Commercial solicitors Margate

A good commercial solicitor is vital for guaranteeing the smooth operation of your business. Your commercial solicitor will ensure that the transactions that underlie your business’s success are legally watertight and provide you with the peace of mind that your best-laid plans do not go awry.

To help prepare you for consulting a commercial solicitor TakeLegalAdvice.com has asked a selection of commercial solicitors, available through its service, what advice they can offer.

What commercial solicitors deal with

Nicholas Phillips, a partner at Westminster-based commercial solicitors William Sturges, describes the work of a commercial solicitor as “setting up a business and then dealing with the contractual work over the course of its lifetime”. Commercial solicitor Kyle Irvine, a partner at Seddons, agrees, saying that “a good commercial practice will provide a ‘cradle to grave’ service for corporate clients and their owners.”

The work ranges from commercial property to commercial acquisitions but is defined most easily as anything contractual. A few examples are given below.

Upon forming a business:

advise on whether to trade as limited company, partnership or limited liability partnership

advise on incorporation of the business

During the business’s lifetime:

drafting conditions of sale and conditions of purchase

compliance

intellectual property protection

employment issues

financing

corporate restructuring and insolvency

What to look for in a commercial solicitor

Jonathan Roberts of Kent-based commercial solicitors Warners says that retaining a commercial solicitor who understands your business is of first importance. On top of this you will need a commercial solicitor with a broad understanding of the economy too.

Nicholas Phillips distils the requirements of a commercial solicitor down to three qualities: competence, clarity and speed. Your commercial solicitor should provide good advice that is easily understood and be capable of operating under the tight deadlines that are frequently required. Phillips suggests that a judgement on these attributes can be made based on a reply through TakeLegalAdvice.com.

Kyle Irvine advises that you should also feel you are getting value for money from your commercial solicitor. “Contrary to popular belief we are interested in making our clients money and saving our clients money,” he says, “a successful law practice needs successful clients!”

How to get the most from your commercial solicitor

Nick Burrows, joint managing partner at commercial solicitors Blandy & Blandy, emphasises the importance of contacting a commercial solicitor as early as possible. Running things by a commercial solicitor “is time well spent” he says, saving time and money on litigation further down the line.

Kyle Irvine agrees, commenting: “The disadvantage of being instructed late on in a transaction is that we often find ourselves advising that project needs to be restructured or reconsidered.”

Jonathan Roberts also advises that strong record keeping can be useful for approaching a commercial solicitor and reminds businesses of the importance of meticulously sticking to the prepared contracts.

What your commercial solicitor should be able to tell you

Once your commercial solicitor is aware of all the issues they will usually be able to give a good idea of how long it will take to complete a piece of work and how much it will cost.

When negotiating an agreement it will be more difficult for your commercial solicitor to access how long this will take. In such cases Nicholas Phillips says that the timescale will depend on the attitude of the other side and how negotiations proceed.

Keeping costs down

Grahame Griffiths, of Birmingham-based commercial solicitors Coley & Tilley, points out that if you have less work done it is going to cost less. You may only have “the bare bones” of a contract when you approach your commercial solicitor or you may already have standard terms and conditions which only need checking over.

However, Nicholas Phillips warns that your ability to undertake work without a commercial solicitor will depend on how experienced you are. You can attend meetings with the other side of a negotiation without a commercial solicitor but you have to be reasonably confident to enter such a situation by yourself.

What the economic downturn means for business

Obviously the current economic downturn makes life significantly harder for all but the most fortunately-placed of business. Griffiths observes that since banks are not lending, many businesses have put any expansion plans on hold. People are waiting to invest but are deterred by “the huge amount of uncertainty” that is prevalent. Griffiths says this has generally meant less work for commercial solicitors and specifically less commercial property work.

However, litigation and employment remain buoyant areas of work for commercial solicitors. Redundancy is a particularly important issue and Griffiths warns businesses that the rules are strict and it is important to follow the correct procedures.

Nick Burrows also advises that at a time when litigation grows more likely and clients and suppliers may attempt to dodge their obligations, instructing a good commercial solicitor becomes even more important. “If you want to enforce payment your business needs to be confident that its terms and conditions stand up,” he says. “Choosing not to consult a commercial solicitor would be a false economy.”

For more information, visit Takelegaladvice.com