Business litigation arises when there is judicial contest against a business. The greater the stakes in a lawsuit, the more likely it will end up in court.
To protect oneself from the personal and business liability of lawsuits, a business must have established a comprehensive general business policy in place. It must also have a well-drafted company policy and procedures, such as an employee manual. When litigation is being anticipated, an employer or business owner should engage the services of a business litigator.
Business litigators are business lawyers who handle cases (Those who handle contracts and corporate matters are called transactional lawyers). A business litigator has the skills and experience in handling the demands of business lawsuits.
Litigation has its advantages:
-Monetary gain – Monetary disputes are the common causes of business lawsuits. Through litigation, it is possible to recover monetary awards through compensatory and punitive damages.
-Injunctive relief – Getting an injunction against a business competitor or a former employee who is using a trade secret will help you a lot.
-Strategic considerations – If you are in a position of strength, a lawsuit is more likely a good option for you. You have to consider the consequences of your decision for the future of your business.
Preparing for Litigation
Business litigation is never an easy undertaking. It entails long preparation, which begins with the drafting of company policies as a preventive measure against lawsuits.
Having insurance policy in place to answer for claims and to indemnify you when the need arises is part of your protection against lawsuits.
Establishing a corporate compliance program to help manage business operation is a positive step toward lessening potential liability exposure.
You are in a much better position to defend your business if you have the services of a business litigant who will assist you in the case. Business litigants have the skills, knowledge and experience needed to handle cases related to employment issues. His expertise in the area of the law can improve your chances of winning your case.
Depending on the amount of experience in the field, a business owner may hire a junior, mid-level, or senior attorney from a law firm to represent their business.
An associate attorney may also be hired. The main difference between an associate attorney and a partner is that an associate attorney does not hold ownership in the firm. This has nothing to do with the amount of experience or expertise a lawyer exhibits in the field. A business litigation attorney may be a partner or associate of a law firm hired by a corporation or individual.
They may work as an in-house lawyer, which means that they review contracts and disagreements on a daily basis, or they may be hired only if there is a lawsuit filed against the corporation. Most corporations do not hire in-house lawyers for litigation as they are not often enough involved in situations that require them. Exceptions to this are usually insurance companies, who are often involved in many different types of litigation and lawsuits.
How to Hire the Right Attorney
Hiring a business litigation lawyer may be a scary prospect for most business owners. They may be concerned about fines, potential jail time, and high court fees. Finding the right attorney takes research, and business owners must not rely on only advertising to tell them who the best attorney is. Taking referrals from other lawyers is a good way to find a reliable lawyer. Taking the time to check out many law practices is worth it when a business owner finds the perfect lawyer for their business.