Tracy Every corporation has to deal with a wide range of legal issues. Having a corporate lawyer on retainer to craft business managing documents and review contracts and other legal matters is a good idea. Corporate lawyers usually work for medium and large law firms with the resources and attorneys with diverse skill sets to meet a large corporation’s needs. Here are the key tasks they undertake.
Contents
Legal Advice
A corporate lawyer is often asked by the Board of Directors and executive leaders to provide them with legal advice concerning various matters that might affect the corporation. For instance, when the government passes new laws that might impact a company’s operations and employment policies, a corporate law attorney is expected to review these proposals and determine their legal implications. A common task for a corporate attorney is to prepare the necessary legal documents and instruments for a merger or acquisition. Negotiation and communication skills are required to guarantee that the contract conditions benefit both sides. For instance, Ed Batts may draft contracts for a new business partnership requiring the transfer of intangible assets. It involves thoroughly knowing the transaction’s tax laws and other legislation. The corporate attorney is also expected to advise on the best structure for such an agreement.
Corporate Governance
Corporate governance encompasses the policies and procedures to ensure a company is ethically run. It includes creating a code of conduct for board members, shareholders and nonshareholders; setting and pursuing strategic objectives aligned with social and environmental considerations; overseeing management; selecting and compensating executives; and succession planning. Corporate governance also involves the procedures for reconciling the sometimes conflicting interests of stakeholders and ensuring that information flows transparently throughout the company.
Whether it is reviewing the basic documents of a corporation to ensure that they are in line with statutory and policy regulations or providing legal advice on governance matters, the work of a corporate lawyer in this area can be vital to a company’s success. A culture of integrity is cultivated through sound corporate governance and thoughtful decision-making that ensures sustainability and long-term wealth development. It is the kind of integrity that a company needs to survive in today’s fast-paced, competitive marketplace.
Housekeeping
Corporate lawyers must ensure their client’s legal documents and contracts are current. It includes making sure that any materials that could identify clients are not publicly accessible. Maintaining the integrity of the “corporate veil” is important, which protects owners and shareholders from liability. For example, employment contracts will need to be examined by a corporate lawyer for any potential legal ramifications before being sent to the HR department for approval. Corporate lawyers also need to explore any company purchase contracts for legal implications. Having dedicated legal software will help to automate many of these processes, freeing up time for the legal department to focus on high-value work. Look for a legal solution that allows you to manage multiple entities, classify documents and create visual overviews of all information on dedicated organizational charts.
Legal Opinion and Interpretation
A successful corporate lawyer has an excellent understanding of all facets of company law. In addition, they can negotiate with clients and are proficient at drafting contracts that provide value to their clientele. Whether a tiny startup or a multibillion-dollar multinational conglomerate, businesses are bound by an exhaustive list of laws and regulations. Corporate attorneys, who thoroughly understand these regulations, ensure that companies abide by the law to prevent future legal snares. For example, the government might pass a law that states all corporations must allow employees to work from home. As a result, the corporation might need to review its basic documents and implement new management policies. Providing legal opinions also makes it easier for companies to raise funds in future financing rounds, as it will give investors the peace of mind that important corporate formalities have been taken care of. It is important because investors typically want evidence that a company has an in-house corporate counsel.
