Masterclass "Minimizing Legal Risks" by Ekaterina Shalomay for Residents
A masterclass titled "Minimizing Legal Risks" was held for residents. The speaker, Ekaterina Shalomay, is:
- A business lawyer, risk manager, and head of the legal department at Business Booster;
- With 15 years of experience in business support;
- Winner of the "Business Lawyer of the Year 2021" award;
- Member of the International Association of Experts WEA;
- Author of more than 15 publications in the media.
Ekaterina explained to the residents what risk is and how it can negatively affect a company's goals, timelines, budget, and reputation. Three main categories of risks were discussed: financial, operational, and legal.
The speaker presented a strategy for minimizing legal risks, consisting of seven key aspects:
1. Starting a business
2. Fulfilling obligations with clients and contractors
3. Relationships with employees and contractors
4. Intellectual property
5. Administrative risks
6. Tax risks
7. Criminal law risks
She also provided examples of risks and their solutions. For instance, at the start of a business:
- Risk: creating a business in partnership and the potential loss of it;
- Solution: drafting a partnership agreement to regulate relationships between partners.
When purchasing a business:
- Risk: acquiring an unprofitable or problematic business;
- Solution: conducting due diligence (legal analysis) before purchase.
When working with clients and contractors:
- Risk: losing money due to non-fulfillment of obligations by contractors;
- Solution: developing contracts that protect the company's interests.
Additionally, Ekaterina provided numerous practical examples illustrating how properly drafted contracts help minimize risks and protect businesses from losses. Cases were also discussed where purchasing a business without proper legal analysis led to serious problems, such as obligations to contractors, tax debts, and lack of rights to intellectual property.
