Commercial lawyers are attorneys who practice business law. Their primary duties involve drafting contracts and reviewing company agreements and mergers. Commercial lawyers might choose to work for a law firm representing many clients or be employed by a company to serve its legal interests.
Typically, commercial lawyers deal with business transaction issues. They are involved in drafting client agreements or participate in the negotiation of employment contracts and write purchase agreements. Commercial lawyers might practice law in law firms representing multiple clients. Some lawyers work as in-house attorneys in a single corporation. In contrast, others might be employed by government and international agencies where they review international business transactions or negotiate trade deals and agreements.
Duties and responsibilities
Generally, commercial lawyers are tasked with company paperwork, especially contracts and business documents. Most of their time is spent researching, writing, and editing financial reports. They also do examine national and international laws to identify rules and regulations that might arise and conflict with the law and advise accordingly. The business documents are those related to establishing or dissolving a business, business mergers, sales contracts, and establishing non-compete clauses. Other duties may include changing or restructuring the organisation’s structure where necessary. They also do corporate with other lawyers and clients to execute paperwork or close contracts and complete transactions.
Salary and remuneration
Although commercial lawyers practice in different areas of specialty, their salaries and remuneration are almost the same. Generally, lawyers are high-income earners compared to other professionals. Those lawyers who practice law in partnership tend to earn more than those who practice independently. All lawyers involved in business affairs are referred to as commercial lawyers and must possess law school degree and state licensure.
Types of commercial laws
Commercial laws are those that regulate sales and distribution of goods, business dealings, and financial transactions. It also covers consumer protection and competition.
Business law vs. commercial law
They often overlap, and it is hard to draw a distinct line between the two. Commercial law focuses on sales and distribution of goods, financial transactions, and retail operations. In contrast, business law deals with issues like business or company formation, leases, and transfer of ownership, shares, and distribution of profits, business mergers, and acquisitions.
Business law is heavily regulated and determined by state and federal statutes. States regulate business law by implementing regulations that take care of issues like employment, workplace safety, loans, and capital raising and environment protection measures. State governments can pass rules to govern certain business areas, like endorsing licensing requirements for different businesses and professions.
Things to look for when hiring a commercial lawyer
As a business entity, it is in the best interest to have a knowledgeable attorney to take care of your legal business requirements to ensure your business operates within the law. Without legal knowledge, your business risks cancellation of contracts, loss of revenue due to fines levied for non-conformity with the legal standards. A commercial attorney will help you negotiate for deals and protect your legal business rights whenever possible. While hiring an attorney, look for experienced lawyers in the field of business. With experience, you will be able to receive practical advice and legal solutions after considering similar case studies and act following the ethics and practices in the industry. Hire an attorney if your business needs one and make sure he/she has relevant qualifications and experience.
Taurus Legal are commerical lawyers in Melbourne. Give them a call to find out about their professional legal services.