The corporate law field is one diverse profession that deals with both legal and business sectors. A corporate lawyer primarily covers business transactions, governance, contracts, and other related legalities involving the daily functioning of any business. An extensive and well-sought after profession, studying law and becoming a lawyer might be a little more tricky than you imagined!
It’s wise if you do your research right before you can invest in becoming a lawyer in the corporate field. So without wasting any further time, let’s dive straight into the hard work that goes into becoming a corporate lawyer – the qualifications and skills that you need, the processes involved, and other related topics.
What Does A Corporate Lawyer Do?
A corporate lawyer, also known as a business lawyer or corporate attorney, is a legal professional who specializes in the field of corporate law. Their primary focus is on providing legal advice and services to businesses, corporations, and other organizations. Here are some of the key responsibilities and tasks that corporate lawyers typically handle:
Business Formation: Corporate lawyers assist in the formation and structuring of various business entities such as corporations, limited liability companies (LLCs), partnerships, and joint ventures. They help clients choose the appropriate business structure based on their goals, liability considerations, and tax implications.
Corporate Governance: Corporate lawyers help companies develop and maintain their corporate governance frameworks, including drafting articles of incorporation, bylaws, and shareholder agreements. They also advise on best practices for board of directors’ meetings and corporate decision-making processes.
Contracts and Agreements: Drafting, reviewing, and negotiating various business contracts and agreements is a core function of corporate lawyers. These contracts may include commercial contracts, employment agreements, vendor agreements, licensing agreements, and more.
Mergers and Acquisitions (M&A): Corporate lawyers are often involved in M&A transactions, representing either the buying or selling party. They conduct due diligence, assess potential risks and liabilities, and ensure compliance with relevant laws and regulations.
Securities Law Compliance: For publicly traded companies, corporate lawyers play a crucial role in ensuring compliance with securities laws and regulations. They assist with filing required documents with regulatory authorities and work on matters related to initial public offerings (IPOs) and ongoing reporting requirements.
Intellectual Property (IP) Protection: Corporate lawyers help clients protect their intellectual property rights, including trademarks, copyrights, and patents. They may also handle licensing agreements and disputes related to intellectual property.
Taxation: Corporate lawyers advise businesses on tax matters, such as tax planning strategies, tax implications of business decisions, and compliance with tax laws.
Employment Law: They provide legal guidance on matters related to employment law, including employee contracts, workplace policies, discrimination issues, and labor disputes.
Regulatory Compliance: Corporate lawyers assist businesses in navigating complex regulatory frameworks and ensuring compliance with various industry-specific regulations.
Litigation and Dispute Resolution: While many corporate lawyers focus on transactional work, some also handle litigation when disputes arise, representing clients in court or alternative dispute resolution proceedings.
General Legal Advice: Corporate lawyers serve as legal advisors to business executives and management, providing counsel on a wide range of legal issues that arise during day-to-day business operations.
Overall, the role of a corporate lawyer is to protect their clients’ interests and ensure legal compliance while facilitating business operations and transactions. They play a vital role in helping businesses operate within the bounds of the law and manage legal risks effectively.
How To Become A Corporate Lawyer?
The number of corporate attorney jobs is only increasing owing to increasing demands in the legal world. Thus, you can easily become a corporate lawyer and choose a career that is only growing, but only if you follow the steps mentioned below.
1. Pass Your Boards (10th And 12th, Specifically)
One of the basic requirements of becoming a corporate lawyer is passing your 10+2. These are pre-university courses that basically focus on a holistic approach to education, letting children learn humanities, science, and commerce. So, if you are not going to appear for these primary and intermediate levels, you can say goodbye to your corporate law dreams.
2. Appear For CLAT
CLAT stands for Common Law Admission Test, and it is necessary for pursuing your law dreams at any of the 22 national universities. If you want to sit for CLAT, you need at least a 45% aggregate from your 10+2 or an equivalent degree from any recognized board. After qualifying CLATs, you can enroll for B.A. LL.B is an undergraduate degree that also happens to be a five-year integrated course.
Now, if you don’t want to appear for CLAT, you can consider sitting for entrance exams for the same degree from private law colleges around the country. At the same time, you can also consider appearing for CLATs after finishing a three-year graduate degree (LL.B) and then swiftly enrolling for a Master’s degree (LL.M). But you need at least a 50% aggregate for this.
The other law entrance tests which you can consider are as follows
3. Research The Law Colleges
Without research, there is no job in the world that can satisfy you. If you want to become a corporate lawyer because you are passionate about the same, you have to consider where you want to study and why you want to study there. In fact, we would suggest starting researching while you are preparing for your 10+2 exams and CLATs.
Take your time and review the quality of education, placements, faculty, and framework offered by law colleges. Although the popular law schools can appear to be aggressively competitive yet, if you do consider these schools, understand they will only help your career in the long run.
4. Network And Upgrade Your Legal Skillset
The corporate law field is pretty competitive, and you need opportunities to gain some amount of corporate experience. Consider internship opportunities or any part-time opportunity with law firms that are local so that you can pursue your degree and internship simultaneously. Working while pursuing your degree can help you network and, at the same time, assist you in upgrading your skillset.
5. Qualify For The Bar Exam
After completing your five years, or three in some cases, you need to qualify and pass the AIBE, which stands for All Indian Bar Exam. The BCI or Bar Council Of India holds this exam and subsequently issues the certificate of practice. In case you didn’t know, this is considered compulsory for practicing law in this country.
If you want to become a corporate litigation lawyer, we would also suggest opting for a Master’s degree sooner or later to advance in your career.
Frequently Asked Questions:
Ans: To become a corporate lawyer, you need to complete your Bachelor of Law degree, which is also known as B.A. LL.B. After graduation, it is mandatory to sit for the All Indian Bar Exam or AIBE, as conducted by the Bar Council Of India or BCI.
Ans: Yes, corporate lawyers do make a lot of money. And they just don’t enjoy high-paying jobs and lucrative salaries but also incentives and perks that can make any other profession jealous. However, the hours of work that these lawyers put in every day it is surreal, and as a result, the jobs pay so well.
Ans: The richest lawyers in India are as follows,
⦿ Ram Jethmalani
⦿ Kapil Sibal
⦿ Fali Sam Nariman
⦿ Soli Jehangir Sorabjee, and
⦿ Kesava Parasaran
Wrapping Up:
So if you plan on becoming a corporate lawyer, you will need to follow the steps mentioned above, but that’s not all. You will also need the association of corporate counsel to start your career in corporate law. In that case, what are you waiting for?
Don’t forget to mention in the comments below your thoughts on the same!
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