Transactional law is all about the business side of the law. involving the money, business and commercial transactions. For example, if an individual or entity wants to hire a company to do XYZ for a certain amount of dollars, my law firm would advise on the transactional matters. We could help get the transaction to a place where the client wants to be, whether it’s negotiating the agreement, the sale of something, or the purchasing of the services of a company. We would also advise on the legal issues a client might run into with the transaction.
When it comes to transactional law, my firm handles the contract side of things, the negotiating, the exchange of services and money, and the business aspect. We ensure that all of these factors piece together. I try to give my clients a piecemeal approach, and let them guide the representation toward what they want. I don’t ever want to provide something that my clients feel that they don’t need. I always want my clients fully informed and involved in their legal representation giving them the ability to make sound decisions.
If a client comes to me with an agreement or contract in hand with all the terms laid out and just wants a simple review, I can do that. If they want a full edit on a contract that already exists, I can do that as well. If a transaction is in the beginning stages where a client wants advisement on how to negotiate, how to enter into an agreement legally, and how to get that transaction to happen by memorializing it on a contract, I can help them execute the entire process from beginning to end.
Does Every Company Need an Attorney To Review Their Business Transactions?
An attorney is probably always going to recommend that people have an attorney look at things. I believe most people and businesses usually have enough acumen to know what they are doing, but obstacles always develop when an issue arises.
When an issue emerges, that’s when people wish they had a contract drafted or had an attorney to look at things. If you hire an attorney post contract and dispute then they might have to litigate and or charge much more in legal fees to and make the client whole again or get them to a place where they should be based on the intended agreement. Having an attorney review your contract initially is more of a preventive measure. That said, if a matter consists of smaller transactions, it might not be cost-effective to engage an attorney. A business has to decide whether it is cost-effective. If your transactions are between $100 to $300 at a time, it may not be worth having an attorney involved, unless perhaps they are giving you a general template for smaller transactions. On the other hand, if you are dealing in large transactions, there is a significant amount of risk involved per transaction and an attorney should be hired.
If your business is dealing with $100,000 to $500,000 a year, it’s pretty important to at least have a base contract to protect you. For instance, in construction law, there are a lot of trades that do so many different things. As a result, those trades need different protections in their agreement. for a good example, might be a cabinet manufacturer/installer, certain materials will always have a certain imperfections or unique qualities that may not be controllable. Sometimes that contractors customer doesn’t like the way the natural aspect looks and decides not to pay for materials or the work, a good agreement can preemptively protect the cabinet manufacturer from this kind of dispute.
When you hire an attorney, the interaction is going to be fact intensive. You will have conversations about your goals to make sure that the transactions and your needs will be met through the agreement, which will be specific to your situation. Therefore, I recommend the involvement of an attorney in any business transaction or contract.
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