Business law covers two broad categories, one of which regulates matters of partnership, bankruptcy, and company operations. The other category addresses business transactions, such as contracts, sales, and negotiations. Commercial lawyers protect the interests of commercial enterprises against lawsuits and other problems threatening their livelihood.
Antitrust
Enterprises thrive when they grow and control as much market share as possible. However, they need to proceed legally. Antitrust lawyers make sure businesses don’t violate antitrust regulations or unfairly cut out their competition.
Bankruptcy
Bankruptcy lawyers assist businesses who have to make tough decisions during financial difficulties. If bankruptcy is the only viable option, a lawyer helps a company file for bankruptcy protection and takes them through the different steps of the process.
Sales of Consumer Goods
State and federal laws govern how businesses produce and sell their goods and services. Owners consult with lawyers to keep their working conditions, price controls, leases, contracts, bulk sales, and other transitions within the law.
Contract Drafting and Negotiation
Much of owning a business involves formulating and negotiating leasing agreements, contracts, and purchasing agreements. In addition to clearly written statues, these lawyers need to help clients be aware of common law, which refers to rules that aren’t written but commonly understood.
Employment
Employment law addresses employers’ and employees’ rights under the law, including issues like wages, discrimination and sexual harassment, working conditions, and provision of health insurance and worker’s compensation. The majority of employment lawyers represent either employees or employers, but rarely both.
Immigration Law
Some businesses hire individuals from other countries, either temporarily or full-time. This is when immigration law and business law overlap. Companies hiring internationals need to know which rules to follow to make the hiring process go smoothly.
Intellectual Property
Businesses need to protect the products they invent and maintain exclusive rights to profit from them. These issues fall under copyright or intellectual property law. Intellectual property lawyers typically need a technical or scientific background to practice before the U.S. Patent and Trademark Office.
Tax
Paying taxes is a significant component of owning and operating a business. Tax lawyers help companies know what kind of taxes they need to pay and how they can legally reduce their tax burden.