
Are some of the best commercial lawyers transforming the businesses they represent? More likely than not. But how? In this guide, I share with you why a good commercial lawyer can make all the difference.
Commercial law is the area of law that governs all commercial transactions and dealings. Understanding the role that commercial law plays in your day to day activities as well as the business environment more widely can have a huge impact on your success. A good commercial lawyer can make all the difference, acting as your legal guide in making the right decisions for your business. In this guide, we will show you the importance of having a good commercial lawyer with strategic project skills on your team to deliver the business transformation you need.
1. Commercial lawyers can be misunderstood
The multiple subject areas and overall complexity of commercial law often means that even experienced business owners can underestimate the crucial role of commercial lawyers. A common misconception is that businesses only need a lawyer when a dispute arises –this isn’t the case. In fact, a good commercial lawyer will work with your business to ensure you make the right decisions and avoid potential issues in the future.
2. What areas commercial lawyers cover
It’s a commercial lawyer’s responsibility to fully understand and stay up to date with all the intricate legalities of owning and operating your business. This means navigating everything from employee contracts to financial transactions and everything in between. The main practice areas usually fall into one of five categories: contract law, intellectual property law, data protection law, employment law, and corporate law.
Although most excellent commercial lawyers have understanding across all areas of commercial law, they will often specialise in one or more of the key practice areas. Large law firms sometimes divide these into separate departments and that can mean one specialist drafting and reviewing your contracts, and another supporting you with dispute resolution.
3. Case study #1
Like many industries nationwide, the fast-moving consumer goods (FMCG) industry is rapidly evolving, and most experts believe that changing consumer habits will only accelerate in the wake of the COVID-19 pandemic. A good commercial lawyer can guide an FMCG business through changes and expansion. Kate Sherburn is the commercial lawyer for the eco-friendly Australian business Who Gives A Crap, and has been pivotal in helping it grow and even expand overseas. She says the key role of a good commercial lawyer is “to make sure that the companies we work for are protected.” In the case of Who Gives A Crap, she says that regulatory changes are non-stop. “It’s not just what’s happening in Australia, it’s what’s happening in every market that we’re involved in and making sure that we’re complying with everything. That is a big challenge.”
4. Case study #2
Engaging a commercial lawyer early on in your startup’s journey may be one of the best business decisions you will make in this all-important early development phase. If you are aiming to be a disruptive business, that can often mean navigating particularly challenging and complex legal minefields. As a business leader, you need to understand the terrain but not spend all your time navigating it, as that will distract you from focusing on all-important growth. Having a commercial lawyer on your team or as an in-house legal counsel, helping you realise your dreams without the nightmare of them all coming undone in a legal nightmare. Australian postal star-up Sendle showed the value of good legal work a few years ago when IP Australia ruled that Australia Post had no grounds to oppose Sendle’s trademark application for the slogan `Post without the office.’ If Sendle hadn’t done the hard work of registering the trademark properly early on, it would likely have faced much bigger legal consequences as it grew.
5. How to find the best commercial lawyers
As with any other hire, the difference between an adequate lawyer and a great lawyer can make or break your business. Before making any decisions, it’s essential to do your homework to determine which are your best options. Seek credentials and recommendations from a range of sources. Ask your friends and business associates, and search for reviews online. Scrutinise the solo lawyers and smaller outfits, as well as the big firms, and consider what values are most important to you and your business. Great commercial lawyers will be professional and flexible while making you feel they’re working with you, not for you.
6. How to choose the right commercial lawyer
When choosing your lawyer you should also consider what your unique business needs are. Consider what practice areas you would need your commercial lawyer to focus on and what size of the firm would suit your business.. That may still be the right decision for a large or international organisation, but if you’re managing a smaller business it’s wise to weigh up the pros and cons of choosing different sized firms. Smaller firms may offer greater attentiveness since you aren’t just one billing among hundreds.
7. Commercial lawyers are a great investment
One of the big mistakes some new business owners make is not finding a commercial lawyer within the first days of setting up their new enterprise. While it’s understandable that business leaders are often laser-focused on their vision and want to focus on the possibilities, acknowledging that things can sometimes go wrong is a necessary part of a business leaders’ mindset. When issues and uncertainties come up, it’s essential to have a commercial lawyer on hand to protect your interests.
Investing in a good commercial lawyer will not only help you navigate complex laws and regulations as your business grows and expands but will put in place protections to prevent you from running into problems in the future. That could mean securing your intellectual property rights, making employment contracts watertight or making sure all your contracts are robust. As anyone who has ever ended up in an intellectual property lawsuit or an employment tribunal will tell you, a good commercial lawyer can save you from much more expensive trouble down the road.
Hiring the best commercial lawyer doesn’t necessarily mean they will be the most expensive. Some of the most competent professionals are not always the most highly priced. And ‘best’ comes down to where they well they fit your organisation and its goals.
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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.