7 Practical Reasons Why You Should Train in Business Litigation
As a law student, are you exploring your options for the most lucrative career path?
It’s best that you choose your niche in the earlier stages so you can prepare for the right courses and pick up the opportunities that can offer you the best hands-on experience.
Read this article in the Huffington Post and you will learn about the best fields that a budding lawyer would want to choose. And, one of them is business litigation.
And, are you wondering why? According to statistics released by the Forbes magazine, around 543,000 new companies open for business every month. The report also reveals that small businesses have been creating 65% of the new jobs since the year 1995. But, the worrying statistic is that only 50% of the companies will continue to operate after 5 years. While there may be various reasons why these companies don’t survive, expert legal counsel could protect their legal interests. And perhaps prevent business lawsuits from being one of the reasons why they shut down.
Establishing and running a company involves several legal aspects. And, one of the first personnel that any smart entrepreneur would want to hire after a good accountant is a great lawyer. Expert advisors can help business owners to understand the legal nuances of starting up a new company. And, take all the necessary steps to remain compliant with the laws of the country, state, and county. Read ahead for some of the spheres of business litigation where your services will be needed as a lawyer.
Although business owners rely on their accountants to take care of the filing of their tax returns each year, they also need an expert to register their companies and procure the mandatory state and federal tax identification numbers. When conducting transactions, entrepreneurs might want to check with you for the possible taxes they could incur and any other legal angles they may want to explore.
Like this article on the Entrepreneur explains, an important part of business litigation is the drafting of contracts for your clients. Through the course of conducting operations, company owners need to enter into different contracts with vendors and customers. You’ll be called in to make sure the clauses of the contracts favor your clients. In case, entrepreneurs need to sign contracts drafted by third-parties, they may ask you to check the paperwork for possible loopholes and pitfalls they should be avoiding.
Companies often have to deal with lawsuits being brought against them in case a contract has been breached. Or, they may want to sue the other parties for not complying with the terms they agreed upon. As the lawyer, you may be asked to deal with the lawsuit in a court of law or negotiate an out of court settlement that is satisfactory to all the entities involved. In case the company you’re representing is the target of an economic or business tort, you may be asked to provide the necessary guidance. Interviewing potential witnesses, collecting evidence, paperwork, and any other information that can help win the case are all duties you’ll perform.
Small Business Trends reveals that 69% of entrepreneurs work out of their homes while close to 75% of businesses are non-employer. Whether or not business owner hires workers to help run their company, they’ll need your assistance in working out if the company will be a sole proprietorship, partnership firm, or a corporation. Many businesses are also run by freelancing contractors. All of these enterprises need your expertise in business litigation to work out the legal implications of running their businesses and registering their companies with the proper authorities.
Often entrepreneurs run businesses where they create designs, artwork, or any unique item for sale in the market. As their lawyer, it may be your job to protect this intellectual property, and prevent plagiarism and copying without permission. Accordingly, you’ll register the designs or services with the respective authorities that manage federal trademarks and copyright protection. In case there is any kind of infringement of your clients’ products and services, you could step in and help them take the necessary legal action. Check out this feature on Nolo that explains this aspect more in detail.
Many companies may need to purchase or rent commercial properties as they grow and expand their operations. At the time of signing purchase agreements or leases, they may need the services of an expert lawyer to review the documents and make sure that the terms and conditions are in order and there are no hidden surprises. Under your guidance, clients can insist on the “tenant’s addendum” where they can request for the addition of clauses that can protect their interests.
Businesses are often embroiled in lawsuits brought by irate customers in case of issues with the products and services provided to them. As a business litigation expert, you can help with claims against warranties, faulty products, and manufacturing defects. In case your clients provide services, you can assist in suits against professional negligence and malpractice.
These are only a few examples of the issues that you might have to deal with as a business litigation attorney. Many professionals also choose to specialize in a specific aspect and may look for employment in a large law firm that employs a whole team of lawyers. Each of the team members may assist companies in a specific field of corporate litigation. Whatever may be the field you would like to train in, you can be assured of a long and successful career ahead.