Corporate lawyers are commercial law experts who focus on advising clients on their duties, rights, and responsibilities under the law.
Table of Contents
In order to become a corporate lawyer in India, the student is required to complete a law degree, which can be a 5-year integrated LLB. Students can also obtain a 3-year LLB after an undergraduate degree. Further, students need to gain practical experience through internships or training and pass the AIBE (All India Bar Exam) to practice law in India.
Additionally, students can enroll in corporate law courses, such as the LLM in Corporate Law and the Postgraduate Diploma in Business Laws, to advance their knowledge and abilities and enhance their employment prospects.
Corporate lawyers are also known as a corporate attorney. The duties of a corporate lawyer include preparing documents, assessing partnerships, and negotiating deals. Also, getting into this field is one of the highest-paying jobs that you will ever see because not everyone wants to become a lawyer, and there is a need for them everywhere around the world.
What is Corporate Law?
Corporate law is termed a body of law responsible for governing the rights, relations, and conduct of persons, companies, organizations, and businesses. It is present mainly for the legal practice of law relating it to corporations or the theory of corporations.
Corporate law often describes the law relating to matters which investigate directly into the life-cycle of a corporation. As a result, corporate lawyers are experts in the formation, funding, governance, and the death of a corporation's legal characteristics and legal problems across many jurisdictions, i.e., the nature of corporate governance as shown by a share owner's capital market.
Who is a Corporate Lawyer?
The corporate lawyer's meaning is that they make sure all commercial transactions and certain counselling corporations are fully legit when considering the legal rights and duties. This may include all of the duties and responsibilities of the corporate officers as well.
To satisfy the duties, lawyers must know all aspects of,
- Bankruptcy
- Intellectual Property Rights
- Licensing
- Contract Law
- Tax Law
- Accounting
- Securities Law
- Zoning Laws
- Laws related to specific businesses that the corporations work for
As seen in the past decade itself, controversies that included popular companies like the world-famous Walmart and General Motors have highlighted the complicated role of corporate lawyers in internal investigations, where attorney-client privilege could be considered to shield potential wrongdoing by the company.
Corporate Lawyer Eligibility
Corporate lawyers work to make sure corporations make the right decisions concerning their job role and provide the most benefit while remaining legal terms. However, since corporate law is used as a substitute in many sectors, people often think business law is related to the business corporation, company formation, registration, etc.
The requirements to become a corporate lawyer are as follows.
- Bachelor's degree in law.
- State Bar Association License to practice law.
- A minimum of 3 years experience as a corporate lawyer.
- Good communication skills, i.e., both verbal and written.
- Highly analytical with strong attention to detail.
- Outstanding managerial and negotiation skills.
How to Become a Corporate Lawyer?
There are many ways that one can become a corporate lawyer. First, it works with specific corporations to ensure the transactions are legal by providing advice on particular rights and obligations.
Corporate lawyers are required to have extensive knowledge in each of these terms, namely contract law, tax law, intellectual property rights, bankruptcy, and any other branches of law that ultimately affect the activities that a particular business is conducting or dealing with.
The following points will help you to become a corporate lawyer:
- Education Path: Pursue a five-year BA LLB directly after higher secondary education or a three-year BA LLB after a bachelor's degree. Entrance exams like the Common Law Admission Test are required for law school admission.
- Choose the Right Law School: Aim for a top law school for better faculty and job prospects. Research schools thoroughly, considering placement records and seeking feedback from current students and alumni.
- Bar Council Registration: Join the bar council post-graduation to meet mandatory requirements for practicing law. Bar councils ensure adherence to professional and educational standards.
- Develop Key Skills: Strong analytical and interpersonal skills, along with a solid understanding of the business environment, are crucial for excelling in corporate law.
- Career Options: Decide between working in-house within an organization's legal department or starting a private practice based on your career goals and preferred work environment.
Read More: Corporate Law Courses in India
Corporate Lawyer Jobs and Salary
A lawyer needs to determine whether they want to work with a corporate law firm or as in-house counsel because working with a corporate law firm means that it is more fast-paced, and it also allows them to work with a wide range of clients and projects. Listed below are top job roles and average monthly salary:
| Job Role | Job Responsibilities | Average Salary (INR) |
| Junior Corporate Lawyer | Assist senior corporate lawyers by drafting legal documents, conducting due diligence, and performing legal research. | 25,000-30,000 Per Month |
| Contract Lawyer | Draft, review, and negotiate business contracts, and handle disputes related to contract breaches. | 40,000-50,000 Per Month |
| Mergers and Acquisitions Lawyer | Specialize in overseeing mergers, acquisitions, and joint ventures, including negotiations and drafting agreements. | 80,000-1,00,000 Per Month |
| Corporate Litigation Lawyer | Represent corporations in disputes involving contracts, mergers, acquisitions, or other corporate related matters in court. | 40,000-50,000 Per Month |
| Compliance Lawyer | Look after that the company complies with legal standards and internal policies and advise on regulatory changes. | 45,000-55,000 Per Month |
Responsibilities of Corporate Lawyer
The corporate lawyers' internal company clients are not guaranteed confidentiality. The chance of seeking legal advice will be less likely, but keeping confidence can shelter society's access to vital information.
The responsibilities of a corporate lawyer usually include the following characteristics:
- Drafting and negotiating a given agreement the right way, i.e., remaining unbiased to both parties.
- Advisory services that include research and advice in corporate law
- Depending on the type of firm, you must choose compliances looking after the company.
- Handling litigations is one of the most important responsibilities of a lawyer, as one needs to engage with external counsels and resolve litigations. It is also implied that the drafting of invoices and affidavits are common things you will need to do and appear before the court to resolve the matter.
- Drafting of the Agenda and the notices board is the company secretarial part of things. Dealing with various compliance issues that companies usually have will be something that you will regularly be working on.
Skills Required to Become a Corporate Lawyer
Listed below are the necessary skills to become a successful corporate lawyer:
- Communication skills
- Negotiation skills
- Legal research abilities
- Attention to detail
- Business acumen
- Drafting and documentation skills
- Knowledge of corporate law and regulations
Importance of Corporate Lawyers
Different law firms may organize their subdivisions in different ways. The importance of corporate lawyers are,
- Corporate lawyers regulate how certain corporations, investors, shareholders, directors, employees, creditors, and other stakeholders like consumers, the community, and the environment interact.
- Although the term a business law is commonly used interchangeably with corporate law, company law often refers to broader commercial law concepts, i.e., the law relating to commercial or business-related activities.
- In a specific area, corporate lawyers may involve matters relating to corporate governance or financial law.
POST YOUR COMMENT