Legal Audit

A Commercial Legal Audit is an effective way for your company to review certain key contracts and its commercial and consumer law practices.

An Audit will look at certain policies, to ensure that not only are your contracts adequately protected but to ensure you have the right procedures to make sure those contracts are working for you.

What are the benefits of a Commercial Legal Audit?

Cost savings
Reviewing terms of your key contracts and reviewing or streamlining certain policies can lead to costs savings. As the saying goes, an ounce of prevention is worth a pound of cure.

Improve business
Identifying legal blind spots and implementing workarounds leads to smart working.

Reduce Risk
By identifying legal risk in a business, actions can be implemented to reduce exposure to financial risk such as fines for noncompliance, damages for breach or damages from claimants.

Our Experience
  • An infrastructure provider in respect of a c£160 million sub-contract in connection with a public body.
  • £70 million contracts with a public body.
  • An outsourcing contract with UK bank – contract value c£80 million.
  • Acting for leading big data software business in drafting and negotiating software development and licensing agreement, to include advice on flow down licence terms.
  •  A multi million pound agreement for the sale of goods to Tier 1 manufacturer in the automotive industry.
  •  A multi million pound field marketing services agreement for a National supermarket chain.
  • Drafting, negotiating and advising on agreement for provision of services to customers of large UK bank on an insured basis. Value £60 million per annum, to include reviewing, amending and approving terms of business agreements with numerous insurers including Lloyds syndicates.

Commercial law FAQs

What’s included in the audit?
  • Scheduling an introductory call to understand your business in more detail.
  • Issuing a questionnaire to be completed by you to identify key areas to address.
  • Reviewing completed questionnaire and supporting documentation.

Further call to answer queries identified in questionnaire.

Advising, preparing and drafting a high-level report in relation to the responses received and each contract disclosed in the questionnaire, our report will be limited to advising only on the following elements of the contracts:

  1. Limitations and exclusions on liability
  2. the term and termination of the contract
  3. payment terms

We will also advise on means of incorporating your standard terms and conditions.

All reviews will be done from a commercial law perspective and all advice is from an English law perspective only. If a contract is governed by foreign law, then local advice is recommended.

What’s required of you?
You will provide consolidated responses to our pro-forma questionnaire (which we will provide following receipt of your signed engagement letter that you would like to proceed).

You will provide supporting documentation as identified in our pro-forma questionnaire.

What timescales would be applicable?
We would send the initial questionnaire within 1 business day after the introductory call and having signed you up as a client.

After receipt of the completed questionnaire from you and receipt of all required information and documentation, we would deliver the high-level report within 10 business days.

What’s the cost of Commercial Legal Audit?
We will provide the above service on a fixed fee basis up to the point of providing you with the commercial legal audit report. The fixed fee is for the review of one incorporated company’s contracts. If there are multiple group companies a reduced fee per company may be offered.
Do you need an Intellectual Property Review?

The commercial audit will not include a review of intellectual property. We can conduct a separate review of your current intellectual property rights to protect your brand and logos and provide a report on recommendations to property your IPR rights which we can provide a fee proposal for if required.

Contact us

Request a video call, phone call or a meeting in person with one of our team.

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    Recent Commercial Law Cases 

    Wealth Management Contract

    Herrington Carmichael were instructed to advise on and negotiate a SAAS development and services agreement between a wealth management business and a wealth management platform service provider. Complexities included ensuring appropriate business continuity plans were in place (including software escrow arrangements), and ensuring compliance with the FCA rules on outsourcing to the cloud.

    Commercial contract for new product

    The commercial law team were instructed to advise on and negotiate a new product design agreement, development agreement and manufacturing agreement for a new product for use in the security sector. As part of the project, Herrington Carmichael were required to ensure a back to back contract was entered into with suitable flow down provisions to the key parts manufacturer.

    A Complex Global Software Distribution Agreement

    Herrington Carmichael were instructed to advise on and negotiate firstly an Australian and then a global software distribution agreement. Complexities included negotiating with a global business with strict contractual requirements and policies, whilst seeking to ensure a favourable position to our client. We were also required to manage the local law advice in respect of contracts governed by foreign laws and further to ensure that suitable terms were imposed on resellers commensurate to the protections required by our client.

    Herrington Carmichael has acted like an extension of our business. They have been a huge support, have been exceptionally credible in some extremely difficult commercial contractual matters.

    - Legal 500, 2022

    Strong commercial and corporate team, offering reliable and practical advice at competitive rates. The quality of advice we have received when instructing the commercial team is comparable to many large City firms we have used but at non-City fees.

    - Legal 500, 2022

    Herrington Carmichael has a diverse skillset, covering most requirements. This means we can tackle complex issues knowing that they can call on their colleagues to compliment the analysis.

    - Legal 500, 2022

    Commercial Law Podcasts

    At the Legal Room UK we will be using a diverse range of our specialist lawyers and business friends to bring you expertise and insight on a variety of topics on a range of topics from commercial law, to property law, employment law and more.

    All our podcasts are for general information and are not to be taken as bespoke legal advice. 

    Standard Terms & Conditions

    Breach of Contract

    Commerical Law Team

    • All departments
    • Agricultural Law
    • Brexit
    • Careers
    • Co Co - Employee Share Schemes
    • Co Co - Recovery & Insolvency
    • Co Co - Restructuring
    • Co Co Corporate Governance
    • Co Co Corporate lending
    • Co Co Financial Services
    • Co Co Franchising
    • Co Co GDPR
    • Co Co in-house legal support
    • Co Co International Contracts
    • Co Co M&A's
    • Co Co MBOs & MBIs
    • Co Co Partnership and LLPs
    • Co Co Regulatory, Compliance & Competition
    • Co Co Shareholders Agreements
    • Co Co Terms and Conditions
    • Co Co- Intellectual Property
    • CoCo - Banking and Finance
    • CoCo - New Businsess
    • CoCo Competition Law
    • CoCo Consumer Law
    • CoCo Data Protection - Marketing
    • CoCo Data, IT & Technology
    • Commercial Law
    • Commercial Property
    • Construction
    • Corporate & Commercial
    • Corporate Law
    • Debt Recovery
    • Dispute Resolution
    • Disputes - Business
    • Disputes - Declarations of trust
    • Disputes - Probate and inheritance
    • Disputes - Professional negligence
    • Disputes - Restrictive Covenants
    • Disputes - Shareholders & Partnership
    • Disputes - Tenants in Residential Property
    • Disputes - Wills, trusts & probate disputes
    • Disputes and Small Claims
    • Disputes Construction
    • Disputes with Co-owners
    • Divorce
    • Employee - Termination
    • Employer - Termination
    • Employment
    • Employment - Business protection
    • Employment - Collective consultations
    • Employment - Contracts, services, consultancy
    • Employment - Employee benefits
    • Employment - Employee Procedures
    • Employment - Equality, discrimination and harassment
    • Employment - Family Friendly Rights
    • Employment - GDPR and Data Protection
    • Employment - Post employment obligations
    • Employment - Redundancy & Reorganisation
    • Employment - Settlement Agreements
    • Employment - Tribunal Claims
    • Employment - TUPE
    • Employment - Wages, holiday and sick pay
    • Employment - Workers rights
    • Employment Tribunal claims
    • Estate Administration
    • Expat Legal Services
    • Family Law
    • Financial Services
    • GDPR
    • Help to Buy
    • Immigration law
    • International Legal Services
    • Key Property Contacts
    • Land and Property Disputes
    • Land, development and construction
    • Lasting Powers of Attorney
    • Leasehold
    • Licensing Law
    • Money, Tax and Inheritance
    • New Build Conveyancing
    • Private Wealth and Inheritance
    • Professional Negligence
    • Property Finance
    • Property Law
    • Residential Property
    • Residential Property - Completions
    • Residential Property - Shared Ownership
    • Trainee Solicitor
    • Wills, Trusts & Probate

    Latest news | insights

    Award winning legal advice

    Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2024’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023 & 2024’. Herrington Carmichael has offices in London, Farnborough, Reading, and Ascot.

    +44 (0)1276 686 222


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