Transactional law encompasses transactional lawyers aiding clients in commercial and consumer transactions, from individuals to corporations, including leases to international mergers.
Unlike litigators, transactional attorneys focus on non-litigious projects.
What is a Transactional Attorney?
A transactional attorney, also known as a business lawyer, specializes in aiding businesses with mergers, sales, acquisitions, contracts, corporate finance, estate planning, wills, power of attorney, lease negotiations, and tax document filing.
What Does a Transactional Attorney Do?
Transactional attorneys manage financial contracts, negotiate, and provide legal guidance on various matters like intellectual property, real estate, licensing, trademarks, mergers, and acquisitions.
They also offer personal estate planning services such as wills, power of attorney, and employee agreements, tailoring contracts to client needs and ensuring proper protection.
When Do You Need a Transactional Attorney?
Hiring a transactional attorney is crucial for estate planning and for ensuring legal certification of your will. It’s also wise to consult one before significant business transactions to verify contracts.
Even without immediate transactions, a transactional attorney can assist with legal documentation and future preparations, helping prevent costly litigation fees down the line.
How a Transactional Attorney Can Help You
A transactional lawyer helps in various ways, including:
- Verifying contracts
- Creating contracts and agreements
- Drafting employee contracts
- Providing legal guidance on compliance
- Conducting due diligence (legal research)
- Crafting policies
- Protecting intellectual property
- Advising on employment, financial, and transactional issues
The Benefits of Hiring a Transactional Attorney
Hiring a transactional lawyer benefits your business by:
- Strengthening legal documents for court.
- Identifying transactional issues early.
- Assisting with tax filings.
- Preventing costly litigation.
- Providing estate planning guidance.
What to Ask a Transactional Attorney Before You Hire Them
Choosing the right attorney is crucial for your business success. Take your time and ask potential lawyers the following questions:
- Years of experience in this industry?
- Similar clients in your portfolio?
- Unique benefits compared to other attorneys?
- Typical transactional work you handle?
What to Look for in a Transactional Attorney
To find the right attorney, consider these qualities:
- Business Understanding: Ensure they grasp your specific business, not just the industry, for effective negotiations.
- Solicit Your Input: A good attorney values your needs and seeks your opinion, offering diverse options.
- Flexibility: While contracts should be solid, your lawyer should adapt to changing circumstances, prioritizing your interests over sticking to the initial plan.
Do Your Homework
Your attorney, though legally knowledgeable, is just part of your team.
Engage in open discussions, weigh options, and seek solutions together.
A good attorney welcomes collaboration and aligns goals. If they stifle your input, consider a new attorney.
They should explain their advice and foster open communication for a successful attorney-client relationship.
To prevent costly litigation, choose a skilled transactional attorney with industry expertise.
Prior to hiring, vet their qualifications, experience, and industry knowledge by asking relevant questions. Find the right lawyer for your business through thorough research.