Commercial law is an area of practice where the lawyers advise on matters related to business. They include; the sale of goods and property, leasing, secured transactions and negotiable instruments. Commercial law firms such as Steinpag play an important part in facilitating the mentioned process while ensuring the regulations set are adhered to. Here are the main areas of practice;
The corporate section mainly deals with companies and large institutions operating within a certain jurisdiction. The companies are required to comply with the laws that regulate the area they work. Compliance is done by getting the necessary documentation and permits. In addition, commercial lawyers ensure that they do not carry out activities that are outside the stated terms.
Most importantly, the lawyers are responsible for preparing documents for daily operations and transactions. For example, acquisition of companies, land and other assets. They negotiate contracts and ensure successful completion.
Banking and finance
The area deals with financial matters. The commercial lawyers protect the clients preventing any liability in case of losses. Also, the lawyers find legal ways to protect against any risks that may occur during financial dealings.
They handle documentation, adding the necessary clauses to ensure success. In addition, it is the responsibility to ensure the contract and obligations brought forth are in line with the law. Apart from handling new financial dealings, they manage the existing ones, taking care of any issue that arises. They take charge to interpret enforced contracts and give the way forwards.
In the process of conducting business and business activities, conflicts arise. The conflict can be internal or external. Internal relates to conflict within an organization between workers and the management or among workers themselves. External conflicts arise between the business and an external party.
In both cases, commercial lawyers specialized in arbitration and conflict resolution take charge to resolve the conflict. They advise their clients on the condition of the conflict and the laws relating to it. Furthermore, they discuss the options and possible outcomes.
After identifying the problems and outcomes possible, the lawyers create a resolution strategy. Where the disputes escalate to court proceedings, they draft required documents to protect their client and also defend them to get the best possible outcome.
The lawyers are vital even in absence of disputes. This is because they give their clients advice on how to avoid or minimize the occurrence of conflict. Moreover, since the lawyers are professionals representing a network, they can quickly resolve minor disputes.
Importance of commercial law
Commercial law is the core of the economy since it affects businesses. The lawyers provide a platform for businesses to adhere to the law as they conduct their activities promoting their growth. In addition, they are able to negotiate contracts to suit both parties.
Apart from the negotiations, they ensure speedy and effective resolution of conflicts that can negatively affect an organization. They act as an intermediary between their clients and the government to ensure the work conducted is in the interest of the parties.
The three mentioned areas are the main areas of practice. However, there are other sections that are part of the commercial law that you need to know. They include tax, employment, real estate, IP, and EU. The sections may sound insignificant but they are important since non-compliance may result in high penalties to the individual or organization. The commercial lawyers give advice on how to manage the different aspects of these sections.
It is important to note that some aspects of the areas of practice might overlap with other types of lawyers. These are most especially corporate lawyers.