An Outstanding Career in Corporate Law – All You Need to Know
With the growth in the corporate and business worlds, the opportunities are tremendous. Corporate law is one of the fields that has seen growth, and it is a relatively new field offering many opportunities.
If you are also wondering about a career path in corporate law, this article is just right for you. In this article, we will discuss the career opportunities you can build as a corporate lawyer.
What does a corporate lawyer do?
Usually, a corporate lawyer works for a single firm and helps them manage all the legal matters. The person can be a personal consultant, advocate, policymaker, or researcher based on their expertise. The responsibilities can comprise tax planning, mergers and acquisitions, corporate structuring, employment law, and reporting on government matters.
Any corporation can also hire multiple lawyers to handle different cases, whose duty it will be to manage all the accounts associated with the business.
Skills you must possess to make a career in corporate law
If you are in B.Com. LL.B. college and wondering whether I am the right fit for a law degree or not, you must develop these qualities. There are certain skills that a person must possess to pursue a career in corporate law. Here are some of the skills that a person must have to make a career:
- Good communication skills
- Command over the practicing language
- Business awareness
- Good with numbers
- Basic knowledge of business developments
- Logical reasoning
- Analytical thinking
- Good ability to research
- Corporate or commercial laws
Educational qualifications
For any profession, you certainly require educational qualifications. Hence, for corporate law, you must have a three-year LLB course or an integrated five-year course of BA and LLB together.
For getting into corporate law, the student can choose a specialization in corporate law or do a master's in the respective field.
This depends on your interest and how you want to perceive it. The career opportunities in the field are also impressive, and either you can get a campus placement or start your firm.
Rising career opportunities
The remuneration is also excellent in this particular field, as a definite amount is coming to the employees every month. This is the primary reason why many young people are drawn to the job and pursuing careers in it.
The current scenario of public-private partnerships demands corporate lawyers in government firms as well.
What are the career options?
Corporate law is quite a vast area for practicing law, and lawyers generally specialize in two subjects. Corporate law comprises the following:
- Corporate restructuring
It means reorganizing the laws or making changes in the law firm to attain more profit for the organization. The lawyer will ensure that the process is done properly and all the rules are abided by. Almost all businesses are concerned with increasing their revenues. A corporate lawyer's roles in the process include:
- The first and foremost thing for any corporate lawyer is to adhere to the 230 or 240 companies act, 2013. And this focuses on mergers, amalgamations, and compromises on the same.
- Assist the clients in negotiating, drafting, and performing the contracts.
- It may also include attorneys or lawyers reviewing the company’s finances. They warn the companies about the supposed risks and how to rectify the same.
- Assisting in exchanging technology and intellectual property.
- Insolvency and bankruptcy
The attorney assists in the bankruptcy procedure and determines whether it is the right decision or not.
- Refinancing
It involves negotiating the deals and refinancing them.
2. Compliance
Another branch of corporate law is compliance. This includes acting as the law officer or in-house compliance to ensure that everything is in order and in accordance with applicable laws.
With the numerous opportunities that corporate law is providing, many students are choosing it as a specialization. Law colleges are also helping them to choose the stream by organizing workshops and seminars and giving them industry experience.