Senior company executives and company directors look for legal suggestions outside the company on a regular basis. This advice is supposed to be given within the background of the lawyers’ professional obligations and ethical practice. What clients may not appreciate is there is often a conflict of interest between the lawyers’ professional and ethical concerns and the legal advice business. If lawyers follow their business interests, their advice may be incomplete especially in relation to the ethical consequences of that advice. This could lead to a compromise of the clients’ commercial interests and even raise doubts in relation to the legality of the clients’ proposed course of action.
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The clients of commercial lawyers in London include men and professionals looking for reliable legal advice. This advice is often provided by drawing only upon the commercial aspects of clients and their lawyers in comparison to the larger basis of professional ethics that one would expect and indeed need from lawyers. There are ethical and economic insinuations for commercial lawyers and their clients as an outcome of this practice. A large number of commercial lawyers have so closely recognized with their clients that their advice has weakened value due to its lack of independence. Both clients and lawyers may locate their businesses are unpleasantly affected by this let-down to give broadly based unbiased legal and ethical advice.
Clients who look for legal advice from commercial lawyers include businessmen such as company directors and business professionals. The legal setting of this advice is extensive and may encompass an area of company law, such as; fundraising or mergers and acquisitions. In addition, market advice such as limited market practices is often sought. Clients also look for advice upon contract understanding and economic loss accountability. Their lawyers, therefore, not only need to possess the legal understanding of the commercial law, a chief domain of the law, but they also have to know the general commercial context within which this area of law works.
Lawyers then have to familiarize themselves with the particular commercial considerations of certain clients and determine their prominent legal concerns. This is the landscape of business legal advice in all the general law jurisdictions such as: Britain, United States, Canada, Australia and New Zealand. Clients are advised on the law, including the ‘‘gray areas’’ where the law is not always certain.
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