In today’s market, many of the business transactions will need to be legalized by signing and meet set legal regulations and procedures. Companies should not assume the role of legal counselors as the dealing may later cause legal disputes. Functions of a company’s lawyer includes.
Advising the company on the legal requirements when purchasing non-current assets, such as land. It is important for a company to have a lawyer when planning to buy long term assets. This is because nowadays there are so many fraudsters and if the company is not careful may end up buying non-existing properties. The work of the company’s legal counsel is to investigate the documents issued by the seller make sure that they are original. The company’s lawyer will also follow up on machines repairs or replacement in case of breakdown before the end of the stipulated period.
The company’s lawyers also assist the company in dealing with human resource conflicts. It is common for company’s employees to strike or take any other action against the employer. The company’s lawyer will be involved in solving the conflict with the workers. In the past we have seen companies being sued for wrongful dismissal of employees. This has resulted in company being found liable to pay the employees large amount of money to settle the case. Also the lawyer assist the firm in developing of the employment agreement.
The government also have so many requirements that companies need to adhere to. The company’s lawyer is responsible for training the company about such requirements and assisting the company to follow them.
It is also common for firms to be taken to court on suspicion of violation of different laws. When a company gets sued it is advisable to hire a lawyer to guide them throughout the case. Some of the complaints against the company may not even be substantial, but the plaintiff may be taking advantage of the company’s lack of legal expertise. The work of a lawyer is not only to defend the company but also to press charges on behalf of the company.
Company’s lawyer is also involved in various business negotiation. Negotiation may involve suppliers or competitors who propose combining of the companies. The advocate will guide the company in signing of the negotiation agreement documents and if there is any problem that arises represent them.
Public companies also have attorneys who advise them on securities laws and the requirement for board members. Having competent lawyers in a public company also improve the public image of the company.
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