What Makes A Good Business Lawyer?

Starting and operating a business of your own can be rewarding, fulfilling, and exciting. However, in instances where complicated situations may arise, business owners and companies can significantly benefit from seeking the guidance and advice of a reliable and professional lawyer. 

A good business lawyer can drastically and positively affect their client, helping make their lives easier by providing relevant knowledge, assisting in making proactive business decisions and providing protection from any charges or legal matters. Whether you're just starting a business or have been in the industry for several years, having a lawyer by your side is essential. 

But what makes a good business lawyer? Prominent Lawyers have covered you with a few characteristics to look out for when hiring a lawyer for your business.  

Top qualities of a good business lawyer

When looking for a lawyer to help with your business and its progression, it's important to seek one who portrays a combination of qualities. The following is a list of qualities to look for in a good business lawyer.

Knowledge of the law

The most important quality to look for is whether or not your lawyer is aware and knowledgeable of the law. Ensuring your lawyer is aware of all business laws and rules (such as contract law, the Companies Act and other corporate laws) is essential as it ensures that your business operates legally and ethically. It also provides that in the case of a complicated legal situation, your lawyer is ready and equipped with knowledge of the law to help protect you and your business.   

Additionally, it is evident that the corporate industry is constantly evolving, meaning new laws, legal structures and products are continually being developed and introduced. Your lawyer must be one who is always keen to learn and stay up to date with all the latest developments and changes.

Industry awareness

Although knowledge of the law is most important, going that extra step to be aware and knowledgeable of the industry in which your business is in is always a good sign of a quality lawyer. All industries require different laws, some being more complex than others. Having that extra knowledge which allows your lawyer to know how your industry operates as well as all the legal rules and regulations involved, ensures that they're able to foresee any legal issues and provide good, relevant advice. 

By hiring an industry-aware lawyer, you can also guarantee that your lawyer will remain up to date with regulations and developments within that industry. Awareness of the services, products and partners associated with your business ensures that you and your business are given the legal protection and defence needed to maintain a successful business.

Experience

A lawyer with years of experience means they are equipped with knowledge, skills and previous involvement in dealing with a range of legal matters for businesses. It also means they have a great network of contacts who work in various areas of business law, meaning your case can be referred to other legal experts who deal with your specific concerns. 

While a few Sydney business lawyers can deal with all types of legal matters, a majority of them specialise in specific areas of business law—whether it be dealing with issues concerning employment and labour, mergers and acquisitions, contracts, properties or taxes. 

If you're looking to solve a matter that deals with a specific area of business law, then hiring a lawyer specialising in that area and having experience in similar cases is your best option. They can handle your case properly as they have dealt with it before. 

However, suppose you're looking for a lawyer to deal with recurring matters or one to protect your business from any future issues. In that case, it's best to hire a lawyer with general business law knowledge as they are equipped with varied experience.  

Inclination to teach you

Ensuring you are constantly aware of the law is important. A lawyer who is willing to teach you about basic laws as well as break down the legal matter with which you're dealing is considered to be a good, proficient lawyer. Doing this ensures that you are provided with an outline of the problem and how it’s being dealt with while remaining proactive in solving the issue.

Do you need a lawyer to register a business?

Owning a company and conducting business means you have to comply with tax obligations and register for a few different things to ensure your business is running legitimately. You may have to register for Australian Business Number (ABN), Goods and Tax Services (GST), Tax File Number (TFN), and Pay As You Go (PAYG) withholding. You may also have to register your business name, trademarks and website domain.

Although registering for some of these things does not require the services or help of a lawyer, it is always best to get in touch with one to understand which ones your business is obligated to register for.

If you need help with any registrations, Prominent Lawyers are experts in the field of business law. Our lawyers can help you understand all obligations of opening and operating your business. Get in touch with the Prominent Lawyers team for more information on laws surrounding business.