Final answer:
Your legal counsel plays a critical role in business deal negotiations, focusing on protecting your interests, ensuring legal compliance, reviewing and drafting contracts, as well as advising on strategy and performing due diligence.
Step-by-step explanation:
When negotiating a business deal, the role of your legal counsel is multifaceted. Their responsibilities include protecting your interests, ensuring compliance with applicable laws, identifying potential legal risks, and helping to structure the deal.
They are critical in drafting, reviewing, and editing contracts to reflect accurately the terms of the agreement, safeguarding against ambiguous language that might be open to interpretation.
Your attorney will also be involved in the negotiation process itself, offering strategic advice, clarifying the legal implications of each party's positions, and sometimes even acting as the primary negotiator on your behalf.
Lastly, legal counsel will assist in the due diligence process, verifying the credentials, assets, and liabilities of other parties involved in the deal. This ensures that you make informed decisions and understand the contractual obligations and rights established in any business agreement you enter into.