6 Winning Asset Management Strategies That You Need to Apply Now

Did you ever come across a beggar who was sued by a multinational company with a stocky lawsuit? We are sure you dint! After all, lawsuits are not consistent to those who have limited assets and simultaneously, it becomes a matter of concern for those who have hefty pockets. So if you fall in the league and have some substantial assets in your credit then wait- knowing these winning asset management strategies is recommended to you. Consider all the major money moves and implement them in your professional understandings.

1. Know your insurance:

Insurance can be your first line of defense against any form of legal obligation and litigation. If you are dealing with complex assets, then make sure to increase the limits of your liabilities. For instance, if you are receiving $5 million from a broker then ask your insurance manager to give you $5 million liability policy.

2. Recheck your decision to invest your savings in a joint account:

The state wise law might differ in this case, but it is recommended to keep your assets separate if you have a joint account with your spouse or a business partner. If you want to share the ownership of windfall with your spouse, then you can discussion your special case with a recommended asset protection attorney.

3. Beware from renters:

If you are planning to invest your income in a rental property, then make sure to create an LLC or a separate business entity to protect your assets. In case you are not doing this, you are indirectly giving unwanted advantage to your tenants who can then sue your rental property in any disgruntle situation.

4. Turn your informal partnerships to legal business:

The risk of informal partnership is someone similar to that of having a joint account. If you are a part of an informal partnership, then you are taking the responsibility and liability of your partner’s mistake too. Protect yourself with a legal and formal partnership and define your limitations.

5. Create a shield to your assets:

Whether you are running a small business or it is just a part-time engagement, take steps to turn it to a formal business entity so that you can protect it against any legal lawsuit. Legal experience can be a daunting experience… it can change your life like never before.

6. Understand the meaning of corporations:

You can divide corporations in two broad categories- 1) S corporations and 2) C corporations which are taxed differently and have different restrictions as far as ownership is concerned. Corporations are the best and the most excellent ways of protecting your assets. There are a few exceptions here which can land you in trouble, for instance, failure of paying payroll to the IRS, not separating your corporation from your personal assets, and so on.

5 Things to Consider While Building a Remote Legal Team

The immense growth of online productivity tools and the emergence of virtual office culture are breaking down the traditional geographical barriers. The latest technological advancements allow businesses to become distributed and operate efficiently from anywhere in the world. Moreover, when an existing in-house team is overburdened, building a remote team always becomes a suitable option for most businesses. Setting up and managing remote teams, however, entails multiple challenges. If you’ve been planning to build a remote legal team, it is always important to consider a few factors to ensure that your remote legal team functions optimally.

Here are 5 things to consider while building a remote legal team:

1. Comprehend Legal Issues

While hiring a remote team, it is always better to actually comprehend the job you intend to hire someone for. When you need lawyers for intellectual property, it is important to determine the kind of risks you will be exposed to in the IP space. Similarly, if you are into content business, you might decide to build a remote team with in-depth experience in copyright laws.

2. Draft Accurate Work Description

Once you have comprehended your specific requirements, it is always important to craft an accurate work description. While creating a job description, make sure that you include the details of the expected work. For better understanding, it is always advisable to provide a more elaborate description about the culture and vibe of your company. Last but not the least, specify the must-have requirements for candidates such as expected skills and the level of required experience. Apart from simply attracting candidates, an accurate work description also helps prospective candidates decide quickly whether your company is the ideal one that they wish to work for.

3. Select Candidates with Soft Skills

Identifying a great lawyer goes much beyond finding someone with proper technical expertise. In virtual teams, lawyers need to perform as a part of a team and under pressure at that. While interviewing prospective lawyers, consider how collaborative the lawyers are and how they function in high-stake situations. Also, ensure whether a candidate has immense judgment skills or not.

4. Ensure Consistent Communication

The moment you have the right team, it is important to facilitate consistent and effective communication. Facilitating constant communication is the biggest challenge faced by managers who build a virtual team. It is important to remember that each team member may be highly productive but when there is no productive communication, business efficiency may be hampered. For choosing the right communication, it is important to choose the perfect software. Once you select the perfect tools, make sure that you conduct regular virtual meetings to track the status and progress of the team.

5. Establish Team Culture

When you are hiring virtual lawyers, it is important that the team members share the vision and mission of the company. Only when you share your business goals will your team members feel that they are a part of the business growth and this is definitely an important motivating factor in virtual teams.

It can take time to put your virtual legal team together and get all the team members on the same page. A few strategies can, however, help you build a more effective virtual team and boost customer experience in a great way. The good news is that once an effective virtual legal team is established and managed well, you can get all the services at a fraction of the actual cost.

The Top Business Lawyers Mean Business

The law also protects consumers from business monopolies, malpractices, price fixing, and other issues.

As a business owner, you need to know about the laws regarding your business type, whether it is a small venture, a franchise, a partnership, or a corporation. There exist several legal considerations. The choices you make while setting up a business influence your business management, operations, finances, taxes, profits, and liabilities in the long run.

The importance of hiring business lawyers

Business lawyers know business laws inside out. They can help you right from the day you have a “blueprint” of your business plan to the day your business roars in the market… and even afterwards.

They can assist you in:

· Buying and selling ventures

· Mergers & acquisitions

· Starting LLC, corporation, and others

· Creating shareholder agreements

· Preparing business contracts

· Creating business plans

· Mediating disputes between you and consumers or business contract breaches

· Preparing and evaluating financial documents

· Collecting debts

· Issuance of stock

· Filing for bankruptcy

A clear idea of business law

A competent business attorney helps you give a picture of business law which would be clear as a crystal. He or she will explain the tax implications, business responsibility, and benefits of each kind of entity. This aids you in setting up an entity that benefits you, your employees, shareholders, and consumers.

Business lawyers harbor meaningful connections with important sources in the business community. Their objective is to promote a healthy business community that features continuous growth.

Of course, you can set up a business on your own, but you still need a lawyer. Only lawyers can give you legal advice. They are authorized and capable of doing so.

A partially-trained lawyer or a layman who claims to know the law may give you poor advice. They are not as acclimatized with legal situations as competent lawyers are. Qualified business lawyers are recognized by the Court of Appeals, which is the highest court of the state. They abide by a code of conduct and display sheer professionalism when handling cases. They are always updated about the changes in laws.

A reputable business lawyer has the legal expertise to interpret law for their clients and represent their interests in the courtroom and outside. You can benefit a lot from hiring such a lawyer. In other words, he or she can make things easier for you in the legal world.

Thanks to reputable law firms going online, it is easy to contact the best lawyer in town. You can schedule an initial consultation with him or her. You can discuss with them about your dream venture. It is time to put your idea on legal papers and out in the market.

Technology in the Legal Sector

It is safe to say that we are firmly into 2018 now, and the first month of this year has been filled with brand new technology that is set to change the way we live our day to day lives. Not only has it changed the way that we live our lives but it has changed many different sectors of business.

As technology progresses at this pace, we should probably look at what this means for the legal sector. Firms all over the world are adopting and investing in new technology to effectively compete with the other competition out there. Not only do they need to use this technology to compete with other firms, but clients are wanting more and more engagement with technology in all of the sectors of business. In this respect, the legal sector is quite far behind but they are catching up rapidly.

According to SEO experts, voice searches are expected to take over. With Siri and Alexa already setting the bar very high, and voice searching are expected to account for 50% of online searches by the year 2020. You may be wondering how this can affect the legal sector. Because a quarter of all voice searches are for local information, it is likely that people will be searching for information on local lawyers. This means that law firms will have to make sure that their websites and online presence are adapted to be found in this way. Law firms will already be used to optimizing their page for traditional searches, SEO for voice will be slightly different. It is worth finding out what the difference is and how you can get prepared.

Law firms should also expect to get used to the idea of automated technology. The Law Society has predicted that this type of technology will take over 67,000 jobs in the legal sector by the year 2038. Although many people are worried that this means they’ll lose their jobs, they need to remember the positives to this. Machines can take on a lot of the legal work that often slows law firm employees down and therefore make them more efficient and better able to take on important work. Service automation will help increase productivity and will help law firms be able to take on more and more work, without any extra strain on their employees. This means that you should expect a rise in the number of cases that law firms take on, as well as how much they do in advisory capacities.

Virtual and augmented reality are fast becoming commonplace in a lot of other sectors, but it is one piece of technology that law firms don’t seem to have adopted just yet. This could all be set to change, however, with the law sector finally coming on board with this technology. It is expected that virtual and augmented reality will be used to help with client recruitment and engagement. It is also expected that law firms can use these types of technology to help with staff recruitment and training. It means that training sessions can be delivered via AR or VR and won’t take the employee away from the office for as long as if they were going away to train. This will help lower costs and make sure that people are being trained fully and effectively.

SEO is changing all the time, and 2018 will see further changes yet in this piece of technology. Artificial intelligence or AI means that they can answer users search queries from just the first few words. This is known as predictive search and already exists but in 2018 it is expected that this technology will become more advanced and better able to guess what the user wanted to search for. This means that law firms may be cut out of the competition before the user has even had a chance to search for them.

Why You Should Have a Corporate Lawyer on Staff

Corporations and small businesses are sites of expertise in their own industries. Business executives are highly specialized professionals whose primary focus is on the efficient and profitable management of their businesses. These professionals should be able to devote their time and energy to that purpose-not to worrying about legal issues large and small for their companies. If you are managing a corporation or small business, you should seriously consider keeping a lawyer on retainer or as in-house staff to help you navigate legal matters. Below are a few of the reasons that you should retain a dedicated lawyer who is familiar with your business.

Contracts and other business agreements

Whatever your business, chances are good that you routinely enter and execute contracts with a variety of parties. Typical corporate contracts include sales contracts, leases (real estate and otherwise), supply agreements, and partnership or corporate structure documents. The consequences can be severe if one of these agreements contains an unfavorable or unenforceable provision. While your business staff may be skilled negotiators, a lawyer can review these documents to help protect your company from litigation or other negative effects from unenforceable contracts.

The human resources minefield

Employment law is a complex area of law with radically different requirements for different types of businesses and employees. A general counsel can assist you and your human resources staff with common legal issues surrounding employee leave, benefits, and hiring practices.

Regulatory compliance

Depending on the nature of your business, you may be subject to various regulatory requirements at the local, state, and federal levels. Examples include securities regulation, environmental regulation, campaign finance/political regulation, and intellectual property filings. Since regulatory infractions can result in substantial fines, it is important to remain on top of these ever changing rules. A lawyer can help you identify relevant requirements and complete any necessary filings or reports to the government.

Tax counseling

Your tax liability and responsibility depends in part on the corporate structure of your company. While you should use a certified accountant for tax preparation, a lawyer can assist you with tax planning and counseling to help you minimize your overall tax burden. A lawyer can even help you structure your business at the outset in a way that reduces tax liability.

Litigation and crisis management

While the other examples have concerned mainly “chronic” legal issues, having a lawyer on staff can also help you in case of “acute” legal issues such as civil or criminal litigation or government investigation. In addition to drafting pleadings, a lawyer can assist you with settlement negotiations.

Since these legal matters can be incredibly time-consuming, maintaining a lawyer on staff ensures that your company devotes the proper attention to legal obligations while your business professionals remain focused on the business itself. You can retain outside counsel from a firm that has experience across each of these areas, or you can hire in-house counsel as an employee of the business itself. Whatever option you choose, you can rest assured that a trained lawyer will minimize your business liability and ultimately save your company money in the long run.