With the tremendous growth of corporations and startups in the last few decades, the increasing need for skilled corporate lawyers has been evident. It has become so that having a team of experienced business lawyers is almost a necessity for a company to become successful.
A lawyer with impressive knowledge of business laws is an asset that can fuel your company's growth. If you are now asking yourself the question, what exactly does a corporate lawyer do, you are in the right place. In this blog, we explain the different roles and jobs handled by a corporate lawyer.
Role of a corporate lawyer
The primary role of a corporate lawyer is to ensure that the company does not defy any provincial or federal laws. Different countries and provinces have different rules that organizations have to comply with. A corporate lawyer has to be aware of all these complex laws to ensure that everything the corporation does is legal.
Another significant role of business lawyers is to give solid legal advice to their clients. The client could be an organization of any nature like a partnership, public company, or large corporation. The legal advice given by the lawyer to the client should educate them about their rights, duties, and responsibilities.
Business lawyers use their knowledge to prevent the organization from landing in any legal troubles. With the help of a skilled corporate lawyer, you can ensure the smooth functioning of your organization.
Some of the major tasks of a corporate lawyer include:
- Contract drafting and negotiation: Contracts are an essential tool required for the successful completion of business transactions. Corporate lawyers review and draft contracts that a business demands on a day-to-day basis.
- Incorporations: In Canada, a business can be incorporated federally or provincially based on your needs. A corporate lawyer can help you decide which is the best fit for you.
- Corporate restructuring: There is a lot of paperwork to deal with whenever a corporation needs to restructure their business or acquire a new business. For the newly formed organization to be legal, making sure all this paperwork is done diligently is one of the major responsibilities of a corporate lawyer.
- Corporate governance: Business lawyers are responsible for drafting corporate rules which employees and management need to adhere to. They are also responsible for advising both parties about their rights and responsibilities.
- Corporate minute books: Every corporation needs to keep up-to-date minute books, which include resolutions of shareholders and directors, registers, by-laws, and various other documents. Corporate lawyers ensure that the minute books are up to date in compliance with the relevant federal or provincial laws.
If you are looking for sound advice in matters of corporate law, you can depend on us at Melekhovets Law. Based in Toronto, we also offer our services in matters of contract disputes. Contact us now to learn more.