4 Reason You Should Hire A Law Firm To Oversee Corporate Governance & Legal Compliance For Your Business
During the business activities of an enterprise, profit is one of the key motivations for the proliferation and development of the enterprise. However, in order to achieve the profit target, “legal compliance” is always a chief factor a leader of an enterprise must pay much attention to.
It is clear that “laws” have a great influence on the operation as well as business and manufacturing activities of an enterprise. “Laws” such as the establishment of an enterprise, corporate governance, manufacture and circulation of products, provision of service, entry into labour relationship, partnership, and purchase and sale agreements. Therefore, in order to (i) ensure the transparency, fairness, and accountability in the internal relationship (among the owner/members /shareholders of the enterprise and between those people with the managers/directors or with employees) as well as (ii) ensure the compliance of the enterprise with the laws in business while entering into the relationship with customers. For the purpose of maximising profits and achieving a sustainable development, an enterprise needs to find a law firm to consult on corporate governance and legal compliance.
1. Law firms support the enterprise to ensure transparency and fairness in internal governance as well as legal compliance when working with clients and state agencies.
Regarding internal governance and legal compliance, finding a law firm to support in drafting and constructing a corporate charter, corporate policies, internal regulations, and codes of conduct will have a great contribution to ensuring the transparency and fairness in the process of business operation and corporate governance. In addition, the monthly legal services of the law firm including providing legal advice, and consulting government policies as well as changes in laws, would allow the enterprise to be more assured when conducting transactions with customers as well as when working with competent authorities.
2. Law firms support the enterprise to make their decisions more effectively
Internal disputes between enterprise and employees, partners, or customers are currently quite common. Having support from a law firm with many legal experts shall bring the enterprise expert legal advice on corporate governance and internal compliance as well as practical solutions relating to legal issues, labour disputes, and commercial disputes. Using legal services from a law firm is a time-saving solution to settle any legal issues, which also limits the occurrence of serious disputes having the negative effects on the image and reputation of the enterprise.
3. Law firms provide legal solutions in many fields of business
When finding a lawyer for a consultation, the matters of enterprises always cover many fields of business. Therefore, a law firm with many lawyers where each lawyer is an expert in a certain field shall contribute to providing clients with effective, optimal legal solutions for each legal issue.
Besides, in addition to providing legal advice, the law firm also supports enterprises in representing them to negotiate, arbitrate, and litigate before the court in case of disputes arising.
4. Law firms support the enterprise to minimise/reduce legal risks
“Prevention is better than a cure” is always the advice for any enterprise, especially in the field of corporate governance, risk management and legal compliance. Hiring a law firm to consult in these matters shall support the enterprise to have a “family doctor” ready to diagnose the “health” of the enterprise on a regular basis, reducing the legal risks that may have a negative effect on the financial situation, image and reputation of the enterprise.
If you are having difficulty finding a Corporate Governance and Legal Compliance Law Firm in Vietnam, please contact us: P & Associates is a professional law firm established in Vietnam and currently has nearly 100 members working at three offices in Ho Chi Minh City, Hanoi and Da Nang. P & Associates are also considered to be one of the leading law firms specialising in law on business in Vietnam, which has a number of notable practice fields in the legal market such as Labour and Employment, Banking Law, Taxes, Purchases, Selling and Merging, Litigation. We are confident to be the Corporate Governance and Legal Compliance Law Firm in Vietnam providing clients with legal services optimally and effectively.