When we think of a lawyer, the first image to pop in our heads is that of a man or a woman in black robes going to a court with books and files in each hand to fight for or against a criminal. But this whole concept is very rudimentary. With advancements in the standard of living and sophistication in the nature of human beings, the need for different types of lawyers also arises. Against popular tradition, there are intellectual property lawyers, immigration lawyers, estate planning lawyers, corporate lawyers etc. After the industrial revolution and the boom in the growth of companies, corporate lawyers have become an influential figure. Their primary task is to work as the legal representative of a company. They take care of mergers, acquisitions, formation and disintegration of corporate bodies and other matters of litigation like fraud, employee disputes and contract violations.
Corporate lawyers can work for businesses and multinational corporations like Coca-Cola, Cadbury, Walmart, Reliance Industries, Amazon etc. They can also establish their firms and work as consultants to companies on different projects as and when required. Finally, they can work for government institutions that need people with legal expertise in the corporate realm. The role of a lawyer in society is multifaceted, and once you assume the part of a lawyer, there is no turning back. Plus, it shall also make you reflect on those who might have helped you steer clear of legal situations at some point of time, and nudge you to show your gratitude by getting gifts for attorneys.
Where to begin?
Students who aspire to be corporate lawyers one day need to have a bachelor’s degree in business, commerce, economics or any similar stream. Most law schools around the world don’t accept applicants without a bachelor’s degree. After finishing the undergraduate course, one must sit for the standard law entrance test which varies from country to country, LSAT and CLAT for instance. After clearing the standard law test, the student will have to enrol in the program of his choice. Here the student will learn about law in general, how to interpret it and famous cases in the country before they move on to the stream of their choice be it criminal law, corporate law or employment law. This generally happens in the final year, and students who wish to be corporate lawyers someday must choose business law or something similar offered by the law school. In this specialized course, students will be given an understanding of accounts, company law, how and why do mergers happen, how to settle a dispute, how to create a contract for employees etc. Law school will make sure to touch upon all these topics so that the student will be ready for their bar exam.
It is always advisable to pursue an internship during your years at the law school so that when you will be out in the world looking for employment, your experience will give you an upper hand over the other pass outs. To be able to practice law as a professional, law school graduates will need to clear a bar exam which will be organized by the bar council of the country. This exam is common for all law aspirants and does not have different questions for different streams.
Career prospects
A corporate lawyer will need to make sure that the business is functioning within the legal framework set the law-making bodies of that particular country. He/she will also need to verify transactions and make sure that their source is entirely legal. There are multiple divisions within corporate law like property rights, bankruptcy, securities etc.
A corporate lawyer can also enter the education system and become a teaching professional at a law school or work for any non-profit organization and help them keep their activities within the legal limit. Apart from this, corporate lawyers can also find work as investment bankers and help others with foreign investment. According to the United States Bureau of Labour Statistics, the average annual salary of a corporate lawyer is US$ 120,910. This data will vary from one country to another and will depend on the need for corporate lawyers which is ever increasing.
Conclusion
The market is expanding, and the world is slowly pacing itself into the hands of corporate institutions. They are continuously employing people, manufacturing jobs, and with rapid industrialization and growth of the small-scale business, corporate lawyers, around the world have a bright future. Shifts in markets and fluctuations in company structure due to legal attacks of activists, NPO’s and the Government all business institutions require someone to take care of their legal matters, and that’s where corporate lawyers step in.