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The need for legal services has become a highly specialized concern for many types of applications, with a number of lawyers choosing to focus their expertise within a given range of function. For a number of businesses, a working relationship with a transaction attorney is a must. But what is a transaction attorney, and what can one do for a company?
Transaction attorneys are fully registered attorneys that specialize in the area of business law. With that spectrum, they also have an expert status in the drafting, execution, and administration of such important business documents as deeds for real estate, employment contracts, merger documents, and even in the transfer of intellectual property and trademarks from one entity to another. In short, any type of transaction or series of transactions that impact the ability of the entity to function within the perimeters set by the laws of the land would be well understood by a transaction attorney.
It is not unusual for larger corporations to directly employ a transaction attorney or attorneys that are routinely on hand to review any and all business transactions that the company may choose to consider. These transactions may involve acquisitions, contracts, or revisions of real estate holdings before anything is submitted to the local jurisdiction that will have to approve and enforce the transaction.
The attorney will make sure that the documents drafted precisely convey the intentions of the corporation, are worded in a manner that is acceptable to local customs, and that meets with all provisions set forth in local law. Companies that frequently expand their holdings often find that it is much easier to directly employ transaction attorneys, rather than keep a firm on retainer for such purposes.
However, there are transaction attorneys that can be engaged for a one-time project if needed. For example, someone that is thinking of purchasing a local business may want the services of a transaction attorney to make sure everything is in order before any commitment is made to the sale. Many transaction attorneys will advertise their expertise with commercial real estate law, offering services to small companies as well as to individuals who are just entering the business world.
The advantage of a transaction attorney is that a great deal of knowledge and skill come into play that will keep the client from dealing with difficult issues down the road, when it comes to commercial property acquisition or ongoing business contracts. Many can attest that a competent transaction attorney will easily spot irregularities and thus save the client more money than the attorney’s fees could ever equal.
I don't think the focus is on what specific industry as it is the function of the transactional attorney.
A law firm that employs transactional attorneys work to protect the interests of a business, individual or multiple parties working together. This could include contract negotiations, joint ventures, mergers and intellectual property rights.
If you own a business or engage in any financial or legal transactions, a transactional lawyer can protect your interests.
What industry typically retains or hires a transaction attorney on a regular basis?