In the current economic climate, it has become imperative for businesses and corporate entities to secure the services of a corporate law firm. Due to the varied interactions, liabilities and responsibilities of corporate entities in comparison to their smaller business counterparts, it is considered more sensible to utilise a specialist commercial law firm who can service all corporate and commercial law needs under one roof. When companies grow, their possibilities expand †but so do their requirements for legal representation. While small businesses can manage with a smaller firm or sole practitioner, this becomes less practical when a company grows. Large businesses and multi-nationals deal with more varied and substantive legal matters than their smaller counterparts like limited liability companies or partnerships. For example, company formation, shareholder agreements, acquisitions and disposals, management buy-outs/buy-ins, equity investment, capital restructuring, bank loan agreements and corporate governance. Because companies encounter these diverse situations, most will require the extensive experience of corporate law firms. Companies can (and often do) have many divisions or branches in their home country or worldwide. Each company may have operations in diverse areas, and one kind of lawyer will not be sufficient for every legal matter they encounter. For example, a distribution company in Dublin may have retained a general commercial lawyer. However, if that company requires legal services in the areas of asset financing or corporate restructuring, their existing solicitor may not be best placed to advice them on such matters. A corporate lawyer can be more practical in dealing with varied matters that may require local or international expertise. On any given day, a company in Dublin could be closing several deals simultaneously with numerous companies in Ireland and beyond. A corporate law firm can help deal with the many intricacies that can surround complicated contracts and agreements. Corporate law firms have the necessary staff in-house to provide better, faster assistance over other solicitors who have more of a niche specialty. In the unfortunate event that a corporation becomes insolvent, retaining a bankruptcy solicitor is a must. Corporate law solicitors have insolvency and banking and finance solicitors as part of their team who are experienced in advising companies in financial difficulty. For liquidations, corporate solicitors will help shareholders recover as much of their investment as possible, by helping them reach a fair settlement with debtors. The ways in which corporate law firms can be of value to companies is manifold. From day one of a company’s incorporation, its solicitors will help guide the business toward financial prosperity, and have the competence to protect it from troubling lawsuits. Retaining a commercial law solicitor is a prudent decision for any small business or corporation.
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