Usually, every decent business organization requires a corporate lawyer to conduct business actions as required by the country’s legal system. To clarify Corporate Law also known as Company law, Business law or Enterprise law, is the statute book of law that appeals to the conduct of persons, relations, rights, business organisations and companies.
In the first place, It controls how corporations, investors, creditors, directors shareholders and other stakeholders like the community, the consumers and the environment interrelate with one another. Therefore Corporate law is a representation of comprehensive company law. In particular, It is generally considered to be a subdivision of civil law dealing with public law as well as private law.
According to the Economic Survey 2019-20, new business enterprises created in India showed an increment of 80% growth from 70,000 firms in 2014 to 1,24,000 in the year 2018. Consequently, all new business firms entering the market require a highly skilled Corporate Lawyer.
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Industries /Businesses requiring Corporate lawyers
Demonstrably the business may be related to any industry like the hospitality sector, insurance, marketing, food items, telecommunications or even in the government sector. Additionally, Corporate Lawyers are involved in the big decision-making process of any organization, for which they are retained at a high rank in the organization with a substantial pay packet.
As a rule, Corporate Lawyers prevent corporate problems and solve them too when the business faces any threat in legal matters in the entire business cycle.
As a matter of fact, the Covid 19 Pandemic did not prevent companies’ growth. Even so mergers and acquisitions were not stalled during this period, which required the services of a corporate lawyer.
Likewise, Upwork and Fiverr the US platforms have provided access to corporate lawyers to extend their services in the international market, including India.
The Aim of Corporate Law Ordinarily, the aim of corporate law involves all legalities and external affairs subjects involving compliance, mergers & acquisitions, contract matters, litigation, international trade issues and investigations. In the same manner, Corporate Lawyers carry the task of representing companies, safeguarding the legality of commercial transactions and counselling corporate employees on their duties and their legal rights.
Admission to Corporate Law courses In the first place, If your aim is to become a Corporate lawyer in India, you have to score a minimum of 45% in your Senior Secondary Examination or 12th-Class Board Examination. Consequently, after this eligibility criterion is passed, you can appear for the following law entrance exams.
Common Law Admission Test (CLAT) All India Law Entrance Test(AILET) All India Bar Examination(AIBE) Law School Admission Test(LSAT) Renowned Law Universities /Colleges of India. Amity University, Noida Banaras Hindu University,Varanasi The W.B. National University of Juridical Sciences, Kolkata. Gujarat National Law University, Gandhinagar National Law University, Delhi. National Law Institute University, Bhopal. The Nalsar University of Law, Hyderabad. Indian Institute of Corporate Affairs, Gurgaon. Maharishi Arvind University, Jaipur. Hidayatullah National Law University,Naya Raipur. Law courses are available in India. LLB & LLB Hons. BA.LLB Hons BBA.LLB Hons. BCom. LLB Hons. LLM PG Diploma(Business and Corporate Law) Master of Corporate Laws Diploma in Corporate Laws.(6 months) Certificate Course in Corporate Law(6 months) Corporate Banking and Business law As a matter of fact, getting a Diploma in Entrepreneurship Administration and Business Law will certainly help you. Particularly this specialized course was designed to upskill lawyers and entrepreneurs with the necessary business law skills. All the more, any business travels through numerous stages of growth after its incorporation.
Inexplicably Countless skillsets are required to overcome new challenges that businesses often face on the business front on legal and regulatory mechanisms. In the first place, the course was initially launched for business leaders and entrepreneurs but eventually became well-liked by business lawyers.
Essential Corporate Law Skills Communication skills Confidence Decision-Making skills Interpersonal skills Negotiation skills Project Management Skills. Job Prospects of Corporate Lawyers However majority of the law students after completing their degree in law join a corporate house, rather than take up litigation cases. Not to mention, Corporate lawyers may represent establishments of all kinds eg. associates, sole proprietorships, corporations and partnership firms.
Law Firms As a rule, Corporate Lawyers work in Law firms where their skills will be utilized for drafting agreements for acquisitions, mergers and joint ventures. They may also be engaged in giving legal advice on corporate law-related matters or on labour disputes.
Corporate Litigation Usually, a maximum number of advocates go in for corporate litigation which includes Tort and Contract issues along with legal problems, a company may face from its existence.
Violation of Contract between companies Employer and Employee disputes involving the labour department too. To illustrate, Corporate lawyers may work in Government regulatory bodies eg. the Insurance Regulatory and Development Authority of India (IRDAI), Reserve Bank of India(RBI), Securities and Exchange Board of India(SEBI), and Pension Fund Regulatory and Development Authority (PFRDA).
Not to mention this requires interconnectivity between different departments eg. commodities, litigations, legal affairs and surveillance. However Corporate lawyers may be a part of the group that probes matters related to Scams and IPO regulations too
house Legal Counselling work Ordinarily, members of the in-house legal counselling department have only one client, which is the company or enterprise they work for. Subsequently, many new lawyers are adopting this as an area to practice. Certainly, there is no undue pressure on them to be a rainmaker or recruit new legal clients.
In particular, their areas of expertise becomes transactions, acquisitions and contracts. On the other hand, this may include transactions as per international law.
Undoubtedly Corporate Law is a speciality covering a large number of issues in its jurisdiction. Lawyers usually specialize in one of the two domains as described below:
Corporate Restructuring In other words, it is reorganizing the structure of the company or firm to make it more profitable.
Insolvency & Bankruptcy In particular, they are complex procedures and require a host of critical decisions for any business. Secondly, the job of a bankruptcy lawyer is to advise the company associate on the bankruptcy process and whether the decision to do so is correct or not.
Refinancing As a rule, the corporate lawyer deals with banks and other corporate financial organizations. Notwithstanding they usually negotiate favourable terms on behalf of the company management or owners. Undoubtedly they mediate in easing the situation and finalising a more equitable agreement.
Corporate Litigation Corporate Litigation has a lot more to do than just one enterprise filing a case against another enterprise. In other words, it covers any type of legal proceeding involving a business enterprise and may include services taken to avoid litigation and solve business disagreements.
Intellectual Property Rights
Moreover, Corporate Lawyers are also into Intellectual Property Rights, which is an emerging field promising a big scope in legal practice.
Finance & Banking Usually, the boundaries where a corporate lawyer can practice in Finance & Banking are Debt Restructuring, Acquisition Finance, Syndicated lending, Structural Products, Projects & Leveraged Finance.
International Capital Markets Hence in International Capital Markets Corporate Lawyers closely work with Asset Management Companies, Underwriters, Banks, FIs, Venture Capitalists and Banks. Thus they advise clients on Global Depository Receipts, Foreign Currency, Convertible Bonds, Qualified Institutional Placements, Private Placement and Initial Public offerings.
Remuneration of Corporate Lawyers To begin with, the profession of Corporate Lawyers is highly rewarding, as the remuneration is very attractive. The In house lawyers draw a package of around Rs 8 Lacs per annum. At a big Law Firm, a law associate earns approximately Rs 16 lacs per annum as a package.
This academy conducts a Certificate Course in Corporate Law in online mode. It is recognised by Insight success as one of the top 30 most trusted Edutech companies. Usually, the course design gives a well-rounded understanding of corporate law, governance and its role in business enterprises. This is why You become professionally trained in the legal jurisprudence of the corporate sector. Lastly on course completion of the Certificate course in Corporate law, you will be awarded a globally recognised certificate.
Conclusion:- If you have set your aim high to become a lawyer, then specializing in corporate law will bring you an abundance of benefits like recognition as a smart and suave lawyer. The pay is also awesome, fulfilling your requirements in this competitive lifestyle environment.
Q1. What is the area of work of a corporate lawyer? Corporate lawyers advise their clients on commercial law matters. They counsel clients during business transactions by negotiating and managing mergers and acquisitions besides drafting and reviewing contracts. They also give advice on corporate governance and provide guidance regarding their rights & obligations.
Q2. How will you differentiate between a corporate lawyer and a business lawyer? A corporate lawyer counsels members of the company on their rights and responsibilities & guides them in difficult circumstances. A business lawyer on the other hand manages matters related to taxes and employment
Q 3. What are the skill sets required for a successful corporate lawyer? A corporate lawyer should be skilled in Oral communication, Negotiation skills, written communication skills, managerial skills and analytical skills.
Q4. What genre of law is practised by a corporate lawyer? A corporate lawyer practices only corporate law. This specialized practice deals with regulations,laws&practices which are used in business dealings
Q5.Is pursuing a career as a Corporate lawyer rewarding? Of course yes. It gives you recognition in the professional field along with good remuneration and social standing.
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