9 May 2021
Commercial Lawyers: What Are They?

Commercial Lawyers: What Are They?

Commercial lawyers are attorneys-at-law who give counsel to companies or governments on business-related matters. The advice of the best commercial lawyers Melbourne is indispensable when engaging in any kind of business to ensure that it runs smoothly.

Commercial law firms are categorized into departments or practice areas, where the solicitors specialize in a specific type of work. In general, they could either be transactional lawyers, (those who draft and review legal papers that establish the deals their clients are working on), or contentious lawyers (those who help their clients resolve disputes with other parties).

The different departments of a commercial law firm are:

Dispute Resolution

Dispute resolution solicitors provide their clients with advice on the law regarding disputes in which they may be involved and on dispute resolution processes.

In cases of formal proceedings, dispute resolution lawyers draft the required legal documents and assist their clients through a trial or other court hearings.

Senior dispute resolution solicitors may act as arbitrators or mediators.

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Corporate lawyers ensure that their clients act in accordance with their company’s own constitutional documents as well as with the laws that are applicable to all companies.

Besides, corporate lawyers draw up the legal documents necessary for corporate activities as well as the transactions clients engage in, like a restructuring or an acquisition. They also take on the role of project managers on these, making certain that the legal aspects run satisfactorily and on schedule.

Banking and Finance

Banking and Finance lawyers make sure that their clients are legally protected against jeopardy when involved in a financing deal. These lawyers safeguard their clients against risks that may either be that of lenders losing money or of borrowers having concerns arising from the obligations they will need to have settled.

They draw up and review the legal documents required and guarantee that all legal procedures necessary for funding have occurred, specifically that the borrower has completed the conditions to the capital being granted.

Banking and Finance lawyers also give advice to their clients regarding any legal issues that may come up in relation to financing arrangements.

Other Departments

Aside from the aforementioned practice areas, there are other minor departments that may be found in a law firm. Some of these are Employment, Intellectual Property, Real estate, and Tax departments.

A major bulk of the work that these practice areas do is assisting in legal issues or disputes which may involve their area of expertise.

In line with this, they also advise other solicitors in other practice areas on their specialization of law and make them aware of the important changes in it.

Solicitors in these areas of practice also have their own clients and their own deals or disputes. They work either independently or in collaboration with their colleagues in banking and finance, corporate or litigation and dispute resolution.