Legal Risk Audit
As Leading Lakeland Lawyers for two centuries, we understand business risk.
A legal risk audit is a review of parts of or the whole of a business’s internal legal and administrative structure, as well as how it operates and connects with its customers, its market generally, including any relevant regulation. For further details please see our paper “Common Legal Risks Faced by Businesses”.
Our audit service can cover one, some or all of the following (depending on budgets, timescales and size of your business).
The work can be done on a specific retainer with a bespoke fixed fee.
Amongst the key legal risks that any business will have include:-
1. Constitution and Structure
- This is the foundation of all successful businesses (whether it be partnership or limited company).
- Is yours fit for purpose, adaptable to change and does it work easily with the business’s strategies for growth and/or succession?
- Is it able to deal to deal with sudden change (including conflict, death or serious illness)?
2. Key Contracts
- A review of your terms and conditions of business including those for purchase of goods as well as sale of your goods/services.
- A review of your existing key contractual arrangements (including financial arrangements, leases etc).
3. Staff Contracts for both business owners, key staff and others including contractual provisions, staff handbook policies and procedures etc
- Is your business properly protected from disgruntled staff or from “bad leavers”?
4. Health & Safety Law Generally (specific to the Company’s premises and operating locations)
5. Existing and Developing Intellectual Property and provision or status of protection
- Are your ideas or innovations properly protected after all the investment you have put in to their development?
6. Directors’ duties and responsibilities
- Is everyone clear what it means to be a business owner/director?
7. Security, banking and finance
- What is currently in place and is it properly understood? What personal liabilities exist for individuals in the business and are those liabilities properly understood?
To discuss our services, and on a no commitment basis please contact us to discuss your precise needs.
We know that every business is different and each will have its own risk profile.
You can choose which of these areas you feel requires specific attention but in order to ascertain that we may ask you questions such as:-
Are your contracts with key suppliers clear and fit for purpose? Do they provide you with the commercial certainty that you require?
Do you have a shareholder’s agreement or partnership agreement?
What are your company policies and do you follow them in relation to current employment rules and regulations?
As a director do you know what your powers, duties and liabilities are?
Are you clear as to the regulatory framework in which your business operates?
When we have a clear picture of the risks you want us to assess we will provide a fixed price quotation. We will then get to work, providing our client with a detailed written report, with an analysis and recommendations.
For a no obligation consultation or quotation please contact Richard Moore