Financial management comes with a lot of responsibility. It is a cornerstone of implementing the strategies of any institution. Once the skills of sound financial management are honed, they can be applied to a wide scope; from projects, personal, commerce to service industry.
Financial policies operate within strict guidelines that protect the person or organization from liabilities. They affect contracts and business understandings that keep the company running. Thus, there are legal implications in employment terms, contractual conditions, and product and service delivery and in marketing strategy.
It pays to keep a legal expert at hand who practices in the field of Business Law. Before entering into agreements with partners, tenants, contractors or employees, documents should pass in front of a lawyer’s eyes. Warranty conditions on product, rebates and promotion conditions should also be drafted by your lawyer to keep within the law. There is a need to guard against abuse and litigation.
Successful financial careers hinge heavily on reputation. This comes from a track record of proper restructuring, recovery or advancing of businesses that one is in charge of. The finances may be handled as a manager, agent, or owner of an organization or property. Showing accountability is just as important as demonstrating the health of the finances.
It is part of that financial acuity, to outsource a business attorney from a reputable firm. It not only saves the business from potential claims but is also more affordable than an in-house legal team. Modern legal services are handled through an online portal whereas legal advice is allocated a lawyer who charges consultation by the hour.
Legal concerns that are constantly being handled by financial departments include:
- Local business regulations
- Laws that specific to an Industry
- The Corporation’s code
- Trademarks and copyrights laws
- Commercial Lease and Landlord tenant laws
- Truth in Advertising and Marketing laws
- Contract Law and Financial transaction laws
- Securities laws
Financial institutions oversee all other departments in a company. They regulate them and report concerns to the overall decision-makers. Their recommendations must always be within the law. When striking business deals or facing litigations, there are legal teams across the table. They should be countered with legal advisors to level the playing field.
Legal advice helps to increase throughput of contract processing while maintaining professionalism. Throughout a financial career, the two disciplines meet each having its depth of expertise. They are applied in managing the different kinds of shareholders and their expectations.
Apart from pleasing upper management, shareholders and asset owners, finance personnel have to deal with auditors. In times of financial downtimes, they also have to deal with the press. Their conduct and statements to the public and concerned financiers must always be tempered with legal advice.
Needless to say, financial roles are sensitive to the company, challenging and overall rewarding. With the right approach and prudence, the career grows and reputation peaks. Business lawyers are treasured partners in that journey to grow in professional and personal finances.
Lucy Jones is a renowned business attorney with over 20 years working experience. She has worked with Gehres law firm which has over 80 years of legal experience amongst its partners. Its expertise is Business Law practicing in San Diego and Southern California.