3 Reasons to Run a Legal Audit of Your Business

April 2nd, 2022

Every healthy business means not only financial growth, but also legal compliance, which is actually the pillar of success on the market. Whether you are a start-up entrepreneur or an experienced one, your company needs to keep up with legal requirements, which are often changing at a fast pace.

What is a legal audit?

A legal audit is the verification process aimed at determining the health of a company from a legal perspective.

Although the things which need to be implemented from a legal perspective depend on each company’s particularities (activities, size etc.), there are certain aspects more or less standard, general must-haves to be observed. At the same time, an audit imposes not only the assessment of the existing processes and documentation, but also provides advice on the matters which must be implemented to be compliant.

Why should you run a legal audit of your business?

Below are top reasons why you need to be doing legal audits of your business:

  1. Contracts protect your business

  2. Whilst you may be tempted to think that if a contract brings you income that's all that matters, contracts can also lead to financial loss and damage reputation if not reviewed by a lawyer. Any contract must meet legal requirements. A legal audit will ensure that contracts with your partners comply with relevant legislation and protect your business in case a dispute arises or inspection bodies carry out inspections.

  3. Website is compliant

  4. An online store or a company’s website is the bridge towards clients. During a legal audit, you will be advised on the relevant requirements regarding digital matters, consumer protection, data protection, intellectual property, competition and corporate matters etc.

  5. Intellectual property protects your business from copycats

  6. Your business rationale is to be different from the competition, and all lines of strategy should converge towards this. Creations have the purpose to be unique and are protected under the law by intellectual property legislation.

    However, has your business undertaken the steps to ensure that intellectual property works are protected? A legal audit will provide various paths, such as trademark registration and advice on protecting your creations.

Efficient entities conduct regular legal audits to assess risk. Such assessments are excellent preventive tools to improve legal processes and avoid disputes, fines and headaches, and can significantly contribute to the security and stability of your business.

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