Legal radar: What should businesses be thinking about?

Written by Trowers & Hamlins

International law firm Trowers & Hamlins, which now has over 160 people in its Birmingham office, was announced as a founding partner and sponsor of the Black Business Collective when it was launched in June this year.

Trowers' involvement in the initiative was spearheaded by the firm's Head of Birmingham Office and Property Litigation Partner, Yetunde Dania (pictured), following her role as the independent Chair of the West Midlands Combined Authority's (WMCA) Race Equality Taskforce.

Yetunde said: "Following the launch of 'Race Forward' – a five-year strategy to reduce race disparities and inequalities across WMCA areas – I viewed establishing an initiative such as the Black Business Collective as an important means of encouraging and harnessing the deep and broad talent of Birmingham's vibrant Black entrepreneurial business community.

"In the spirit of knowledge-sharing and collaboration on which the network has been founded, I asked two Partners from our Birmingham office to share insights into legal considerations they believe businesses and entrepreneurs should be aware of."

So, what should be on your legal radar?

Rebecca McGuirk, partner and head of employment and pensions, notes: "The King's speech on 17 July set out two employment bills that the government intends to bring forward in the 2024-25 parliamentary session – an Employment Rights Bill and a draft Equality (Race and Disability) Bill – which will deliver the promises set out in Labour's new Deal for Working People.

"There are going to be a number of significant law reforms coming in now that Labour are in power so take a look at our step by step guide to employment changes to see how they may affect your business. We will be updating this as and when we know more."

Jamie De Souza, commercial litigation partner, added: "From my perspective there are a few key points that businesses should be thinking about right now.

“The first being to carefully think about and document the corporate structure of your business through properly drafted shareholder agreements and articles of association. This helps protect the interests of all shareholders, particularly if there is a parting of ways in the future.

"Be careful what you are signing: take time to understand the contracts you are entering into. It's easy to be attracted to a big name purchaser or customer and not look at the associated risks that might be hiding in the small print.

"Whilst time is limited when running a businesses, it is important to take the time to put appropriate policies and corporate governance into place. Particularly in the case of cyber, where crime continues to evolve and advance, putting preventative measures in place to protect your business against cyber risks and threats is very important. Discover more about cyber risk management."