Most large corporates have an in-house legal department, headed by a legal counsel to provide counsel in all legal matters. However in some instances, a company will require the assistance of an outside legal advisor. In addition, it is at times advisable to obtain external legal guidance to ensure objectivity.
Legal advice in special situations
For instance, during an M&A (Mergers & Acquisitions) process or during an IPO process a company will need specialist legal guidance. In these processes the legal advisor plays a central role advising on all key aspects of the M&A or flotation process and the legal requirements of the company and its directors.
In addition, corporate lawyers can provide advice on labour relations, employee contracts, tax issues and suits against the corporation. They also mediate in disputes over patents, employee injury, oversee contract signings with for instance suppliers of raw materials and advise about corporate management.
Local procedures and laws
Knowledge of comparable legal procedures and laws in the countries the company operates in, as well as comparable cases is crucial. Legal advisors apply the law to the companies’ circumstances and accordingly keep the companies up to date on new business laws and regulations.