The Importance of Business Law

If you fail to prepare, you prepare to fail.

A business is started not to fail but to succeed. There are a number of books that offers marketing strategies, guides and tutorial. There are even seminars and courses for those who want to engage in business. Still, thousands fail.

Preparing your company nowadays is an easy task. You can easily get marketing ideas on the internet. You can research and gather more information easily. You can attend short courses to improve your skills. You can better and cheaper suppliers on the World Wide Web. You can contact advertisers to promote your product or services.

But there is one thing you can’t read on books neither learn on business courses. And these are the legal services of business attorneys. A number of marketing and sales books can help you build new strategies but only business attorneys can give you legal advice with regards to your company. If you are building up a new business, you don’t want to mess up with the court. Even some of the greatest and the biggest businessmen that failed to seek counsel of business lawyer crashed.

Maybe you have the best talent for a particular company,you may have the capital, you may have the work force and you may have the knowledge – but business laws. Here in Texas, you have to be aware of certain business law. Texas Business law may cover fraud and deceptive practices, contract disputes, refusal of insurance claims, bankruptcy, right of creditor, partnership and corporate disputes. There also specific laws for real estate, oil and gas business and business sales and purchases. In addition, you should familiarize with draft and review of contracts and leases, employment contracts and even insurance policies.

These tasks are not for business persons but rather for business lawyers that have wide experience as well as educational background. You should seek for legal advice with business lawyers. Though you might not need permanent business attorneys, you can always hire one if you ever needed them. You don’t necessarily need an attorney who knows every single law, but rather a marketable business lawyer. This business lawyer must be familiarized with Texas business law, and should know what business you’re into. The business lawyer should not only assist you on the court but also give you legal advice whenever you need one.

The Necessity of Business Law

Business in general is the backbone of a functioning capitalistic society. Business transactions, contracts and the building of corporations are what makes the United Sates tick. But imagine a world in which business was done, as usual, but without any sort of oversight. There would be no contracts, because there would be no entity that was in place to uphold contracts and force people to abide by their word. There would be massive corruption and scandal as every transaction that occurred would be without repercussion. It is a sad fact that, when left to their own devices, most people take advantage of no only the system in place but of each other. This is why business law exists.

Business law, also known as commercial law, it the body of law the governs business and commercial transactions and is considered to be a branch of civil law. It deals with business issues affecting both the private and public sector.

What Business Law Includes

This type of law has a wide range of practice areas within its umbrella. There are certain, serious breaches concerning business that are criminal-these are known as white collar crimes-and would be tried in a criminal court rather than a civil court. Laws, such as those against insider trading, that affect the core of the economy on a huge level, would not be tried under regular business law. The following things are routinely a part of commercial law lawsuits:

• Corporate contracts-contract law is one of the biggest, if not the biggest, facet of business law. Lawyers in this field will draw up contracts, supervise their signing and then file lawsuits on behalf of a client if a contract is breached. And now days, it seems as if just about everything involves a contract from renting a video to buying a major corporate building.

• Hiring practices-hiring is a tricky issue. There are tons of areas of government reregulation that can get an employer in serious trouble if he or she fails to abide strictly by them. There are also many legal issues involved with letting employees go.

• Manufacture and sales of consumer goods-there are many, many things that go into getting a product placed on the market. There are tests and contracts and codes that all must be put into action.

The Top Law Firms in the United States

The top law firms in the US are actually not all based in New York or Washington DC, some are in Chicago and Pittsburgh, the main industrial centres, and these firms specialize in helping businesses which have a global market. Some of these are Baker and Mackenzie in Chicago and DLA Piper also in Chicago, along with May Blain in the same city and Kana L Gates in Pittsburgh. These firms are among the law firms with the highest number of attorneys, partners and associates in the US.

Baker and Mackenzie and DLA Piper specialize in commercial and business law with offices in many countries, and Baker and Mackenzie pride themselves on employing people from 60 different nationalities, pointing out that this gives them an edge when it comes to knowing how to deal with the business laws in different countries. They assist businesses which trade in the global marketplace and can advise on the laws in different countries. They also have expertise in the culture of the countries in which they have offices -all 68 of them.

Then there are the law firms which also deal with Pro Bono cases and have a more philanthropic outlook, and the top among these are Latham and Watkins who are based in New York and Skaddon, Arps, Slate, Meagher and Flom also based in New York. The former also has a Diversity Scholarship Program so that more students from different social and ethnic backgrounds get a chance to become lawyers and both take on Pro bono cases. Latham and Watkins won the prestigious American Bar Association Pro Bono Publico Award in 2003, a testimony to their commitment to take non-paying clients as well as the more affluent clients. Latham and Watkins feature regularly in Top 10 lists of American law firms for various reasons, not only because they are the fifth largest employer of attorneys in the US. They have stuck to their roots which were in labor law and tax, before they began their global expansion.

A very well-known law firm, Hogan Lovell’s began in 1904 in the US with Frank J. Hogan who successfully won high-profile politically charged cases soon after he established his firm. On 1st May 2010, Hogan and Hartson merged with Lovell’s of the UK to become one of the top10 global legal services providers. This company is based in Washington DC but has offices all over the world.