Business lawyers deal with a wide range of legal issues. They are in charge of establishing the fundamental legalities necessary for businesses and organizations to operate legally while ensuring that contracts are enforceable.
They also assist clients with regulatory compliance and any potential litigation. They are a valuable asset to any company.
Client Relationship Management
Business law firms have a lot on their plate. From responding to lead inquiries to marketing their firm, bringing in new clients, and handling current client cases – all while trying to keep the lights on in the office – it can be easy for attorneys to lose sight of what matters most: building solid relationships with their clientele.
Fortunately, technology tools like legal CRM can help businesses improve client relationships by clicking a button. Unlike the old-fashioned client management system, legal CRM provides lawyers and teams with a clear picture of each prospect’s status in the firm’s pipeline. This way, each team member knows which prospects they should follow up with during the prospect phase and who is responsible for work assignments once a case begins.
CRM insights also allow legal teams to understand better the client acquisition process to nurture leads and convert them into clients. This can make all the difference in winning new business and retaining existing clients.
Client Counseling
As a lawyer, you must help a client understand the law pertaining to their business case. This includes helping them navigate legal complexities, find loopholes, and craft the best possible solutions for their needs.
Many work lawyers do in Linden Law Partners involves preparing contracts and agreements. This broad area of the law covers anything from buying or selling products to renting space, licensing, and negotiating with vendors.
Another important aspect of this field to clients is ensuring that the business follows all applicable laws. This might include determining the best type of legal entity to form (sole proprietorship, partnership, or corporation), employment law and regulations, taxation, and mergers and acquisitions. It also might include establishing any necessary regulatory compliance policies for the business. The lawyer’s role is to vigorously protect the client’s legitimate interests within the limits of the law.
Client Involvement in the Process
Business law focuses on providing clients with a thorough understanding of their legal rights and obligations. It includes several duties, including legal research, argument development and drafting, and legal representation. Business lawyers may also need to perform due diligence about a transaction and ensure that the terms of the transaction comply with local, state, federal, and international laws and regulations.
Especially when working with start-up or emerging entity clients, attorneys can find themselves in the position of becoming equity owners of the company, either as an investor in a financing round or by way of stock options paid for services rendered.
A firm should develop a policy in this area, with training for all lawyers and staff. This can help ensure everyone understands that a lawyer should only accept an engagement if it is free of conflict issues. The lawyer has sufficient time available to devote to the matter.
Client Communication
A business law firm’s clients expect the lawyers to understand their companies and how they operate. The lawyer may also provide proactive advice on issues affecting a company.
For example, if a client’s company plans to borrow money from a bank, the lawyer should anticipate how the lender might view the loan terms. That way, the loan can meet the lender’s expectations.
A client’s responsibilities include keeping the lawyer informed about significant developments and promptly responding to requests for information. If a client disagrees with the lawyer’s bill, the client must raise the issue promptly. A client also must keep the lawyer’s confidential information relating to representation except as permitted by the Rules of Professional Conduct or other laws.
