What Do Commercial Lawyers Do?
Commercial lawyers are the type of solicitors involved in advising governments and companies on various business-related issues. Commercial law covers a vast range of work, and commercial law firms have several departments referred to as practice areas, where different lawyers specialize in different lines of work.
These lawyers can generally be categorized into either contentious lawyers or transactional lawyers. Contentious lawyers help their clients to resolve disputes with other entities, while transactional lawyers draw up and review legal documents underpinning the deals their clients are involved with.
The following are the main practice areas for commercial law firms:
Companies are required to comply with the laws applicable to all companies in their industry, as well as their own constitutional documents. It’s the work of corporate lawyers to ensure that the activities of their clients comply with these laws.
The lawyers also prepare all the legal documents necessary for various corporate activities, and the transactions these companies undertake, such as an acquisition, merger, or management restructuring. Corporate lawyers act as the project managers for such undertakings, and ensure that the legal aspects flow as smoothly as possible, and on schedule.
Banking and Finance
Finance lawyers are tasked with making sure their clients are legally protected against all of the risks present in a financing deal. Financial lenders generally risk losing their money in such a deal, while the borrowers risk facing problems with the obligations they will have undertaken, in return for the financing.
The lawyers draft and review the required legal documents and ensure that all of the necessary legal steps for financing deals are carried out effectively, especially confirming that the borrower meets all the conditions to be granted their funding. Banking lawyers also provide advice to lenders on the legal issues that can arise with the financing arrangements put in place.
Dispute resolution lawyers are generally involved in advising their clients on the details of the law regarding disputes they are involved in, and the ideal dispute resolution strategies for their specific cases. When disputes progress to formal court proceedings, the lawyers drafts the required legal documents and guide the clients throughout the trial. Some dispute resolution lawyers can also serve as mediators or arbitrators.
Other areas of Practice
Most lawyers who have in-house commercial legal expertise, like Cobleys Solicitors Ltd, work in search warrants, dispute resolution, finance, and corporate departments, as well as other smaller departments like tax, employment, real estate, IP, EU, etc. these lawyers can have their own clients, deals, or disputes, and their work may resemble that of their colleagues in the larger departments.