Would you like to be one of the corporate lawyers in the region? This article will help you to get a head-start in the industry. You need to start by understanding what corporate lawyers do and the average salary of corporate lawyers. This information will help you to know whether it is a nice move to become a corporate lawyer.
What Is Corporate Law?
The practice of corporate law is highly diverse and it is integral to both the business and legal industries. It is also referred to as company law and is among the most dynamic and exciting areas in legal practice. That is why it is highly popular among aspiring lawyers all over the world.
This area concerns itself with the legal framework that shapes the business legal practice. Here are the main areas of practice that corporate law deals with;
- Company reconstruction through the sale of assets and shares
- Company listing on the stock exchange
- Merger and acquisitions
What Do Corporate Lawyers Do?
One of the tasks that corporate lawyers are required to carry out is due diligence. It entails appraising your business for prospective partners and buyers.
These experts also negotiate agreements with various parties and verify all the finances and account for the business transactions. Corporate lawyers also navigate the provisions of the shareholders, directors, and constitution of the company.
How Can You Become A Corporate Lawyer?
Becoming a corporate lawyer entails possessing certain skills that help these professionals to handle the various tasks that they encounter. You also need some working experience under your belt to get the best standing in the industry. An ideal corporate lawyer should demonstrate:
- Excellent knowledge in corporate law
- Awareness of legislative developments and current trends that affect this sector
- Ambition i.e. willing to go beyond and above
To become a corporate lawyer, you need to complete an undergraduate degree in law. You can also have a degree in another course and then take a conversion course. You need to take the LPC and then obtain a training contract.
If you have more interest in the career of a corporate lawyer, take the BPTC and then complete the pupillage training. If you don’t go to the University, apply for an apprenticeship or you can become a chartered legal executive and specialize in corporate law.
Work Experience In Corporate Law
Business-related working experience will demonstrate your interest in how the company runs and also boost your commercial awareness. This skill is key for employers in this particular sector. The other great starting point is to complete a vacation scheme in a law firm that specializes in corporate law.
Difference Between Commercial And Corporate Law
This question is so common among students who have an interest in pursuing company law. There is a close relationship between these two sectors but there is also a clear difference between them.
Commercial law deals with the wide business industry and its scope is more general. It focuses on legal relationships between various business areas and entities such as intellectual property and franchising.
On the contrary, company law focuses more on the specific business itself. It works on the business incorporation itself and its acquisitions and mergers.
The Most Important Skills For Corporate Lawyers
1. Technical: Law Knowledge
Knowing the law is the most important quality that corporate lawyers should possess. However, these experts also need a conceptual clarity of the same and this does not have a substitute.
To succeed in this world of corporate law, you need to be technically sound in companies ACT, contract law, and other corporate laws such as listing rules and takeover codes. All these credentials will help you to become a knowledgeable technical lawyer.
2. Attitude: Prepared To Make The Extra Effort
Like the other top professionals, the life of corporate lawyers may look glamorous to many people but it calls for a lot of hard work. There are times when you will need to sacrifice your weekends for team members and customers.
You should always be ready to go the extra mile and take on more work. Doing this and taking on the work of other people is a demonstration of work commitment and a positive attitude. Don’t just look at how much do corporate lawyers make without knowing the amount of effort that you will need to put in. It is something that will help you to grow into a dependable lawyer.
3. Keen To Learn And Take Up New Challenges
The corporate world keeps on changing. That is why it can take your time to understand what corporate lawyers do. It moves faster than you expect and this makes it more fun.
New laws, products, and legal structures come in every now and then. Therefore, you should be keen on learning and unlearning and also take up new challenges.
4. Attention To Detail
This is something that is indispensable because you always need to have good attention to detail. There is no margin of error given the nature of work that corporate lawyers do.
Small mistakes can cost both customers and the firm significantly. Therefore, you have to make sure that you are working on this quality from the onset.
5. Commercial Awareness Will Put You Ahead
In most cases, junior associates and trainees focus on learning the law most of the time. You can also focus on doing the work that you have been given and forget about the modern commercial developments.
Let no one cheat you that this is the responsibility of senior associates and partners. To be ahead of your competitors and peers, make sure you have commercial awareness. It is a habit to be aware of commercial developments and it will be easy to get along with it if you start early.
From this discussion, you now have the best advice for corporate lawyers. If you are planning to become one, you know what it takes to succeed in the industry. You need to put in a lot of time and investment to succeed as a corporate lawyer.