Business / Real Estate Attorney - Subscription
Founder, Jennifer W. Walker, Esq. has provided general business counsel support to privately owned businesses, entrepreneurs, individuals, real estate professionals and business owners. Hiring an experienced general counsel on a subscription basis is a smart choice for any business or individual seeking ongoing support and guidance on legal matters on an as needed basis without having to hire a full time inside counsel. This allows businesses to be proactive in managing their legal risks and to address issues before they become major problems, while navigating the constantly changing legal landscape, and resolving surprise disputes. An embedded general counsel offers strategic legal counsel that is informed and up to date with a deep understanding of each client’s unique needs and goals. Counsel is then able to provide personalized advice and support uniquely tailored to develop and implement proactive legal strategies that help them achieve their goals while minimizing legal risks all while acting as a trusted strategic partner with a clear understanding of the client’s objectives.
By way of example, below outlines a contract review service. Whelan Walker Law provides on a unique client centered basis.
What Do Lawyers Look for During a Contract Review?
- Parties Involved. Lawyer will check to see all parties involved in a transaction, and make sure their complete legal names are included. The lawyer will want to make sure they understand everyone involved in the transaction.
- Responsibilities and Rights. The lawyer will want to fully understand what each party’s obligations are and what they are entitled to as part of the contract.
- Dispute Resolution Clause. The lawyer will want to analyze how any future disputes will be handled, should they occur. Dispute resolution clauses will need to be fair and not overly burdensome on one of the parties.
- Deadlines. They lawyer will want to understand any deadlines involved in the transaction to make sure they are reasonable.
- Termination. The lawyer will want to understand how their client can get out of the contract or under what specific terms a contract may end.
- Representations. A contract should not accept or give any information that you don’t know to be true.
- Warranties. Warranties should be clearly stated and final in the contract.
- Indemnification. A lawyer will want to make sure there is mutual indemnification in a contract.
- Liability. A lawyer will want to understand what liabilities their client will have should there be a breach of obligations or damages.
- Renewals. The lawyer will look to see if there are any automatic renewals, so their client can understand them.
- Risk Allocation. A lawyer will outline risks associated with the contract to their client, and how risk is allocated across the parties.
- Other Terms. Many contracts include business terms which can be negotiated to put their client in a better position.
What Types of Contracts Should Be Reviewed?
If you are asked to sign a legally binding document with a significant implication, you should have it reviewed by a lawyer.
Below is a list of common contracts that should undergo contract review.
- Employment Contract. An employment contract is a legal document that governs an employee-employer relationship. Given how important these documents are, they should undergo contract review before signing.
- Consulting Agreement. Consulting Agreements are used between a company and a consultant and may have big implications on payment and liability exposure.
- Service Contract. Service Contracts are put in place by businesses to govern the terms of services that will be provided. These contracts should be reviewed to make sure the company is getting into a fair and low-risk relationship.
- Noncompete Agreement. Noncompete Agreements are legal documents that limit an employee’s ability to work for a competitor if they leave the employer. Given their potential implications, it is a good idea to get them reviewed.
- Severance Agreement. Severance Agreements are legal documents put in place with employees who are terminated.
- Asset Purchase Agreements. Asset Purchase Agreements are used when someone is buying assets, typically from a business. They should be reviewed given they normally have a high transaction size.
- Real Estate Contracts. Real Estate Contracts are typically high-value, and it is a good idea to get a lawyer to review them before signing.
- Investment Contracts. Given that Investment Contracts typically include the exchange of a large amount of money, it is wise to have a lawyer review them to make sure the terms are fair.
- NDA. Non-Disclosure Agreements specifically tailored to each unique situation including those for M&A exploration and negotiations.
The list of contracts that would require contract review can go on for a very long time. A good rule of thumb is if a contract has a high value ($5000+) or carries significant risks, you should consider getting it reviewed by a lawyer.