Updated: September 30, 2022
A transactional lawyer sometimes referred to as a business law attorney provides a variety of legal services pertaining to the ongoings of business entities. This covers anything from the creation, interpretation, and dissolution of contracts, to estate planning advice, matters of employment, and even matters pertaining to intellectual property rights. Business transaction lawyers are versed in a variety of business types and industry standards, so they may provide adequate representation for whatever your company may need.
What is Transactional Law?
Transactional law is a type of law that deals with legal matters relating to money, business, and commerce. It is the practice of law pertaining to the formation, negotiation, documentation, and realization of business transactions. Transactional law can also cover estate planning and filing of tax documents as it pertains to the business and its owners.
What Do Transactional Lawyers Do?
Transactional lawyers help business owners manage a wide range of transactional practices, including mergers, sales, and acquisitions. They provide legal advice on matters and strategy for the development of contracts and business agreements. A transactional lawyer represents their clients from start to finish, including the drafting of legal documents, negotiation, and consummation. Such legal services can include:
- Real Estate Transactions
- Formation of Legal Entity
- Intellectual Property Affairs
- Mergers and Business Acquisitions or Business Sales
- Employee Agreements
- Income Tax Filings
An experienced attorney will have strong negotiation skills so they may act in favor of their clients to protect their property, achieve the best deal possible, and avoid future litigation.
Transactional attorneys can also assist in estate planning services on behalf of business owners which include:
- Creating Last Will and Testaments and Living Wills
- Setting up Irrevocable Trusts, Revocable Trusts, and Living Trusts
- Establishing Power of Attorney
An experienced transactional lawyer will offer legal counsel to meet their client's needs while avoiding regulatory issues, tax issues, and other legal issues down the road.
When Should You Hire a Transactional Lawyer?
If your company is dealing with or preparing for any of the above-mentioned situations in the foreseeable future, you should speak with a transactional attorney. Whether you are preparing to purchase or sell a business, or are looking to begin estate planning, it is important to seek the legal counsel of a business lawyer. They will ensure any contracts or agreements are compliant with federal regulations and meet your best interests for liability so that you are protected in the event of litigation.
How is a Transactional Lawyer Different From a Litigation Lawyer?
A business litigation lawyer represents their client in and out of the courtroom during a dispute. A transactional lawyer represents their client out of the courtroom in collaborative affairs. For example, if two parties are coming together to make a deal, a transactional attorney would oversee the negotiations. However, if one party is filing a lawsuit against another pertaining to business affairs, a litigation attorney would provide legal representation.
A good transactional lawyer will work to draft and verify contracts and agreements that will prevent a litigation event and save you time and money.
What to Look For in a Transactional Lawyer
The right transactional attorney for you is one who is invested in understanding your company's operations and intentions. They are here to represent you and your wishes. They should have a sound understanding of your industry standards, but also seek to learn the specifics of your individual business.
When looking for a suitable fit for your interests, absolutely ask relevant questions to get to know the law firm's experience and their approach to understanding your business and your needs. Ask them about their years of experience and if they represent any entities similar to yours.
Ask about the types of transactions they deal with, what are the most common? What is the least? Ask about specific examples of the transactions you are expecting and how they managed those. Also, feel free to ask about the results of situations where their clients may have seen active litigation.
When interviewing a potential attorney, observe their demeanor and how they handle your questions. If they are rigid and withholding, you may want to look elsewhere. If they demonstrate openness and flexibility, they will likely be easy to work with and care about protecting your best interests.
At Monahan Law Firm, we pride ourselves on long-lasting and personal relationships with our clients. We provide tailored advice to serve our client's best interests in all legal situations and types of transactions. Contact us to discuss your legal needs today.