Legal advisory services, also known as legal consultants, provide legal advice to promoters planning to incorporate a company. They also help already-established companies to undertake public and private transactions with due diligence. These transactions are mainly in the areas of mergers & acquisitions, venture capital, divestitures, and raising private equity. They are all governed by the regulatory framework that is stringent and complex. Non-compliance with any legal provision can be legally offensive and the company may have to bear huge losses in terms of cost, time, and reputation.
The advisory firms act a counsel to their client’s organization and work closely with them to negotiate and close the transaction as per the established legal norms. They have an expertise in planning the terms and gauging the challenges that normally arise in a particular type of deal. Their main objective is to help the client sail easily through the deal while protecting his interests till the end.
Advisory firms also cater to the legal needs of small-and-medium enterprises. As a result, they have a mixed portfolio of client accounts that give them enough scope to learn and gain experience in their area of consulting business.
Drafting legal documents is also a part of legal services. The consultants draft, review, and register business agreements. They normally have an expertise in a certain set of laws like company and labor laws, commercial laws, criminal laws, etc. If you are planning to hire a consultant, then first find out the area in which they provide legal assistance.