Negotiating a commercial or retail lease can be a daunting and confusing experience for many business owners, and particularly for first-time tenants. In this article, we will break down the process and some practical aspects of lease negotiations. It is important for both parties to a lease to actively participate in lease negotiations to ensure that their interests are adequately protects and that there is sufficient clarity in the lease.
One of the first issues for you to get to the bottom of when negotiating a lease for your business is whether the lease is a commercial lease or a retail shop lease. To non-lawyers, this may seem like a minor or unimportant distinction and an unwelcome distraction from the substantive terms of the lease.
So why does it matter? The classification of your lease can have a significant impact on your rights and obligations under the lease, and how such rights can be exercised.
At some point almost all growing businesses will require a commercial or retail lease. As the ‘home’ for your business, commercial or retail premises provide you with a space and base from which you can grow and implement your ideas, Finding and committing to the perfect premises can be a daunting step, but can play a key role in your ongoing success.
Last year, around this same time, I made a little wager with a friend (let’s call him ‘Ollie’, because that’s his name!) on the outcome of the AFL Grand Final - he was on the Adelaide bandwagon, while I was with the Tiger Army. Unfortunately, in making this wager, I made a crucial mistake - I sealed the deal over a handshake, and not in writing.
It’s no secret that the line between work and personal life is becoming increasingly blurred, particularly in the startup world where founders, employees, advisors, investors and clients are often friends or connections beyond the boundaries of the business. In this environment, employee engagement in social media can be a powerful tool to help companies increase their reach and engagement online and can improve how their brand is perceived.
In late 2017, the Victorian government announced a sweeping set of reforms to the Residential Tenancies Act 1997, in an effort to ‘make renting fair’. These reforms have been passed by both houses of Victorian Parliament in the last fortnight, and are due for Royal Assent by the Govenor in the coming weeks, with the reforms to be rolled out progressively. With one in four Victorians renting, it is important for tenants and landlords to understand their legal footing in light of these new amendments.
At Law Squared, we are passionate about helping our clients ensure that they never end up on the front page of the news for the wrong reasons. As a firm of entrepreneurs and lawyers, we help our clients grow fast, and because we work within a network of like-minded businesses, who share our ethos and values, we know that you’ll get it when we say sexual harassment has no place in your business.
For the startup sector, it’s the good news we have been waiting for. After two years of anticipation, on 12 September 2018, the Federal Parliament passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Cth). Crowd-sourced funding (CSF) is a form of funding that allows entrepreneurs to raise funds from a large number of investors.
Bad behaviour is an all-too-common occurrence in the legal profession - but why does it have to be? This behaviour is a by-product of a ‘big boy, big pants’ mentality that a number of practitioners have, and it is not beneficial for the profession. Clients want lawyers who work to achieve the best outcome and are solution-focused, not those who are intent on using difficult tactics to Intimidate, harassment and humiliate the lawyer on the other side.
Taking on a commercial lease might just be a much bigger commitment than you realise. Even the relatively small weekly rent of $400 a week can run to well over $100,000 during a five-year commitment. By having a savvy commercial lawyer look over your agreement, you create insurance against any minor issues blowing up into liabilities that your business doesn't need. You're also creating peace of mind that your business has a strategic headquarters to propel its future growth.
Buying a business is a lot like buying a car. It looks great, but there's a lot of funds behind the scenes that you can't see. Popping the hood on what looks like a Porsche is essential to ensure that you're not driving away in a lemon. Doing your due diligence before taking the plunge is key to ensuring that you don’t end up doing your dough.
Great candidates can be the difference between your business finding new opportunities and markets or a period of stagnation (or worse) while you sort out personality problems. As a start, it's important to think about what kind of role you are interviewing for and then plan your questions (and format of the interview) accordingly. Asking the right questions is your secret weapon for identifying the best candidates to take your business forward.
Raising capital can be the difference between an extended time on the sidelines and kick starting your company's growth trajectory. Raising capital isn't a forgone conclusion; however there are several parts of the process which can be both time-consuming and challenging. Overall, know your limitations and trust your intuition.
With the rise of the #MeToo and #TimesUp movements towards achieving gender equality, gendered language has become an outdated practice in legal correspondence and contract drafting. For lawyers, our written language is our bread and butter, and the words we use in our documents and correspondence can have a powerful impact on the perception and status of women in professional contexts.
In the last few years we have seen a significant spike in boutique and micro breweries popping up. This is great for the local city social scene and also to see different beer varieties and experiments taking place with boutique breweries and beer taking prime position in some of the cities greatest bars and lounges.
On 1 July 2018, new laws came into effect that restrict certain termination rights in most commercial contracts. These restrictions provide an important opportunity for struggling businesses to restructure and turn their business around while ensuring that key contracts remain on foot.
The GDPR became enforceable on 25 May 2018. It aims to harmonise data protection procedures and enforcement across the EU, helping consumers reclaim and protect their personal data. The GDPR has global reach, and severe penalties for noncompliance. Breaches are punishable by the higher of €20 million or 4% of annual company turnover.
While the regulatory spotlight will mainly be focused on the EU, it’s important that Australian businesses understand their own exposure and take action to manage their risk.
At just 30, Demetrio is spearheading a new type of law practice that is all about updating traditional processes with modern thinking and the latest in technology. He’s recalibrating the current systems with a new breed of lawyers, in a new type of legal practice. It’s called Law Squared, and it’s been dubbed “Australia’s most innovative law firm”.