Pursuing a thriving career in the field of corporate law
Gone are the days when law students after pursuing law would solely end up in “black and white” attire carrying a bundle of files to courts and running back to the chamber in the evening.
The legal profession today has undergone a 360-degree transformation with the dawn of corporate law as one of the promising career options.
With the growth in the economy, the corporate sector has seen an unprecedented growth in the last few decades and this has resulted in a huge opportunity for the corporate law professionals in the country.
In a vast field like law, choosing a specialisation may seem difficult but aspiring expertise in corporate law can unlock numerous professional possibilities.
Corporate lawyers assist clients ranging from multinational corporations, investment banks and private companies, to small and medium scale businesses, regulatory bodies and government, thus making it a high potential career option for the young law aspirants.
WHAT IS IT THAT THE
ROLE DEMANDS?
Corporate lawyers ensure the legality of commercial transactions.
They must have twin knowledge of statutory law and regulations passed by government/ regulatory bodies to help the clients achieve their goals within the bounds of the law. To structure a business transaction legally, a corporate lawyer may need to research various aspects of contract law, tax law, accounting, company law, bankruptcy, intellectual property rights, licensing, and other regulations relating to a specific area of business. In contrast to the adversarial nature of trial law, corporate law is team-oriented.
The corporate counsel for both sides of a transaction are not strict competitors; together they seek a common ground for their clients. They are, in other words, “the handmaidens of the deal.”
Moreover, one must have a clarity of concepts and whereabouts in the following areas:
•Company Law: Company law provides a conceptual introduction, giving a clear framework with which to navigate the intricacies of business transaction. The key features viz., separate legal entity, limited liability, transferability of shares etc., provide an organisational structure for the conduct of transactions.
•Contract Laws: The Indian Contract Act occupies a crucial importance in the corporate law. The objective of the Contract Act is to ensure that the rights and obligations arising out of a contract are honoured and that legal remedies are made available to those who are affected.
•Intellectual Property Law: This revolves around protecting the intangible asset of the Company/establishment i.e., Intellectual Property (“IP”). Pursuing specialisation in this field requires a lawyer to know laws governing copyrights, patents, trademarks, trade secrets etc.
•Tax laws: This vibrant field involves dealing with domestic and international transactions, covering all the rules, policies and laws that is directed towards the tax process, which involves charges on commercial transaction.
THE RIGHT SKILLSET
It is essential to understand that no two corporate transactions or deals are the same. The difference can depend upon several factors, such as the type of industry, whether it involves single or multimarket businesses, and the size of the companies involved. Facilitating the business process requires insight into the client’s needs, selective expertise, flexibility and most of all, a service mentality.
Corporate law requires an incisive mind and excellent communication skills, both written and oral. Through the negotiation process, lawyers constantly write and revise the legal documents which will bind the parties to certain terms for the transaction.
This process is lengthy and typically corporate lawyers work extremely long hours. As a deal moves towards its closing, it becomes an exercise in stamina as much as skilful negotiation. Corporate lawyers need first-rate writing skills, they must have effective analytical and problem-solving skills. Those who work as corporate lawyers must be comfortable both working in a team setting and working with non-lawyers. Attorneys working at law firms may work on deals that involve non-lawyer clients, investment bankers, accountants and financial experts, sales and marketing professionals, and engineers. It is essential to understand that interpersonal relationships are critical to the team’s effectiveness and additionally, creativity is a plus for corporate lawyers, it is just to say that strong interpersonal communication skills are imperative to success in this field.