Many companies suffer financially when in an economic downturn, and don’t realize the legal missteps that can befall them, affecting their bottom-line even more. Vanderpool, Frostick & Nishanian suggests five tips that can help businesses avoid the top five common legal mistakes that businesses make during an economic downturn.

Many times companies are so caught up in the financial woes of their company, with employee-downsizing, restructuring and number-crunching, that they overlook the legal ramifications that can negatively impact the companies’ financial situation.

The top five tips to avoid the five common legal mistakes during an economic downturn include:

1. Protect company business information prior to an employee’s termination – Many companies fail to proactively have employees sign agreements that protect their business information before a termination situation arises. It’s much more difficult to have employee’s agree to these terms upon termination.
2. Have employees sign non-compete agreements – Again, companies fail to have adequate non-compete agreements signed by their employees. They compromise their own company’s livelihood by not securing proper documentation.
3. Monitor company mortgage and account agreements – Companies can overlook the “fine print” in many account agreements, and therefore don’t foresee changes in account activity, putting themselves in a vulnerable situation when interest rates fluctuate or account terms change.
4. Collect payment from vendors regularly and timely – Companies can wait too long before filing suit to collect money from vendors, making it difficult to recoup monies owed to them. This can be a costly mistake, and easily remedied by managing past due account.
5. Keep track of loan agreements – Businesses should take time to review and manage loan agreements with their lending facility.

Lastly, businesses and corporations should not overlook the need to secure proper legal counsel before a financial crisis hits. Many times, companies will seek legal help, after the damage has been done, rather than taking the proper steps prior to bad economic times.

Northern Virginia continues to experience dramatic economic growth and development. As a corollary to this expansion, the development and acquisition of real estate provides extensive opportunities to various types of participants in this market. VF&N’s attorneys have represented clients of every type in real estate transactions, to include buyers, sellers, developers, investors, lenders, landlords and tenants. As a result, we have extensive experience in achieving clients’ goals in a broad range of real estate transactions regardless of the transaction size and complexity. And whether the matter is a straight-forward property conveyance, the creation of a condominium, the development of a complex real estate project, preparation of a lease, or the modification of association governance documents, VF&N’s attorneys can provide cost-effective expertise in achieving your goals through every step of the process.

For more information, please contact: Michael R. Vanderpool, V. Rick Nishanian, or Tony C. Boone.

Since its inception in 1986, VF&N has grown into the largest firm in Manassas and Prince William County. Throughout its existence, VF&N has continued to grow in both experience and capability, and its attorneys remain strongly committed to its clients and to its community. The firm’s attorneys have substantial experience in local governmental and community affairs, and stand ready to meet your needs in those areas.

For more information, please contact Michael R. Vanderpool.

The development and use of real estate is heavily regulated by local government, homeowners’ associations and deed restrictions. Within this environment, obtaining results will frequently require not only subject matter knowledge, but also the advantage of experience.  VF&N’s attorneys and planners have an extensive track-record of resolving these matters favorably for our clients.  We practice in all Virginia jurisdictions between Alexandria and Albemarle, including Fairfax, Prince William, Loudoun, Stafford, Fauquier, Culpepper, Orange and Spotsylvania Counties (including the cities and towns therein).

For more information, please contact Michael R. Vanderpool, Paul J. Gauthier, or Paul Costanzo.

Broadly stated, customs and international trade law practice includes both import duty issues and unfair competition claims. VF&N’s attorneys have over thirty (30) years of experience in this field. In particular, VF&N’s attorneys know the complex Customs’ legal process, can step in to defend against or seek mitigation of Customs’ penalty claims and can identify and address situations where an importer is paying too much duty. VF&N’s attorneys also have substantial experience in addressing unfair competition claims such as “dumping”, receipt of foreign subsidies, intellectual property rights, infringement, and mislabeling, and have the knowledge and expertise to mitigate the impact of such claims on clients’ business activities. For more information, please contact Patrick F. O’Leary.

The protection of our client’s proprietary ideas, name, reputation and related intangible property is the focus of VF&N’s Intellectual Property group. Our goal is to enhance the commercial value of our client’s intellectual property through early identification, assessment, protection and commercialization. Our attorneys are experienced in the prosecution of trademarks, service marks and trade dress, the registration of copyrights, the protection of trade secrets and the commercialization of these rights through licensing, sale and related transfers. We also counsel our clients on the protection of their intellectual property rights through effective policing methods, including, when necessary, federal litigation and administrative agency proceedings. For more information, please contact Christopher M. Collins.

VF&N’s Government Contracts practice counsels its government contracting clients on all aspects of the contracting process, including the review and assessment of the request for proposals; the representations and certifications required by the contracting party; agreements between the prime and subcontractors; qui tam recoveries; teaming arrangements and corporate partnering; compliance with the governing FAR and DFARS. Our attorneys are experienced with defending against and prosecuting bid protests and federal court litigation related to government contract issues. For more information, please contact Christopher M. Collins.

The rights and duties of employers and employees are crucial to all businesses and individuals in the workforce. Employers need to establish procedures to comply with myriad employment laws and regulations, and need protection from disloyal employees who may misuse confidential or proprietary information. Employees whose rights or contracts are violated may have claims against their employers. Since 1986, the attorneys of VF&N have successfully represented both employers and employees in employment matters ranging from consultation and planning to litigation in state and federal courts.

For more information, please contact: Randolph D. Frostick, Kristina Keech Spitler or Carrie S. Frank.

VF&N’s attorneys have extensive experience representing corporate entities, partnerships, LLC’s, and individuals in collecting obligations arising from notes, judgments, accounts receivable and other transactions. As a result, VF&N can analyze and address each client’s individual requirements, and develop a cost-effective solution designed to maximize client benefit. Throughout the entire process, from demand letter to litigation, foreclosure or settlement, VF&N can provide analysis regarding potential outcomes, and advice on strategies to obtain the best result possible.

For more information, please contact V. Rick Nishanian, or David L. Honadle.