When you need a Management Rights lawyer for the first time many people find themselves in new and unfamiliar territory. When looking for a Management Rights lawyer (whether it be ourselves or others in the industry) these are key questions you need to ask to be confident that you will get the right advice.
A Management Rights purchase is not a simple conveyance and you need to be sure that the lawyers you appoint have the necessary knowledge and experience to manage the transaction, remove obstacles and most importantly, get a successful result that will not create problems in the future. The ARAMA has a panel of 4 law firms that it acknowledges as having superior management rights expertise. We are one of those.
A thorough, comprehensive and accurate due diligence report is essential when making a Management Rights purchase. This report should provide all the detail needed to fully understand what you are buying and to ensure that the business you are buying is completely and legally valid. Ours is the best in the industry.
The benefit of acting for all different parties is that Lawyers develop a breadth of experience and understanding of the full range of issues that can present themselves, and importantly, an insight into how the different parties would respond to an issue, and can manage this to your advantage.
If something goes wrong during the purchase transaction or at a point in the future, it is important to know that you have a complete legal team who can support and act for you to resolve the dispute quickly. Not all lawyers have the depth in dispute resolution that have current knowledge of the unique issues of Management Rights. We do.
The legal fees for Management Rights matters can quite often be estimated with a degree of accuracy. Your lawyers should be able to provide you with a written cost estimate.
Unless your lawyer is able to provide a fixed fee option, the fees will only be an estimate.
Your lawyer should be able to have a frank conversation with you in advance if it looks like the estimate will be exceeded.
Lawyers need to meet the requirements set out in the Legal Profession Act 2007 (Qld) as well as those governed by the Queensland Law Society (QLS). Prior to commencing any project or transaction you will be asked to sign a lengthy document called a Cost Agreement which is a requirement of the QLS and something all lawyers should provide.