How to Find your Legal Expert: Part 5 – Commercial Lawyer

Whether you are an experienced business owner or a new kid on the block looking to start your own business, having an expert Commercial Lawyer by your side is imperative.

A Commercial Law expert will be able to help with the sale or purchase of a business, drafting and advising on shareholder’s or partnership agreements, commercial property, lease agreements, Overage and Land promotion Agreements and much more. They will be able to give legal advice surrounding any risks you may face and help you to fully understand what measures need to be in place to protect you and your business.

In this fifth edition of our How to Find Your Expert series, we will be uncovering a few tips to help you find the right Commercial Law expert for you and your business.

To help you on your way to finding the right Commercial Lawyer for you, we have included a few points to get you started:

1. Recommendations – Do any of your business associates have a trusted Commercial Lawyer that they use? Maybe you have a friend or family member that has their own company that could recommend a legal firm?
2. Website – Nowadays it is not always necessary to search for local solicitors, given all the technology available, but it can be a good place to start. Once you have found a firm providing business law services, have a look at their website. Do they look professional? Read their history and background and you should be able to get a feel for the firm.
3. Reviews – Having access to Google reviews, or similar platforms like Review Solicitors is a real advantage now and most firms will have them. Take some time to read a few and get an idea of other people’s experiences and the overall rating of the firm and their Solicitors.
4. Legal Jargon – Commercial law can be complicated and confusing so it helps if you can find an expert who will break down the legal terminology into plain English for you as this will make everything a lot simpler!
5. Fee Transparency – The firms’ fees should be discussed with you at the outset; however, it is always worth checking that there won’t be any surprises when it’s time to pay the bill!
6. Comparing Costs – Cheap is not always best! It may be tempting to choose the cheapest firm, but you may not receive a quality service. They may not be qualified or insured and therefore we recommend you do your homework first.
7. Initial Consultation – Some firms offer a free initial consultation that allows you to discuss what you need from the expert before you commit. This is a great way to ‘try before you buy’ as it gives you the opportunity to see if you feel comfortable with them and confident that the lawyer has the knowledge and expertise to help with your issue.
8. Legal bodies and accreditations – Check that the firm and the legal expert you are considering have all the necessary qualifications and accreditations to carry out the work.

Like many industries, there are certain legal bodies that a law firm should be associated/registered with, and it is important you look for these to make sure the firm and individual you are considering are legitimate.

SRA (Solicitors Regulation Authority) – the SRA logo and a registered number should easily be seen on the firm’s website and linked to a page that states the website has been verified by the SRA. This means that:

• everyone who works for the firm meets the high standards set by the SRA.
• this firm has the right level of insurance to protect you in case something goes wrong.
• you may be able to claim through the SRA Compensation Fund to have your money reimbursed if this firm or a solicitor working for it, loses your money.
• you can complain to the SRA if you are concerned about the behaviour of this firm.

Using a trusted legal expert is vital when it comes to business law as there are potential hiccups that you could be faced with, such as:

• Legal Issues – Without using a commercial solicitor to review or draft business contracts and documents, there is no guarantee that they cover what they need to or if they are legally binding should you have issues in the future.
• Personal Liability – If the correct processes are not followed, it could result in a financial personal liability as well as a company liability. A solicitor will be able to give you advise and ensure protections are in place.
• Due Diligence – Failing to carry out necessary due diligence with a business transaction could result in legal issues down the line.
• Dilapidations & ‘small print’ – It is important you are fully aware of terms and conditions involved in lease agreements from the outset or you may find yourself facing it a costly mistake. A good commercial lawyer will make you aware of terms and conditions.
• Land registry & Stamp duty – When dealing with a Commercial Property transaction, dealing with any Stamp duty or possible capital gains tax payable and the land registry can be harder to do on your own. Having a legal expert who knows the correct way to file important documents will keep the process simple.
• Lease Agreements – Consulting a Commercial Property expert will help ensure you fully understand the conditions of the lease and what is required of you once you have entered into it, thus protecting you and your business from any (possibly expensive) surprises.
• Landlords & Undertakings – some landlords require undertakings to be given by solicitors in order to pay for their fees. If you do not have a solicitor who can act for you, this will not be possible and may jeopardise the transaction.

If you are looking for a qualified and expert Commercial Law Solicitor for you and your business, we can help. Contact our team and book your free 30-minute consultation with one of our professionals.

Coming Soon – How to Find your Legal Expert – Part 6 – Probate Solicitor

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