Perhaps you’re a small start-up or are you already a large entity? Regardless of your business’s size, you’ll benefit from the legal advice a contract lawyer offers. Whether it’s related to business contracts, lease agreements, or even buying or selling a business, a contract lawyer’s expert eye, and professional knowledge will assist your company immensely.
Below, we’ll discuss everything in detail to help you make informed decisions.
The Challenge of Business Contracts
Sometimes business transactions require negotiations, preparation of documentation, or reviews. Contract lawyers are generally hired to negotiate and review business contracts. They help ensure your affairs are in order and both your business interests & legal rights are protected along the way.
Contractual Claims and Disputes
An average of 9% of contracts experience either a major claim or dispute. Having a contract lawyer on your side helps you resolve any potential business contractual disputes. This also guarantees you’ll receive satisfactory results according to your rights in this particular contract.
Hiring a specialized contract lawyer assures they’ll take the best course of action and benefit YOUR interests. They’ll also truthfully assess how successful your claim will be. In certain cases it’s not advised to pursue litigation and a contract lawyer can discern the necessary steps to take.
A contractual dispute can be resolved through:
- Arbitration: This occurs when both involved parties agree to it, either before or after the legal dispute has arisen. It’s similar to mediation but the arbitrator issues a legally binding final decision.
- Collaborative law: Generally, both parties and contract lawyers decide not to litigate but instead find a resolution outside court. This involves a series of discussions and negotiations.
- Mediation: In this process both concerned parties meet with a neutral third-party mediator such as another lawyer or a retired judge. They’re guided towards reaching a satisfactory resolution for all.
- Traditional litigation: If time and finances allow, the dispute is taken to court for litigation. This is particularly helpful if costly issues and numerous disputes have been unsuccessfully resolved.
Why Having a Contract Lawyer is Helpful
A contract lawyer should have a solid understanding of your business, its objectives, and how you intended to operate. A contract lawyer can help prepare the standard form contracts required for use with clients, customers, and suppliers. You can also approach them for advice on how to sign contracts should other people request you to do so.
What to Look for In a Contract Lawyer
When searching for contract lawyers Melbourne has to offer, remember these five important factors:
A contract lawyer needs the necessary contract knowledge to best assist your business.
2. Clients in the Same Industry
Your contract lawyer should either know your business and its legal aspects or demonstrate a willingness to learn more about this.
If a contract lawyer makes time to explain and inform you & your staff about the legal aspects of your business, you’ll better understand the law and how it affects you. He or she functions as a teacher keeping you informed and updated about the latest legal developments. They will circulate memoranda or newsletters to keep your business up to speed.
In addition, your contract lawyer should clearly communicate all options available in any circumstance and provide you with the best advice on how your business should proceed.
A contract lawyer is an expert in his or her field, but they won’t know all the ins and outs of every area of law. If your business requires even more specialized legal assistance, your contract lawyer must know the necessary connections to point you to the right person for their input.
First impressions count! Rely on your intuition to know if you can be honest with your contract lawyer, trust them and whether you’ll share the same perspectives.
How to Hire a Contract Lawyer
You can hire a contract lawyer in a minimum of three ways:
A Contract Lawyer as an Independent Contractor
Hiring a contract lawyer directly as an independent contractor will save costs. This way your business won’t pay taxes or provide benefits, plus the accompanying paperwork is avoided.
A Contract Lawyer as an Employee
If you hire a contract lawyer as your own employee you may find that this is only for a temporary basis. This could be both administratively and financially a less viable option if you go to the effort for only a short period of time.
A Contract Lawyer Hired through a Legal Staffing Agency
Your business could use a legal staffing agency to find the best contract lawyer for your needs. Agencies such as these generally treat contract lawyers as their own employees, so you won’t have to worry about taxes or benefits.
With the help of a qualified contract lawyer, you’ll have more peace of mind about all contractual and legal business aspects. By picking an expert with a history of working in this field, a contract lawyer will be on your side and approach your contracts, claims & disputes with sufficient insight.
It does pay off to have a contract lawyer who’ll assist you to the best of their ability. Ultimately you know your business interests and legal rights will be protected & fought for. Protect yourself so you can enjoy the best possible business future.