Basically, corporate law is nothing but the company or business corporations’ law, which deals with the operations and formation of corporations in a company or a business. Corporate law is related to commercial and contract law. As this is an important matter, there is a need for corporate lawyers for these corporate laws.
What do corporate lawyers do?
The legality of business transactions and practices are ensured by corporate lawyers. Legal guidance for both employers and clients are provided by them. Each and every corporate lawyer initially checks all the corporate filings of the business and gathers information about the transaction, and then they consult with their colleagues and proceed further in the transaction.
On an average, a corporate lawyer may have to deal with three or four transactions at a time, but the time to be spent on each transaction may vary and that depends on the lawyer. A single transaction may take from a week to several months to complete depending on its complexity. A basic typical deal takes at least three months to get signed because of several formalities.
Trainee lawyers get experience by working in the team with other corporate lawyers. A team may consist of four members or it may be of three hundred members depending on the type of transaction, whether it is a small transaction or a global one.
The working hours for corporate lawyers are very long, they normally need to work for 8-9 hours, but depending on the complexity of the transaction it may take a whole day and night, also a week. As the transaction proceeds, and as it comes closer to the completion, the complexity of the transaction increases and working hour also increases.
Corporate lawyers practice these types of law–
How to become a corporate lawyer?
Like every other lawyer, a corporate lawyer also needs to have a 3-years Juries Doctor degree from a law school. Law students who want to expand their knowledge of corporate and business law may consider of having 1-year Master of Laws (L.L.M) program. Also, instead of a master degree, students may choose to specialize in different sections of corporate law, like; students may focus on corporate governance, commercial law or business finance.
After completing their studies, law students must take the bar exam in order to practice. Also, corporate lawyers who wish to work with the companies which do business in multiple states must need to take more than one bar exam.
What qualities a good corporate lawyer must have?
A good corporate lawyer must have some basic skills and knowledge and along with that they must have some good qualities in them to increase their popularity. Some of the qualities are –
- A corporate lawyer must have commercial awareness
- A corporate lawyer must have the ability to multitask
- Core skills like team work and client management skills should be present
- Good drafting skills
- Project management skills are also needed
It is very important for a corporate lawyer to build and maintain good client relationships.