With more than 90% of companies facing some form of litigation, it is only logical to have some form of legal protection.
While larger corporates have their in-house legal departments, smaller businesses do not have the financial bandwidth to allocate budgets for such purposes. This is why when a smaller company face a lawsuit; it can be disastrous.
And that is why it makes good business sense to hire a commercial litigation lawyer.
What is Commercial Litigation?
Commercial litigation covers every kind of legal dispute that can arise from conducting business. It includes cases related to breach of contract, joint venture or partnership disputes, business torts, class action lawsuits, breach of fiduciary duty suits, shareholder issues, hiring new employees, entering into a joint venture or partnership and even civil RICO (Racketeer Influenced and Corrupt Organizations Act) cases.
How Can Hiring A Commercial Litigation Lawyer Help Your Business
A business owner needs to concentrate on business-related issues such as increasing sales, growth, and managing employees. Law is a boundless area. A business owner can’t know everything. They need someone who can help them navigate the frequently messy legal minefields that get many businesses into trouble.
Here are a few ways in which having a commercial litigation lawyer can benefit your business:
1. Expertise in Commercial Law
Commercial law is a massive field of study all by itself. A commercial litigation lawyer will be able to help you in case you or your business are being sued. This type of lawyer can also help you by counseling you on how to avoid making mistakes that could get your sued.
Such a lawyer can give you sound advice about employment practices, starting your own business, or even buying another business, your investments, and so on.
2. Protecting Your Interests
Most people are under the impression that lawyers are only useful for litigations. However, an excellent commercial litigation lawyer helps you and your business by preventing mistakes and legal hassles.
They help you stay within the bounds of the law by giving you advice on how to run your business and how to invest your money safely.
3. Offering Options
An excellent commercial litigation lawyer will help you find the most cost-effective and practical options if you are faced with a lawsuit. He or she will also offer you options where you can avoid litigation altogether – while ensuring that your business interests are also protected.
A trusted business law expert will also tell you whether it is worth it to take the problems to court or to settle out of court.
4. Understanding the Law
A commercial litigation lawyer’s job is also to help you understand business law better. They can let you know what your legal right is, as well as what your legal obligations are – to your customers, employees, and business partners.
Added to that, an excellent commercial litigation lawyer will explain everything to you clearly. You will understand even the most complicated legal problem and how it applies to your business.
There are a lot of areas in your business where you need to assess the legality of your actions. If you are planning to collect customer data, or dealing with an employee disciplinary case, or just planning to hire a new employee, a commercial litigation lawyer can help you understand which is the best course of action to take so that you get what you need without getting embroiled in a legal battle.
Having a trusted commercial litigation lawyer can help you grow your business, especially if you are a small or medium-sized company.