Legal Audit
In the fast-paced business environment, a company may experience challenges which could ultimately lead to legal risk. This may be caused by a number of different factors, including not having the right contracts in place, not following best practice when it comes to use of your terms and conditions or not having or following the necessary legal policies.
The result could end up exposing the company to financial risk such as fines for non-compliance, damages for breach of contract or damages claims. We, at Herrington Carmichael LLP, (recently named as one of The Times’ Best Law Firms 2023) offer legal advice to UK and international businesses as well as individuals and have experienced commercial and compliance lawyers that provide a combination of legal expertise and pragmatic commercial awareness. With our wealth of experience and specialists in these areas of law, we are pleased to offer a new product to existing and new clients alike: a commercial legal audit as a solution to the risks identified above.
Outsourcing a commercial legal audit to a specialist firm of solicitors is a cost-effective mechanism for a business to review its core contracts and policies, without the business having to allocate vast resources and time to conduct the audit itself.
We can help your business by conducting a commercial legal audit on your behalf. If you would like to discuss this further or would like more information, please contact us to speak to a member of our Commercial Team
What’s included in our legal audit?
- Scheduling an introductory call to understand your business in more detail.
- Issuing a questionnaire to be completed by you to identify key areas to address.
- Reviewing completed questionnaire and supporting documentation.
- Further call to answer queries identified in questionnaire.
- Advising, preparing and drafting a high-level report on the findings of the audit.
- Full retainer and scope will be provided on request.
What are the benefits of a Commercial Audit?
Cost savings Make savings by reviewing terms of your key contracts and reviewing or streamlining certain policies. As the saying goes, an ounce of prevention is worth a pound of cure.
Improve business By identifying legal blind spots and implementing workarounds leads to smart working.
Reduce risk Identify legal risk in a business, then actions can be implemented to reduce exposure to financial risk such as fines for non-compliance, damages for breach or damages from claimants.