Commercial disputes can easily become damaging to business. Litigation may cause reputational and financial damage, and a drawn-out process increases the risk of losing revenue. Collaborative practice minimises these risks by promoting solutions that take into account the requirements of both parties in order to achieve a solution tailored to the situation.
The process of Collaborative Practice begins with all parties formally agreeing not to go to court. It then entails a series of roundtable discussions, where issues are talked through with the help of legal professionals on both sides. Collaboratively trained professionals, such as financial experts or business analysts, may be brought in to assist in negotiations.
Commercial law touches many parts of Australian society, such as commercial contracts, partnership agreements, workplace relations, building and construction, planning and environment, and wills and estates. Collaborative practice can be applied to each of these in a way that benefits all parties.