While there are many corporate law myths, many of them were outdated long ago. The worst thing about those myths is that they hinder business growth and optimisation. If you still think that business law is for the largest companies and that lawyers only solve disputes – this article is worth a read. Here are the five corporate law myths debunked by specialists.
Corporate Law is Relevant Only for Big Companies
This is probably one of the most popular myths about corporate law firms. The truth is that a company of any size would use valuable insights regarding legal aspects. After all, even the smallest business has its structure, investments, responsibilities, opportunities, and risks. Therefore, legal experts would have ideas on optimising business processes, attracting investment and creating a secure environment.
Only Businesses in Certain Markets Need a Law Firm
Another similar misconception – lawyers are relevant only to businesses in specific markets. Again, as well as there’s no relation to the size of the company, there’s no relation to the particular markets. The most important thing here is to assess the type of a business, its responsibilities, challenges and opportunities. Then, you can consult with a lawyer in a specific niche or find one corporate law firm that can solve any questions, whether it’s finance, tax, competition or dispute resolution.
Suppose you’ve decided to start a business abroad or cooperate with companies in other countries. No matter the market you’re in, nor the size of your business, you need someone to introduce you to the legal system. For instance, if you’re planning to open or work with a company in Lithuania, seek one of the best tax lawyers in Lithuania. That might be the most efficient way to manage risks and take advantage of all possibilities.
Lawyers are Needed Only When There’s a Dispute
Now, this one is highly related to the lawyers’ image formed by popular movies. Here, lawyers are constantly solving disputes and spending their days in court. Yes, that’s a part of their everyday life, still, just a part of it. Corporate law is not only about negotiations and disputes but also strategic and safe business growth. From finance strategies, data, or intellectual property protection questions to rearranging the company’s structure and managing risks.
Corporate Law Services Are Very Expensive
Some would say – it costs a lot of money to hire a lawyer. Think about it this way: most legal mistakes would cost you way more time and money. Whether it’s documentation, financial compliance or General Data Protection Regulation questions – having professionals monitor the processes means preventing failure and foreseeing risks before they become problems. Even if you’re a small start-up and the budget is tight – hire lawyers for a few hours to consult and get some valuable insights.
Contrary to many popular myths, corporate lawyers aren’t about making things complicated and talking in complex legal jargon. They are to make things in business clear, structured, and optimised, not vice versa. It seems like a modern law firm is an unquestionable part of any business and plays a considerable role when representing business interests and enhancing growth.