Business Lawyer Singapore – How do I engage one in Singapore?

Business Lawyer Singapore : The world of business in Singapore is booming and many people have chosen to set up their business in Singapore.  This article will highlight three things to note when engaging a business lawyer in Singapore for your business transaction.

#1: When to bring a lawyer in Singapore into your business transaction?

One of the most common questions we hear from clients is when to bring a business lawyer in Singapore into the transaction and most people bring lawyers late into the transaction to save legal costs.  The answer to this question is it depends. 

If you are a sophisticated party like a banker or fund manager and have negotiated many term sheets/letters of intent for your type of transaction then you do not need a business lawyer in Singapore to review your term sheet before you sign it.

If you are a counterparty for example, a business owner selling your business for the first time in your life, it is likely if you do not get a business lawyer in Singapore to review the term sheet from the buyer that you would have been given very one sided terms which can make it tough for you later when the parties go into the transaction documentation stage of the transaction.

Thus, if you have the budget then bring your business lawyer in Singapore early into the transaction (even at the term sheet stage) as if they are familiar with your area of business, they can be a source of industry wisdom as they may have seen many similar transactions prior to your transaction.

#2: Lawyers in Singapore have specialisations

Just like your normal general practitioner may not be an expert in broken bones, you need to find out more from your business lawyer in Singapore what types of deals does he usually deal with.  A lawyer may be a generalist and help you wish employment agreement reviews and generic corporate legal work but such a lawyer may not for example be familiar with the industry norms of for example a private equity deal or a startup funding deal.  In both of such cases, you should always find specialist Corporate Law Practitioner  to look at your transaction.

#3: How do lawyers in Singapore charge for transaction documentation?

For the review/drafting of simple documents like employment agreements and non disclosure agreements, some firms may charge you on a time cost basis or a fixed project basis.  For complex transaction documents, most firms would charge you on a fixed cost on a per project basis (subject to assumptions).

In conclusion, we hope that the three tips above on hiring business lawyers in Singapore will help you in finding the right business lawyers in Singapore for your business needs.

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https://www.SingaporeLegalPractice.com is a corporate law and commercial law educational website headquartered in Singapore which aims to demystify business law and 新加坡商业法 for SME Company Owners, Startup Founders and 新加坡新移民老板。The information provided on this website does not constitute legal advice.  Please obtain specific legal advice from a lawyer before taking any legal action.  Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. Click here to signup for our newsletter today to be kept updated on the latest legal developments in Singapore.

Click here to speak to a specialist Corporate Law Practitioner today to advise you on your corporate transaction today.  The corporate law team has acted for a diversified client base including transactions involving several hundred startups across the startup eco-system in Singapore and for private equity fund deals and is well placed to help you in your corporate transactions.

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