawyers perform is designing the parameters of joint ventures. When you decide to work with another company, it’s important to have a crystal clear arrangement. A corporate lawyer will work with the other company to structure a deal that allows both companies to work together in the best way.
When structuring a joint venture agreement, it’s important to take things like intellectual property and business assets into consideration. A corporate lawyer can help draft an agreement that protects your ownership rights of your intellectual property despite forming an alliance. Setting clear parameters around intellectual property and other assets is a crucial distinction that can help you avoid many conflicts in the future.
In addition to joint ventures, corporate attorneys can also structure mergers, acquisitions and strategic alliances. A corporate lawyer works to ensure your company only enters safe and legal arrangements. In addition to structuring the parameters of the arrangement, your corporate lawyer will find out information on the other company, and if they are truly people you want be doing business with.
3. They Help You Structure New Business Relationships
Similar to starting a joint venture, it’s important to have clear parameters when forming new business relationships. A corporate lawyer will get a full understanding of your needs and draft a clear and enforceable agreement for the other company to sign. A corporate lawyer will work with the other company’s team to come to an arrangement that protects the interests of both parties.
4. They Perform Essential Due Diligence
Corporate lawyers are the best at fact finding. When it comes to due diligence facts are your best friend. “Doing homework” is an excellent way your corporate lawyer can protect your company when entering into new deals or partnerships.
If you’re acquiring a new company, a corporate lawyer will review and summarize the other company’s documents and report any issues. Your attorney will file a diligence report for you to review which will include proof of certain statements, disclosure documents, and past company filings.
All in all, corporate lawyers are excellent additions to your company’s team. They help you avoid trouble by ensuring you’re following legal precedents and they keep your company safe when entering into new relationships. Businesses at every level can benefit from the insights, and expertise corporate lawyers have to offer.