You may have heard the term “transactional lawyer” or “transactional attorney” thrown around. But what exactly is transactional law, and how can a transactional lawyer help you?
What is Transactional Law?
Transactional law deals with legal matters related to money, business, commerce, and more. These types of lawyers help clients with topics such as business transactions or deals, contract drafting, real estate transactions, intellectual property affairs, taxes, and estate planning.
What Do Transactional Lawyers Do?
Transactional lawyers play a vital role in helping businesses and individuals navigate their legal issues and achieve their goals in a cost-effective and efficient manner. They are responsible for providing legal advice and support to clients with the goal of preventing legal problems before they happen. Here are some of the tasks performed by transactional attorneys:
Drafting and reviewing contracts
They can help clients to create, review, and modify contracts for various purposes, such as sales agreements, partnership agreements, employment contracts, leases, and licensing agreements.
Negotiating deals
Transactional attorneys are skilled negotiators who work to ensure that their clients’ interests are protected in business deals, such as mergers and acquisitions, joint ventures, and financing agreements.
Conducting due diligence
Before entering into any business deal, transactional lawyers must conduct extensive research and analysis of various factors, such as financial statements, legal history, and regulatory compliance, to ensure that their clients are fully informed about the risks and benefits of the deal.
Advising on legal issues
Transactional attorneys provide ongoing legal advice and guidance to clients on various legal matters, such as corporate governance, tax law, securities law, intellectual property law, and employment law.
Structuring business entities
Transactional lawyers help clients to choose the most appropriate legal structure for their business, such as a corporation, limited liability company (LLC), partnership, or sole proprietorship, and assist with forming and registering the business.
Resolving disputes
While they generally aim to prevent disputes from arising, transactional lawyers may also assist clients in resolving disputes through mediation, arbitration, or other alternative dispute resolution (ADR) methods.
Trademarks, copyrights, and other intellectual property
Transactional attorneys can help you with making sure that your brand and other creative works are protected from copycats. Transactional attorneys can also help with you assigning or transferring these rights if you decide that’s right for you.
Related post: What is a trademark?
Drafting and reviewing estate plans
Transactional lawyers may help people with documenting their plan for how to distribute their estates when they’re gone.
When Should You Hire a Transactional Attorney?
If you’re conducting a business transaction or dealing with issues related to your estate, you may need a transactional lawyer. Hiring a one can benefit you in many ways, including saving you time and money, reducing the risk of legal disputes, and providing you with peace of mind.
Transactional Law vs. Litigation?
Both types of lawyers are essential in their respective areas of practice. But their roles and responsibilities differ significantly.
- Transactional lawyers work to avoid disputes and resolve them outside of court.
- Transactional lawyers focus on research, drafting, negotiating, and advising.
- Litigation lawyers represent clients in court.
- Litigation lawyers analyze claims, gather evidence, file motions, and handle trials.
Related post: Your small business business needs well written contracts
What to Look For in a Transactional Lawyer
Here are a few areas to consider when you’re hiring a transactional lawyer:
- Their level of knowledge in the area of law.
- Their level of experience in the area of law.
- Whether they’re a good listener and focused on understanding your needs and intentions.
- Whether your personality meshes with theirs. Some areas of law, such as estate planning, can get very personal. You’ll want to be sure you feel comfortable with your lawyer.
Your Next Steps
Transactional lawyers play a vital role in the legal world. Their services can benefit anyone dealing with business transactions or legal issues related to their personal affairs. If you need a transactional lawyer, don’t hesitate to seek out someone who can provide you with the best possible advice. With their help, you can ensure that your legal matters are handled efficiently and effectively. Schedule a meeting with us today to see if we’re the right fit for you.
