The basic definition of a commercial lawyer is a legal professional who advises companies and governments on different business-related issues. However, this covers a vast range of work and to manage the different types of issues commercial solicitor firms are divided into departments. The departments, also known as practice areas, operate as areas of specialisation where each of the commercial solicitors Manchester completes particular types of work.
The solicitors in each area can be either transnational attorneys who draft and review legal documentation, or contentious attorneys who help clients resolve disputes. In some practice areas both types of lawyers are available to complete case loads. This article will provide information on the main practice areas of commercial law firms in Manchester.
1. Corporate Practice Areas
To operate successfully, a company must comply with their own constitutional documentation and with the law as it applies to all companies involved. Commercial solicitors Manchester working in the corporate practice area ensures that the clients’ activities are in accordance with legal and constitutional regulations.
Lawyers in this area also prepare legal documentation necessary for the client’s corporate activities; as well as the transactions being undertaken by the client. By acting as a project manager on transactions such as acquisitions, the solicitor can assure that legal aspects are running smoothly and according to schedule.
2. Finance And Banking Practice Areas
Solicitors operating in the finance and banking practice areas ensure that the clients are protected against any risks in financial transactions. For example, the solicitor will check that lenders are not at risk of losing money where borrowers are at risk of causing problems when taking on finance provided by lender. The solicitor will draft and review legal documentation necessary and ensure that all steps are completed for legal funding to take place.
Banking attorneys advise their clients on legal issues related to financial arrangements that are already in place.
3. Dispute Resolution Practice Areas
Commercial solicitors Manchester working in the dispute resolution practice area will advise clients on the law regarding disputes in which they may be involved; as well as providing information on dispute resolution strategies. If the disputes progress to formal proceedings, the lawyer will draft the required legal documentation and guide the client through any legal proceedings.
The dispute resolution attorney will also advise transnational colleagues on how to assist clients in avoiding future disputes or minimising the effects of future disputes. Senior dispute resolution attorneys can also act as mediators or arbitrators in these legal proceedings.
4. Other Commercial Law Practice Areas
The majority of legal professionals at commercial law firms will work in either the corporate, finance and banking or dispute resolution practice areas; however, there are other departments available. For example, a commercial solicitor could opt to work in employment law, real estate and tax law or IP law.
A significant part of these fields involve advising colleagues when legal issues in the department arise in disputes. It is also possible for lawyers to train attorneys in these departments allowing they to keep up to date with legal information.