Business laws establish the rules that all businesses must follow. Many business laws include provisions designed to anticipate problems that could harm the business or lead to legal disputes.
Business law consulting encompasses the following areas:
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Business formation
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Employment considerations
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Immigration law
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Sales of consumer goods
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Contract drafting and negotiations
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Antitrust
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Intellectual property
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Taxes
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Bankruptcy
Business law consulting helps businesses identify potential legal gaps in advance and develop strategies to address these gaps in areas such as government regulation, consumer protection, and fair employment practices. Business law advisory constitutes approximately 10% of the overall consultancy market.
The most common business law consulting services are:
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Development and creation of founding documents for enterprises, their registration and adjustments, and the liquidation of existing enterprises.
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Obtaining licenses for activities requiring compulsory licensing.
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Development, formation, maintenance, and revision of the client’s internal regulatory framework, including regulations on management structure, company structure, and preparation of orders. Providing advice on the interpretation and application of laws, timely reporting of legislative changes, legal examination and assistance with investment projects, upholding interests in executive bodies or court, representation in negotiations with counterparties and execution of transactions, monitoring and regulation of a legal client base, legal support for international agreements, and debt restructuring.
Main trends in the business law consulting industry:
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Clients are reducing internal budgets to increase the use of outside counsel.
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Cybersecurity concerns are driving higher spending on external legal services.
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Globalization is gaining momentum due to the growth of the Internet, automation of legal processes, advancements in data security, and the emergence of new technological tools, which are blurring the traditional geographic boundaries of legal practice.
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Clients are most impressed by law firms that utilize technology to deliver core information, such as updates, budgets, and access to current and historical documents.
