When you run a business, it’s important that you stay in compliance with complicated business laws. Whether your business is large or small, you might not even know where to start. Here’s how having a company lawyer can help you prevent business fraud before it even starts.
They know where to look
A business lawyer has extensive training and experience in the ways that white-collar crime occurs. That means, when they work with your company, they know where to look. White-collar crime can include lying to auditors, embezzlement, accounting fraud and money laundering. Your company lawyer knows where to look, and they can begin to investigate immediately if something doesn’t look right.
They can help with best practices
Working with a business lawyer is critical because they can help you assess areas where your business is vulnerable. The business environment and the tools that business use can change quickly. You might need to update your privacy policies. Your accounting or personnel software might leave you vulnerable to fraud. Even contracts with employees and outside providers can benefit from an attorney’s review in order to make sure that there aren’t any ambiguities that could lead to problems.
Your attorney can help you address these problems before an employee or outside party has the chance to prey on these vulnerabilities. Detection strategies can include audits and management reviews. Your attorney can use their training and experience to create the best plan for your specific business model and employee structure. This should ultimately help keep your business more secure and protect you from any current and future potential fraud and other white collar crimes.
Your employees have accountability
Even just knowing that a white collar crime attorney is on board with your business can deter fraud. When employees know that they’re going to get caught, they’re less likely to try to cheat. If an employee avoids performance audits or contact with your company lawyer, that can be a red flag. An attorney with a presence in your business can encourage employees to work honestly.
The penalties for white collar crimes include jail time, a permanent criminal record and even a loss of your professional license. Having a business attorney on board can give you confidence and peace of mind. Their knowledge and experience can help you identify and improve upon vulnerable areas in your business.