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Are you a business owner in Vietnam looking to streamline operations and delegate tasks? With increasing foreign investments and international trade agreements, Vietnam’s economy is growing rapidly. However, navigating complex regulations and evolving laws can be challenging. Legal advisory services are to facilitate your business journey, ensuring a smooth start or expansion in Vietnam.
In this article, we’ll discuss what are the aspects of legal advisory services, especially corporate secretarial and compliance services in Vietnam, and how they can help you focus on the bottom line of your business and save overhead costs.
What is Legal Advisory?
Legal advisory, also known as legal consulting or legal counsel, is a service provided by legal professionals or law firms to individuals, businesses, or organizations seeking guidance and advice on legal matters. The primary purpose of legal advisory services is to help clients understand and navigate the complexities of the legal system, ensure compliance with applicable laws and regulations, and make informed decisions in various legal situations.
Legal advisors offer their services on an ongoing basis as in-house counsel to businesses or provide one-time consultations for specific legal issues. They analyze legal documents, research relevant laws and precedents, provide legal opinions, represent clients in negotiations or court proceedings, and offer strategies to mitigate legal risks.
Legal Advisory Services with Different Fields
Within these organizations, they might focus on a specific legal field or offer comprehensive legal guidance. Their specialization or advisory services cover the following areas:
Corporate law focuses on business matters, especially everyday routines. It deals with things like contracts, following rules, and responsibility. Lawyers who work in this area can assist a business from the start with legal paperwork, or guide them when facing tough times like bankruptcy.
Tax law is intricate and constantly changing, making it an interesting area to work in. Tax lawyers can assist individuals during audits, address various problems, and provide guidance for estate planning. This legal field can also be highly profitable.
In the modern age, intellectual property, often abbreviated as IP, is more crucial than ever. Lawyers providing legal advice in IP cover a wide range of services, from trademark and copyright registration to handling patents and NFT matters. They assist individuals in safeguarding their ideas and projects from being copied or stolen.
Other emerging legal practice area includes asylum and refugee law, business immigration law, and defense against criminal charges or deportation. This field is currently in the spotlight and provides an opportunity to make a significant impact on behalf of others. Utilizing legal advisory services in this field can greatly assist you on your path.
Whether you aspire to become a defense attorney or a prosecutor in criminal law, you will require legal advisory support. Lawyers in this field often experience intense courtroom proceedings as they safeguard their clients’ fundamental rights.
Difference between Legal Advisors and Lawyers
In Vietnam, a legal advisor guides on legal matters, and this individual may possess legal knowledge without specific qualifications.
On the other hand, a legal counsel is an individual who legally represents you in court proceedings. This forms a fundamental difference between the two roles. Both legal advisors and legal counsels have numerous career opportunities and the potential to earn substantial income.
Importantly, a legal advisor doesn’t need to practice law; anyone with legal knowledge and strong communication skills can assume the role. However, a legal counsel is specifically authorized to officially represent you in legal matters by signing contracts on your behalf.
What is included in Legal Advisory Services?
A legal advisor plays a crucial role in providing legal guidance and support to their organization. While the specific responsibilities may vary based on their legal specialization and the employer’s needs, typical duties include:
- Offering legal advice and recommendations to managers and business leaders regarding various legal matters and decisions.
- Reviewing and ensuring that the organization complies with local laws, regulations, and guidelines, and keeping up to date with any legal changes.
- Researching current laws, legal precedents, and relevant legal issues to provide informed guidance.
- Overseeing internal litigation, legal disputes, and handling legal paperwork as needed.
- Drafting, reviewing, and negotiating contracts on behalf of the company, ensuring that they align with legal standards and protect the organization’s interests.
- Writing and preparing various legal documents, such as statements, agreements, and legal correspondence.
- Safeguarding the organization’s intellectual property, including trademarks, patents, and copyrights.
4 Benefits of Legal Advisory Services in Vietnam
Access to Cutting-Edge Technology
Outsourcing legal services provides in-house legal teams with access to the latest technology, research tools, and advanced storage services. It ensures the security of sensitive documents, and providers specializing in litigation support can offer guidance on documentation, storage, and transcription.
Outsourcing legal services is a cost-effective solution for organizations. It leads to significant cost savings, as hiring and training qualified personnel can be expensive. Outsourcing eliminates the need for employee training expenses.
Access to Skilled Professionals
Seeking assistance from external professionals reduces the time required to complete legal processes and improves service quality. Outsourcing also lightens the workload of in-house staff and bridges competency gaps.
Combining onshore and offshore team members enables legal organizations to expedite tasks. For instance, a 12-hour time difference between the US and India streamlines operations and shortens delivery times.
InCorp Vietnam is a leading provider of global market entry services. We are part of InCorp group, a regional leader in corporate solutions, that encompasses 8 countries in Asia-Pacific, headquartered in Singapore. With over 1,100 legal experts serving over 15,000 Corporate Clients across the region, our expertise speaks for itself. We provide transparent legal consulting, setup, and advice based on local requirements to make your business perfectly fit into the market with healthy growth.
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