Legal Advisory Services
Legal Advisory services are gaining popularity within the Indian legal market. Outsourcing of those services has certainly become one of the growing trends within the bar. It lightens the workload of the firms and potentially cuts costs as well. Due to the complex business environment and rapidly changing business norms, companies are exposed to strict compliance needs and face new business challenges. Kanakkupillai has deep and rooted knowledge of legal norms and industry standards. Our legal advisory services help our clients to stay competitive and compliant within the current market situation. We provide legal advisory services in the genres like legal, tax, and accounting. Our experts will address all aspects of your business and resolve them effectively.
Legal advisory services give assistance to the companies in lawful matters related to their client activities, industry presence, size, and location. Expert team of lawyers that holds sufficient experience in handling issues associated with legal compliance, due diligence will serve you proficiently and legally lookout of you during mergers, takeover, IPOS, etc. Organizations dealing in legal advisory services will examine compliance documents and internal policies to form sure that they're implemented consistent with the provisions of the law.
Benefits of Legal Advisory Services
Legal outsourcing is that the best way for companies to manage their complex and time-consuming matters. It is a crucial factor that affects the legal industry immensely. Outsourcing of legal services is done with the motive to avail the benefit of significantly lower costs.
Five Key Benefits Of Outsourcing Legal Advisory Services:
Access To Emerging Technology
Outsourcing of legal services gives in-house lawyers access to the latest technology, research tools, and high-end storage services. Moreover, the company’s sensitive documents will remain protected and service providers who hold specialization in litigation support will also guide in documentation, document storage, and transcription.
Cost-Effective
Outsourcing legal services proves cost-effectively beneficial to the organization. It can cause huge cost-saving, since hiring qualified personnel and investing money and time in training them can end up being quite costly. But when you choose to outsource these services you need not spend a single penny on the employee’s training.
Access To Trained Professionals
Obtaining the guidance and help of external professionals decreases the overall time that you may need to complete a legal process. Indeed, you'll experience an improvement in the quality of service. Outsourcing also reduces the workload of in-house employees and manages to fill the gap between internal competencies.
Round-The-Clock-Service
The amalgamation of on-shore and off-shore team members gives the legal organizations the liberty to complete their tasks within a shorter span of time. For example, the 12-hour time difference between the US and India eases the level of operations and reduces the delivery time.
Increased Flexibility
Outsourcing legal advisory services help in reducing the extent of workload and lets the organization specialize in other core areas of business. Furthermore, a mixture of external and in-house talent also helps outsourcing firms deliver their services as per the stress of the clients. Law firms can also obtain benefits by avoiding incurring fixed costs in the form of salaries that an organization is bound to pay to permanent employees.
Who is a Legal Advisor?
A lawyer who gives legal counsel to organizations is known as a legal advisor. A legal advisor holds a specialization in the particular areas of law. They can manage your issues associated with contract disputes, compensation issues, workplace conflicts, etc. They also give expert advice in matters related to corporate decisions, mergers, and acquisitions, corporate growth, or other practices.
Legal Advisor Duties and Responsibilities
Draft And Negotiate Contract
Legal advisors possess the knowledge of drafting agreements like consultant contracts, collaboration agreements, and other various types of contracts. Reviewing existing contracts and creating new documents also are a part of the legal advisor’s job.
Ensure Compliance With Corporate Laws
The legal advisor holds expertise in corporate law and examines all company practices and works hard to ensure that the corporation is adhering to all federal and state legal limits. A legal advisor understands all legal norms and regulations associated with the business during which they're working.
Provide Counsel For Employee And Management Conflicts
Legal advisor resolves matters related to sexual harassment, labor dispute, and other employee conflicts. The advisor applies his relevant knowledge in checking out these issues.
Legal Advisor Skills
The legal advisor is a critical thinker and holds expertise in managing organizational and problem-solving skills. They excel in time management, negotiation, goal-setting, and deadlines. The legal advisor must have the ability to work with no supervision. Plus, he has got to be a team player who displays leadership skills.
Additionally, a legal advisor demonstrates the following skills:
Core Skills
- Reviewing and creating contracts, agreements, and other legal documents
- Negotiating in-house and outside contracts
- Analyzing corporate policies and practices for adherence to laws and regulations
- Applying knowledge of employment laws to resolve conflicts and ensure compliance
Advanced Skills
- Strong understanding of financial practices and concepts
- Knowledge of MS Word and Excel also as Adobe Acrobat
GST Advisory ServicesWe provide a number of GST advisory services online in India like covering the impact of GST on the business of clients, examining different market scenarios of business models, legislative business level implementation assistance, transition management, and undertaking key compliance.Benefits of GST RegistrationGST removes the cascading effect of taxHigher threshold for registrationComposition scheme for small businessesThe number of compliance is lessDefined treatment for E-commerce operatorsImproved efficiencyUnorganized sectors are regulated under GSTEligibility for GST RegistrationSection 22 to Section 30 of the CGST Act, 2017 deals with the process of registration by every supplier of goods and services.
Note on registration under GST with effect from 1st April 2019.Every person who is engaged in the supply of services and whose aggregate turnover exceeds Rs.
40 lakhs just in case of the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand and whose aggregate turnover exceeds Rs.40 lakhs (for the remainder of the States), shall be liable to be registered under this act in the state or union territory, from where he makes of taxable supply of goods or services or both;Companies engaged in the export of services are also required to complete the GST migration process and obtain a GST Registration number to be entitled to tax exemption on the export of services outside India.In the case of inter-state sales, GST Registration is mandatory regardless of turnover.GST RatesRates under GST will depend on the sort of products and services.
GST AdvisoryThe government of India introduced the concept of Goods and Services Tax (GST) w.e.f 1st July 2017.
The tax is imposed on a PAN India basis as a single unified tax covering all types of business activities.
GST is implemented on ‘value-added’ to goods and services at each stage within the economic supply chain.
India’s largest tax reform, Goods and Services Tax (GST), is speculated that the new tax system will help India achieve a 9% growth rate.
Such professionals are more like general tax and accounting professionals, who are designated to submit returns on behalf of taxable companies and individuals.Today, this role is held by chartered accountants (CA), advocates and sales tax professionals (STP); the primary goal of hiring GST professionals is to unravel the complexities associated with submitting GST returns and other related tasks.
Who Is A GST Consultant?Tax professionals are persons authorized by the central or state government to carry out all tax-related activities on behalf of the Indian taxpayers.
The degree examination of any foreign university recognized by any Indian university is equivalent to the above-mentioned degree examination.
Any other government-notified test in this field is also equal.How Can They Help?GST consultants Make credit payments with the help of Transaction Advisory Services; they help you understand how to pay taxes, fines, interest, fees or any other amount, specify the taxpayer in any procedure other than inspection, seizure search, and arrest, they provide monthly, quarterly, annual or final GST refund.Submit GST Returns ImmediatelyOne of the most obvious reasons for hiring consultants is that they will submit your GST returns in a timely manner without any delays or discrepancies.
Timely submission will save you from heavy fines and losses.
