10,Jan 2024
A corporate or company lawyer handles a range of legal matters concerned to business practices in a company. They generally take care of their client's financial, legal and commercial needs. For example, a corporate lawyer may manage and evaluate mergers and acquisitions or be in charge of company taxation. As a corporate lawyer, you often draft company agreements, audit accounts for commercial activities, and also negotiate agreements. Corporate attorneys also represent their clients in court when required.
Difference between Corporate Lawyer and Commercial Lawyer
Although corporate lawyer and commercial lawyer handle business law disputes but there is a slight difference between them. So, let’s know the difference.
- Detail of scope: Whereas commercial law deals with common business-related legal issues, corporate law is concerned with the activities of particular organizations.
- Primary responsibilities: While commercial lawyers help in laws, rules, and norms about selling and distribution of various items, corporate lawyers aid in the formation of new firms and company mergers and acquisitions.
- Average salaries: Corporate lawyers often make less money than commercial lawyers; however compensation might vary depending on region, firm, experience, and degree. Corporate lawyers make an average of Rs. 3, 81,418 year, whereas commercial lawyers make an average of Rs. 15, 58,899 annually.
What Do Corporate Lawyers Do?
Corporate lawyers are also known as business lawyers or in-house counsel. They are generally the legal experts focusing on offering legal advice, guidance, and recommendations. Their main responsibility is to guide their business customers through the complicated legal system and make sure that everything they do complies with relevant rules and laws. Here are some of the key tasks and responsibilities that business lawyers usually handle:
1. Transactional Work:
- Mergers and Acquisitions: Corporate lawyers help in the buying or selling of companies, helping with due diligence, drafting and negotiating contracts, and ensuring legal compliance.
- Corporate Finance: They generally work on matters associated with elevating capital, issuing securities, and managing monetary transactions.
2. Contract Drafting and Negotiation:
Contracts referring to employment, partnerships, licenses, and different business matters/issues are among the agreements that company lawyers study, design, and negotiate.
3. Compliance:
They make certain that the businesses are abided by several regulations and rules which are pertinent to its zone. This would possibly entail maintaining up with legislative traits and counseling the commercial enterprise on a way to alter.
4. Corporate Governance:
Corporate lawyers offer recommendation on topics associated with corporate governance, which includes board composition, shareholder rights, and other governance-related problems.
5. Employment Law:
They take care of legal matters concerning employment, including drafting employment contracts, settling disputes at work, and making sure that labor laws are followed.
All things taken into consideration, corporate legal professionals are important in order to help business or a group of businesses in working as per the law, accomplishing their goals, and reducing legal risks. They may be employed by law firms that deal in legal services to corporate clients, or they work as in-house company's legal department, depending on the dimensions and shape of the enterprise.
How to Become a Corporate Lawyer?
Wondering, how to become a corporate lawyer? Here are the few steps that you may consider.
1. Pass 10th and 12th
In order to be a corporate lawyer, you must first finish the high school and then intermediate education. These courses often emphasize in the field of science, arts, and commerce. Having completed these educational levels is the bare minimum requirement to pursue a legal career.
2. Take the CLAT
After completing your 10+2 certificate with at least 45% marks from an accredited board, you are eligible to sit for the Common Law Admission Test (CLAT). After that, you can enroll in the five-year integrated undergraduate B.A. LL.B. B.Com.LL.B or any other equivalent programme.
After completing a three-year LL.B. program with at least 50% of the possible points, you can also sit for the CLAT examination and enroll in the Master of Law (LL.M.) program. You can get admitted to 22 national law institutions as well as several more private law colleges in India based on your CLAT results.
3. Research law colleges
As you study bachelor's degree or get ready for the CLAT, you may start looking for law schools. You might use this time to examine and contrast the faculty, education, and placement histories of each organization. Investigate the programs you wish to enroll in as well, such as integrated undergraduate, graduate, or master's degrees.
4. Earn a bachelor's degree
Earning an undergraduate degree is one of the ways to start your career in law. You can enroll to a five year integrated law program that focuses on legal studies. After completing a bachelor's degree with at least 45% aggregate marks, you can pursue a three-year LL.B course, where you study various interdisciplinary topics related to arts, business and law.
5. Take the law college entrance test
You can take additional national-level or college-based legal admission examinations in addition to the CLAT. Like the CLAT, you could also think about taking this admission exam after completing your 10+2 education. Each of these multiple-choice exams assesses a candidate's proficiency in English and understanding, general knowledge and current events, legal and logical thinking, and mathematics quantitative procedures. You can sit for the following legal entrance exams:
- Common Law Admission Test (CLAT)
- Andhra Pradesh Law Common Entrance Test
- Maharashtra Common Entrance Test for Law
- DU LL.B Entrance Exam
- Telangana State Law Common Entrance Test
- Allahabad University LAT Exam
- Law School Admission Test India
- BHU Undergraduate Entrance Test
- Punjab University LL.B Entrance Test
6. Gain valuable legal skill sets and contacts
Gaining experience from real-world through internship or a job might be beneficial because the legal area is become competitive with the passes of time. Work experience may assist you in obtaining or enhancing vital skills like research, communication, self-assurance, persuasiveness, good and effective communication, and the capability to discuss on any topic. Gaining experience additionally enables you to widen your legal network, which may open doorways to new connections, possibilities, and positions.
7. Take the bar exam
After completing the 3-year or 5-year course in law, you have to pass the All India Bar Examination (AIBE). The AIBE is administered by the Bar Council of India (BCI), which also offers a certificate of practice. In India, being a practicing lawyer is needed.
8. Consider a master's degree
While you are ready to practice law after passing the AIBE, consider pursuing a master’s program in law like LL.M. It includes the following - after passing the AIBE, you can start practicing law, but you may choose to continue your education and learning by enrolling in a full-time master’s program. Some of the admission entrance exams are:
- All India Law Entrance Test
- Common Law Admission Test (CLAT)
- TS PGLCET
- MH CET Law
- ILICAT
- AP PCLCET
- LSAT India
There are several specializations for this program, like entertainment and media, civil, healthcare and environmental law, for example. To become a corporate lawyer, you can pursue a master's in commercial, corporate, company or business law.
Colleges offer a number of programs, including civil, healthcare, entertainment and media, and environmental law. A master's degree in business, corporate, company, or commercial law can help you further your career as a corporate lawyer.
Required Skills for Corporate Lawyers
Consider keeping abreast of the most recent legal developments and commercial markets as a corporate lawyer. Gaining the following abilities will make you a more successful business lawyer:
- Negotiation and persuasion
- Research, writing and reading comprehension
- Oral and written communication
- Interpersonal
- Analytical and critical thinking
- Firm knowledge of corporate law
- Problem-solving
- Ability to build lasting relationships with clients
Final Keyways
In conclusion, company lawyers play a vital role in the area of business law, imparting guides to agencies navigating the multifaceted legal terrain. From transactional work which incorporates mergers and acquisitions to crisis management, agreement drafting, and compliance, these legal experts’ deals with numerous responsibilities to make certain business operates in the law.
The difference between company and commercial lawyers lies in terms of scopes and primary duties, where company law professionals regularly focus on the activities of particular company. The way to be a company lawyers consists of a rigorous educational journey, which encompass finishing high faculty, earning a bachelor's degree in law, clearing law entrance examinations, and passing the bar examination.
Ultimately, corporate lawyers make a contribution to success of a business by ensuring criminal compliance, mitigating dangers, and facilitating transactions, thereby protecting the interest of their clients.
References
- https://lawsstudy.com/best-lawyers-in-india-indias-highest-paid-lawyers/
- https://leverageedu.com/blog/highest-paid-lawyers-in-india/
- https://lawpreptutorial.com/highest-paid-lawyers-in-india/
- https://blog.finology.in/Legal-news/highest-paid-lawyers-in-india