LAWYER AND ENTREPRENEUR IN THE NEW ERA

The lawyer and the entrepreneur working together from the very beginning of a business venture creates a solid foundation for a parallel development journey—where the lawyer grows alongside the entrepreneur, and the entrepreneur thrives within a sustainable legal framework.

The Traditional Day of Lawyers on October 10 is close to Vietnam Entrepreneurs’ Day on October 13. Coincidentally, the support of lawyers for entrepreneurs in investment, business, and production is increasingly emphasized.

Business involves not only the production of goods or the provision of services but also encompasses a series of activities that include establishing a legal entity or starting up as a merchant, management and operations, and investment in production and supply. Each stage involves various processes related to personnel, administrative procedures, contract agreements, transportation, and payment, all of which depend on legal regulations for execution or contractual agreements for implementation.

From partnership contracts to purchasing a sea vessel, transferring a wind power plant, or acquiring a university, the law always presents challenging conditions and standards that require entrepreneurs to be knowledgeable; otherwise, they risk encountering significant pitfalls.

However, no one can be an expert in every field, and entrepreneurs often realize this quite early. They need professionals to handle non-core issues, allowing them to focus on their business.

In Richard Koch’s 80/20 principle, the 80% represents the many tasks that are often not the most critical for a business. Entrepreneurs should focus on the 20% of tasks they excel at. For example, if they are skilled in producing phones, computers, or airplanes, they should concentrate on those activities, while delegating tasks like contract signing, legal compliance, human resources, risk management, and finance to other professionals.

One of those professionals is the lawyer. Lawyers step into the 80% of non-core tasks for businesses as specialists, effectively executing the critical 20% of legal practice.

From the outset, businesses need advice on critical startup issues such as investment methods, capital contributions, business structures, sectors of operation, business conditions, investment locations, company representation, incorporation permits, investment-related licenses, lease agreements, and internal documents like charters, regulations, operational rules, and employment contracts.

Thus, from the very beginning, entrepreneurs require legal advice from lawyers to develop a comprehensive set of governance templates for the long journey ahead.

Not only do lawyers provide advice to help businesses choose the most suitable solutions for their operations, but they also establish standardized processes for systematic business functioning. The interaction between lawyers and entrepreneurs from the outset facilitates the implementation of procedures, templates, and governance systems that reflect the company’s identity and ambitions while ensuring compliance with the law.

In addition, many lawyers serve as experts for large, reputable businesses. Throughout their careers, they not only understand the law but also accumulate valuable experience in business management, corporate culture, and investment. This knowledge can become an asset for the companies they advise, provided their insights are tailored to the specific characteristics of each business.

Thus, the collaboration between lawyers and entrepreneurs from the very beginning forms a solid foundation for a parallel development journey—lawyers grow alongside entrepreneurs, while entrepreneurs thrive within a sustainable legal framework.

Of course, to become a trusted choice for entrepreneurs and businesses, each law firm must enhance its professional expertise. The team should be proficient in multiple languages, well-versed in Vietnamese law, as well as the laws of other countries and international law, with extensive experience in resolving legal issues in various courts and arbitration settings.

Lawyers do not make decisions on advisory matters, but through their expertise and professional reputation, they can provide satisfaction to entrepreneurs throughout the development journey of their businesses.

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