The best commercial lawyers are not always the ones you think of first. It’s natural to pursue high profile lawyers with decades of courtroom experience and an established name, and in many cases, they will bring value to your business. However, there are exceptions to the rule, and if you’re after a commercial lawyer who can truly catapult your business, it pays huge dividends to look a little deeper.
In this post, we dive into some of the attributes and qualities of the very best commercial lawyers.
1. They fully understand your business model
Whether you are in retail, tech or another industry, Having A Commercial Lawyer That Fully Understands Your Business Model is empowering and beneficial. Every business is different. If you are a forward-thinker with a business that’s making a dent in the world, you are most likely challenging your market with new products or a new business model. Disruption can create exceptionally positive outcomes and growth, but it can also create uncertainty and trigger potential legal disputes due to regulations, competition or consumer-initiated disputes. Uber is the classic example, having incurred legal trouble in almost every territory in which it operates, Including Australia.
There are other examples where you need a commercial lawyer that understands your context thoroughly. For example, Epic Games’ legal dispute with Apple, which is Being Brought To Australia after the legal battle began in the US. Epic Games is disputing the monopoly Apple has through its app store and the requirement of a hefty app purchase commission. Understanding your business model, how revenue is generated and all the intricate details that might be in your interest or might threaten your growth are crucial when it comes to commercial legal battles.
2. They understand your work culture
One of the least considered and yet most important assets (or liabilities) a business has, is its work culture. Whether you are a highly driven, growth-orientated business where employees know they will work hard but be rewarded accordingly, or you take a more cautious approach with a greater emphasis on retaining staff long term, you need to ensure your commercial lawyer understands your values. If you move rapidly, they need to move as rapidly: after all, as The Entrepreneur notes, a good commercial lawyer is expected to provide “Vital Assistance In Almost Every Aspect Of Your Business”.
Understanding your work culture has two absolutely critical advantages:
- A commercial lawyer can help you improve your work culture by structuring the right agreements, remuneration schemes, introducing and enforcing the right policies – that motivate your team to give you their best.
- A commercial lawyer who intimately understands your work culture will work seamlessly with the various business stakeholders ensuring a seamless and smooth leadership team that’s effective and focused on your business mission.
3. They are business thought leaders
The best commercial lawyer won’t just help you out when things go wrong, they will give you the kind of business leadership and entrepreneurial wisdom to enable your business to thrive. Having the ‘edge’ in business requires having the best minds in your industry, and your commercial lawyer is a major part of the brains within your organisation.
If you are a start-up, for example, Choosing A Law Firm With Plentiful Relevant Experience means you can benefit from their understanding of all the challenges and opportunities that will come your way. But more importantly, you tap into a wealth of knowledge that can enable your business to jump ahead of your competitors.
Understanding the law combined with strong commercial acumen will put you in a stronger position when it comes to negotiating deals for short-term gains and long-term sustainability. If you are an established business working in a specific sector, you want a commercial lawyer that knows that sector like the back of their hand, whether that’s because they have had multiple clients operating in the same space or because they were deeply involved in organisations that operated in that industry.
A top-of-the-food-chain commercial lawyer will Transcend The Value You Get From A ‘Solid Advice’ To A Well-Rounded Overarching Strategic Direction.
4. They can spot dangerous territories ahead of time
A ‘dangerous territory’ can be geographic in the literal sense but also political or business-oriented. One of the benefits you can get from a seasoned commercial lawyer is the ‘birds-eye view’ which allows you to spot danger miles away.
The world right now is in a greater state of economic and political flux than in many generations, with the relationships between countries constantly shifting. For example, Australia’s recent signing of the Regional Comprehensive Economic Partnership suggests improved relations with China are on the horizon, and yet this was signed against the backdrop of Increasing Ongoing Trade Disputes. If you are planning to trade with China, you need a lawyer who is immersed in its politics and trade plans and can help you take the long view.
If you are operating in the UK, on the other hand, you need a lawyer that understands the political and economic situation over there. The cost for UK businesses around data compliance due to Brexit is estimated to be Between £1 Billion And £1.6 Billion. That’s how much UK businesses are incurring in cost due to regulatory changes. Some businesses could potentially incur even bigger costs due to fines for non-compliance. If your commercial lawyer understands your business model, they will help you not only to deal with such changes but anticipate or even avoid them.
You may also like
Mark Lazarus
Mark Lazarus, the visionary behind the business and the fresh blood of the Lazarus Legal team, Mark (or Laz as he is often known) owes much of his success to his past experiences. And he’s made it his personal goal to bring that wisdom and formula to the firm.
