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If you suspect that some aspect of your operation isn’t 100% compliant or you just want the peace of mind that comes from knowing that you’re doing everything right and you’re protected from very expensive claims and regulatory interventions, our Legal Audit and Risk Assessment Service is the perfect solution for you. Designed to preempt any potential legal risks before they can harm your organisation, our legal audit safeguards the future of your business and helps uncover new opportunities for growth and improvement. 

To speak to one of our corporate law solicitors in London, Birmingham and Northampton about our legal audit and risk assessment service, send an email to info@witansolicitors.co.uk to book your free, no-obligation consultation today.

What is a Legal Audit?

In simple terms, a legal audit refers to the review of the internal administrative and legal structure of a business, as well as how it operates and inter-connects with the external environment and market.

As most wise people say, prevention is better than cure, and that’s exactly the philosophy we subscribe to. Our Legal Audit service is designed to nip any potential legal problems in the bud before they become a bigger issue that may result in irreparable damage to your business and its reputation. 

Over the years, we have worked with commercial clients of various sizes and we have identified a number of areas where legal issues often arise. Those include (but are not limited to): 

• E-Commerce and sales practices
• Competition issues
• Conditions of trading
• Agreements with suppliers
• Employment
• Distribution and Agency Agreements
• Joint Venture Agreements
• Product liability
• Credit risk and control
• Opportunities under European Law
• Director and Boardroom decisions
• Estate planning
• HR practices and procedures
• Intellectual Property protection
• Advice on pending litigation and ongoing disputes
• Compliance with regulatory requirements 
• Environmental policies 

We don’t believe in one-size-fits-all solutions, so our Legal Audit will be tailored to reflect the needs of your organisation based on the type of business you own, as well as its size, structure and market sector. Our corporate team will take the necessary steps to ensure your organisation is built on solid legal foundations that allow you to grow without the risk of litigation and penalties.

Benefits of Audits

Our legal audit service will help you identify any areas that require attention and potential risks, ensuring that your company is fully compliant.

Over a business’ lifetime, there are a number of obligations that it must observe. Some obligations may be triggered by changes such as transfers and issues of shares and the appointment or retirement of directors while others may be ongoing obligations related to legal compliance such as trading disclosures and registers of information.

To maintain these obligations and minimise risk, regular reviews and updates are necessary. Our experts can review:

• Shareholders’ agreements and articles of association
• The duties and responsibilities of directors
• Employment contracts
• Service contracts
• Employee handbooks and policies
• Health and safety procedures (both general and company-specific)
• Contractual documents relating to stakeholder activity and business development projects
• Terms of business, warranties and indemnity agreements
• Intellectual property rights and protections
• IT policies and procedures

Aiding Your Commercial Strategy

As your legal partner, we will work closely with you to understand your commercial goals and objectives. This allows us to develop a clear legal strategy to help you maintain or grow your business. Part of this process will involve us asking questions about:

• Whether you have a shareholders’ agreement
• What your company policies are and whether they align with current regulations
• How you stay up to date with new legislation affecting your company
• What the powers, duties and liabilities of the director are

How Does Our Legal Audit Work?

At Witan Solicitors, we employ a commercially-minded, client-centred approach. This means that when you come on board as a Legal Audit client, we’ll sit down and get everything out in the open. We strip down the confusing legal jargon as much as possible, so you have a clear understanding of what we are doing and any risks that your business may be facing.

You can tell us what the goals are for your organisation, what your growth plans are and where you want to be in the future, and we’ll use that information, as well as where you are now to understand what your company’s legal requirements are.

We’ll go through your entire operation with a fine-tooth comb, understanding who owns the business, who works for the business and how the whole thing operates, leaving no stone unturned to understand exactly what your legal responsibilities are and any potential risks that may exist.

The legal audit is conducted discreetly and with as little disruption to the day-to-day operations of your business as possible.

Why is Investing in a Legal Audit a Sensible Decision?

Put simply, the sooner you ensure that you’re straightened out legally, the less chance that you’ll run into potential problems and expenses further down the road.

But more than that, you’ll also be able to sleep easier and worry less about your business, meaning you can enjoy the time with the people you love more.

Some of the high-risk areas a legal audit can investigate include:

• Accounting –  We ensure you have accurate accounting records in place and that private and corporate finances are accounted for separately 
• HR Policies & Procedures – From employee contracts to handling recruitment and letting go of employees, we ensure you have the correct documentation and practices in place
• Compliance – Non-compliance with industry standards and regulations can lead to fines, legal action and even imprisonment so it’s important to have an expert review your practices
• Tax Reporting – Accurate quarterly reporting can protect your business from issues with investors and creditors

What Do You “Get” as Part of a Legal Audit?

Once we’ve done our deep dive into your operation, we’ll put together a report that will detail areas of concern and weakness and forward you the necessary paperwork and implementation plans.

We’ll discuss this with your management team, and then make specific recommendations and other suggestions to help you straighten out the things that need work.

How Often Should You Conduct a Legal Audit?

A legal audit is often required when a business changes hands or when there are significant changes to the structure of the business to give the new management peace of mind that the business is legally secure.

However, corporate law constantly changes and evolves, and so should your business. To keep up with the latest industry standards and legislation, a date for the next audit should be set out as part of the post-audit actions.

It is recommended that your business undergoes a legal audit annually to maintain a high level of legal compliance across the organisation.

How Much Does the Legal Audit Cost?

If you opt for a one-off Legal Audit and Risk Assessment, you will pay a set fee of £1,997 plus VAT, subject to the size of your business.

If you choose our Annual Legal Audit Check service, you can split the cost into direct debit payments of £147 plus VAT each month for a minimum of 12 months.

On-Going Risk Management Plan

Following the audit, for an increased monthly payment, we can keep you up to date with:

Contract Support

• Update and keep updated terms and conditions with suppliers.
• Review and update public-facing policies, e.g. website terms.
• Review and update terms and conditions with customers and suppliers.
• Assist with client enquiries on terms and conditions.
• Ensure your company’s compliance with GDPR.
• Advice and support re: contracts you are asked to enter into.

Debt Recovery

• Letter before claim.
• Preparation of money Claim Form.
• Corporate and business review, revise partnership and shareholder agreements.

Powers of Attorney

• Draft powers of attorney for all shareholders who are directors of a limited company or partners in a partnership.
• Attend board meetings every six months.
• Attend two additional board meetings when litigation is threatened.

HR Services

• Review current employee contracts, handbooks and policies.
• Draft and revise the above documents.
• Keep your policies updated.
• Ongoing HR support by email and telephone.
• Preparation of letters and contracts on any staff changes.
• Assist you in maintaining records of all signed employment contracts.

Intellectual Property

• Full strategic IP management plan.
• Watching service for business names and advice on protective issues.
• Identify and report on a business trading name and any other rights which may be protectable.

Reputation Management

• 6 hours per year where necessary dedicated to:-
• Attempted removal of online defamation.
• Compiling a synchronised legal and PR strategy to counter reputational threats.
• Devise in communications and media handling and crisis management policy where necessary.
• Assisting with post-incident reviews.

Why Choose Witan Solicitors?

A legal audit is a complex procedure that requires a high level of legal expertise which is why it’s important to have a specialist corporate solicitor conduct the audit. Here, at Witan Solicitors, we have been working with businesses in the UK since 2014, making us perfectly positioned to offer actionable insights and reliable legal advice to your organisation. Our clients enjoy the below benefits.

• Over 100 years of combined legal experience
• Straightforward and easy-to-understand legal advice
• Record of success carrying out risk assessments for high-profile commercial clients
• Legal audit service in Birmingham, London and Northampton

To take a big step forward to a legally compliant company that you can grow without fear or worry, book your Legal Audit by emailing us at info@witansolicitors.co.uk.