DOES YOUR COMPANY NEED A LEGAL CHECK UP?
Would a lawsuit or other unexpected legal issues have a negative effect on the continued success and viability of your company? A Legal Check Up is a preventative tool which will reduce the liability exposure of your company. Unexpected liabilities arise from the use of outdated forms, failure to be aware of new laws, or not having proper agreements or policies in place. A Legal Check Up will identify issues your company may have and suggest ways to reduce the risk of potential problems.
Benefits of a Legal Check Up
The benefits of having a Legal Check Up is to inform you of any risks your company faces and how to mitigate those risks. The Legal Check Up will suggest agreements, procedures and policies that need to be put in place or revised to ensure your business remains successful and profitable. Specific benefits of a legal audit include:
- Reduce future legal costs and allow you to retain more of your profits;
- Increase the value of your business if and when you want to sell it;
- Educate you about unknown risks relating to your business operations;
- Identify agreements you should be using as part of your business, and update existing agreements to ensure maximum benefit and liability protection;
- Alert you to laws that impact your business to ensure future compliance and avoidance of fines or penalties for violations;
- Avoid personal liability for corporate obligations; and
- Prevent the loss of protections afforded to intellectual property of your company.
Mechanics of a Legal Check Up
Step 1: Review existing business agreements and other company documents, such as those used with customers, employees, distributors and suppliers, terms & conditions of sale, and between the owners.
Step 2: Discuss your company’s regulatory environment, known future legal issues and common legal problems in your industry.
Step 3: Interview with a firm attorney
Step 4: Preparation of a written report providing you with a diagnosis and a prescription for actions you should consider.
Step 5: Follow up meeting or conference call to discuss the results.
A Legal Check Up is good business and the risks of not conducting one are too high to ignore. A Legal Check Up will lay the foundation in your company for the establishment of an ongoing legal compliance and prevention program.
It is important to note if an attorney conducts the Legal Check Up, the results are confidential under the attorney-client privilege.
We are happy to assist you with setting up a Legal Check Up for your company, or discuss with you in further detail the benefits of having a Legal Check Up of your company performed.
Learn more about our Business and Corporate Law practice.