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Banking and Finance

Money is complicated, especially when you consider it on a global scale. More complicated still, is how money is managed by banks, financial institutions and companies. Finance is an umbrella term for all things related to money and the markets surrounding it. The management of money is a complex and multi-layered industry. Further, profit is the cornerstone of any successful business.

Beyond banks, there are many other companies such as investment firms and funds which have expertise in the investment of money. Banking and finance law can involve issues such as compliance, loans, debt, budgeting, and investing in financial markets. Businesses have to ensure that they handle their finances wisely.

Legislation

Banking and Finance in Australia is regulated by a wide array of legislation and governmental bodies. Some of these regulatory bodies include:

  • Australian Securities and Investments Commissions (ASIC)
  • Australian Financial Security Authority (AFSA)
  • Australian Prudential Regulation Authority (APRA)
  • Australian Transaction Reports and Analysis Centre
  • Financial Reporting Council
  • Financial System Inquiry

Banking and finance law not only affects banks and financial institutions, but also affects individuals and companies. Businesses in particular have to ensure that they comply with these regulations. Further, company mergers and acquisitions require financial expertise.

What is a banking and finance lawyer?

A Banking and Finance Lawyer has expert knowledge in understanding banks and financial institutions. They work closely with national and international banks, fund managers, as well as private lenders and borrowers. A Banking and Finance Lawyer has a comprehensive understanding of the regulatory framework surrounding banking and finance in Australia and what is required to comply with these regulations.

Our lawyer network includes a wide range of banking and finance lawyers who will be able to assist with your company’s financial needs.

When will I need a banking and finance lawyer?

You may need a banking and finance lawyer in the following situations:

  • If you are drafting or reviewing a loan agreement
  • If you are drafting or reviewing a security agreement
  • If you are managing a fund
  • If you are financing a transaction
  • If you are a startup or small business trying to raise capital or secure a loan
  • If your business is struggling to overcome a finance related legal problem
  • If your business is merging with another business
  • If your business is acquiring another business or is being acquired

Banking and finance law is a complex area which is often difficult for people to understand. A Banking and Finance Lawyer will be able to give you their professional assistance.

What will a Banking and Finance Lawyer provide?

Banking and Finance Lawyers will be able to provide their clients with their skills and experience when dealing with this complex area of law. The depth and knowledge of banking and finance lawyers in this space allows them to advise clients on the technical aspects of their transactions in such a way which caters to their commercial needs.

A banking and finance lawyer will be able to help businesses of all sizes in the growing global economy by navigating clients through the difficult regulatory frameworks. Banking and finance lawyers can also help equip businesses with the tools to deal with market fluctuations.

How much will a Banking and Finance Lawyer charge?

Legal costs can be unpredictable, convoluted and expensive. Our aim at LawPath is to provide you with legal options that are fast, affordable and transparent. By providing you with fixed priced quotes this means you are always aware of the costs and can choose the solution which is best tailored to your company’s banking and finance needs.

Hourly rates and Court fees

The cost of a Banking and Finance Lawyer will vary based on the scope of the work. Small issues likely to be addressed quickly will cost less. For matters that will need to go to the relevant Court or Tribunal, there may be additional fees involved, particularly as this work takes time. These types of matters may also involve obtaining documents and negotiating with the other party.

What can a Banking and Finance Lawyer legally charge?

Legal costs can rise very quickly, especially in litigation. However, this is sometimes hard to avoid when work is being done by a lawyer on an hourly basis. Where fixed-fees are not offered by the lawyer, you should expect to be invoiced on a monthly basis with a time period within which you are required to make payment. Lawyers are required to adhere to the rules outlined in the relevant acts. For example, in NSW and Victoria, this is the Legal Profession Uniform Law 2014. Lawyers who do not comply with these rules can face disciplinary action from the law society of their State.

Lawyers are required to provide to their clients a document called a ‘costs disclosure’ if your costs will be higher than $750.00. This document will outline how costs will be calculated in relation to your case. Also be mindful that costs are divided into ‘professional costs’ and ‘disbursements’, and you will be expected to pay for both. Professional costs are the costs of the actual work done by the lawyer, whilst disbursements cover incidentals such as court filing fees, telephone calls, photocopying charges – amongst other things.

What if I don’t agree with the costs?

You have the right to request an itemised bill that will outline how much time was spent on each task in relation to your matter, and how this adds up to the fee you’re requested to pay. If you wish to dispute the cost, you can make a complaint to the The Office of the Legal Services Commissioner (OLSC) and they will investigate the matter and may allocate a costs assessor. You can also take further legal action in the Courts if you feel you have been unfairly charged.

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