What do corporate lawyers do? There are a lot of misconceptions out there regarding what corporate law is all about. For example, people think they are all stuffy wall street types who care more about money than people. They want movies that match that tone and feel. In other words, they want to work with a legal team that has a bit of swagger about it that doesn’t take life or themselves too seriously – but still knows their job is serious and important.
Whether you’re looking for a career path, or just curious about what lawyers do in general, here’s the ultimate guide to corporate lawyers. After reading this article, you’ll know how to become a corporate lawyer, what corporate lawyers do and how much can you expect to earn.
Over time, with the ever-changing policies in the world of business and trading, new amendments in legislation are evident. It is imperative that every owner strictly follows the rules and regulations that govern business management. So, when you talk about business, intricate and comprehensive legalities are involved. That said, every company needs a lawyer for legal advice in different areas of law.
Why Businesses Need A Lawyer
From employee to client dealings, drawing claims, turnovers, contract prerequisites, and complexities, a lawyer is a must in business transactions.
Legal professionals handle business daily legal affairs, negotiating settlements, and other pertinent transactions. Aside from that, lawyers are also needed to deal with the company’s disputes, and sometimes, they have to appear in court for the client.
What are Business and Corporate Lawyers
In the world of business, corporations are emerging and booming as a group of companies is working all together as one to earn surmounting revenues and success.
With that outlook and layout, professional services of lawyers are highly imperative and essential to the continuous business growth and dealings. Hence, corporate lawyers are a valuable asset in any group of businesses. They serve one client, and that is the corporation itself to which they are employed.
Generally, small corporations will have one or a couple of lawyers. The larger ones, on the other hand, may have more than that, and each has a respective specialty or expertise.
Why Business Groups Require Corporate Lawyers
Legality-wise, corporations like banks, hospitals, oil firms, insurance companies, biotechnology organizations, manufacturing industries, retail stores, power and energy groups, and communications businesses require the full-time professional services that corporate lawyers provide.
As earlier discussed, there are different types of lawyers in Australia. Each comes with distinct specialties. Some may have one or more expertise, but never everything. There’s a dedicated counsel for every area. Thus, business groups need corporate lawyers to help them run their operations smoothly and handle matters in the legal department.
What are the Other Names for Corporate Lawyers
Corporate lawyers are also prominently referred to with different notable designations or names, such as:
- In-House Counsel
- Staff Attorney
- Deputy General Counsel
- General Counsel and Chief Legal Officer
With which their primary objective or goal is to serve the corporation’s interests, not necessarily the business owners or the people who run it.
What Do Corporate Lawyers Do
In general, what’s the job description of corporate lawyers? Simply put, corporate lawyers are professional experts when it comes to commercial law that governs the business world.
They are responsible for making sure that every transaction that the company goes through should comply with the corporate laws and regulations. They either work as part of the legal team of the corporation or at a law firm.
Some of the duties they have to take are negotiating deals, preparing documents, and assessing partnerships. They may also need to provide business advice aside for legal counsel.
Overall, the role of corporate lawyers is to ensure the fulfillment of the tasks below.
- Advising corporations of their legal rights and duties, which include the duties and responsibilities of corporate officers
- Ensure legalities of every commercial or corporate transaction
And some of them may have to practice other areas in the legislative body that concerns with employment, trademarks, acquisitions and mergers, securities, tax law bankruptcy, international commercial law, or real estate.
What Must Corporate Lawyers Have
Filling in the role, corporate lawyers must have all the credentials and substantial expertise. They must have the license, certifications, years of experience, and comprehensive knowledge on the aspects of law involved in business dealings, tradings, and transactions.
Corporate lawyers must have a thorough understanding or in-depth knowledge of every aspect of the following substantial factors in business legalities. All-inclusive, these aspects include the following components.
- Contract Law
- Intellectual Property Rights
- Security Law
- Tax Law
- Zoning Laws
And that includes the law specifically involved in the corporation’s business. It is evident how demanding and complicated the role that corporate lawyers have to deal with daily.
What Makes Good Corporate Lawyers
For corporate lawyers to thrive and succeed in the field, they will need to develop an outstanding knowledge of business law. They must also have exemplary competence regarding regulatory developments, legislative, and current trends.
Moreover, corporate lawyers must get acquainted with the business and corporate law in other areas that their clients are looking to invest in or jurisdictions where their clients have operations.
In other words, below is a list of what corporate lawyer needs to make good impressions in their chosen field.
- Strong communication skills
- Effective negotiation skills
- Excellent academic background
- Ability to think outside of the box
- Exceptional analytical skills
- Meticulous attention to detail
Also, an essential feature of most successful corporate transactions is teamwork. Corporate lawyers must work with other groups of professionals who share the same objectives.
That is why corporate lawyers must also have top-notch interpersonal and people management skills. They should also be ambitious, thrive on challenges or demands, and relentlessly chase their goals.
Corporate lawyers minimize legal risks.
Corporate lawyers help minimize the risk of lawsuits and liability for their organizations by advising them on matters related to criminal law, employment law, intellectual property law and other areas. They also draft contracts and other important documents that govern a company’s interactions with others.
Corporate lawyers can specialize in many different areas of the law. Some may focus on environmental law or labor relations; others may practice corporate tax law or information technology law. Corporate lawyers often work as generalists who are able to represent their companies in any number of situations.
Corporate lawyers tend to have an advanced degree such as a Juris Doctor (J.D.) or Master of Laws (LLM). If they’re working at a large firm, they may have several years of experience before they become partners in the firm and earn seniority with respect to pay and responsibility levels.
Corporate lawyers either work at a law firm or work in-house at a business.
Corporate lawyers provide legal services for businesses and other organizations. They can be generalists who handle all aspects of a company’s legal needs, or they can specialize in specific areas such as mergers and acquisitions, tax law or intellectual property rights. Corporate lawyers may also be referred to as corporate counsel, business lawyers, corporate legal counsels or in-house counsel (IHC).
A corporate lawyer might handle the following types of cases:
Mergers and acquisitions: Lawyers who specialize in merger and acquisition (M&A) transactions help companies to buy other companies, sell shares or merge with another entity. They will also assist clients with restructuring their businesses so that they are better suited for sale or merger.
So, a day in the lives of corporate lawyers involves a whole lot of complexities and challenges as they must ensure the legality of every commercial transaction or dealing that their clients go through.
In addition to legal counsel, corporate lawyers must also need to provide business advice and make sure that they have the competence in dealing with other aspects of law, such as accounting, licensing, tax law, intellectual property rights, contract law, and other pertinent components involving business law.
Furthermore, corporate lawyers should have impeccable knowledge of statue law and other regulations passed and implemented by the government agencies, so they can help in achieving their clients’ goals and visions within the bounds of legislation.
Aside from knowing and understanding the state rules and regulations governing the location of the company, corporate lawyers must also figure out the ordinances in other jurisdictions that their clients have operations or areas their clients are showing interest in to invest. In conclusion, committing to working this side of the law is competitive and daunting.
- What do corporate lawyers do?
Corporate lawyers help companies with legal matters related to their businesses. This can include advising on mergers and acquisitions, drafting contracts, and providing guidance on compliance with regulations.
- How do I become a corporate lawyer?
To become a corporate lawyer, you will need to obtain a law degree and pass the bar exam in your jurisdiction. After that, you will likely need to gain experience working in a corporate law firm or in-house at a company.
- What skills do I need to be a corporate lawyer?
Some important skills for corporate lawyers include excellent research and writing skills, the ability to think critically, and the ability to work well under pressure.
- What are the benefits of being a corporate lawyer?
Some benefits of being a corporate lawyer include the opportunity to work with a variety of clients, the potential to earn a high salary, and the ability to have a flexible work schedule.
- What are the challenges of being a corporate lawyer?
Some challenges of being a corporate lawyer include long hours, working on complex legal matters, and dealing with clients who may be difficult to work with.