Often likened to trauma surgeons or counselors, Corporate Lawyers are the ones that corporate firms turn to in a crisis. They work across the board, seeking a common ground for both parties while handling behind-the-scenes legal transactions for large corporations. Continue Reading
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Explore Career Often likened to trauma surgeons or counselors, Corporate Lawyers are the ones that corporate firms turn to in a crisis. They work across the board, seeking a common ground for both parties while handling behind-the-scenes legal transactions for large corporations.
What are the typical responsibilities of a Corporate Lawyer?
A Corporate Lawyer would typically need to:
Corporate Lawyers work in a fast-paced work environment. They spend a part of their time in meetings with board members and management, helping them strategize and offering legal and business advice. They typically work in comfortable, well-lit offices. They often have their own spaces and secretaries assigned to them with access to legal research assistants and a library. Large companies also provide them with the latest technology and office equipment and a supporting team of paralegals, legal secretaries, and administrative professionals.
Some Corporate Lawyers travel to attend meetings with clients at various locations, such as homes, hospitals, or prisons. Others may travel to appear before courts. Lawyers who are employed by corporations with district branches may travel to various locations to investigate legal problems.
First impressions count much for lawyers, whether in court, client meetings, or law firms. To complement your professional image, make sure to select your attire wisely, keeping in mind that every situation demands a different level of business dress. Adapt your wardrobe to your law firm’s specific dress code. If unsure, go for more formal, professional wear that is unfailingly clean-cut and freshly pressed. Coordinate your ensemble, and tailor your style to the occasion.
Work hours are typically 9 a.m. to 5 p.m., although some evening and weekend work may be required, especially when preparing court cases. Working less than 40 hours is unusual, and most Corporate Lawyers work considerably more. Those working in large firms tend to put in the most extended hours, as do those in private practice.
Most Corporate Lawyers work in private practice, either in a law firm or a solo practice. They may also work in-house as full-time employees of one company. Self-employed Corporate Lawyers may advise several corporate clients.
Finding a new job might seem challenging. Corporate Lawyers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies. Many corporations send representatives to law schools to recruit graduating students. Check law journals and newspaper ads for corporate law vacancies.
Corporate Lawyers are generally employed by:
Corporate Lawyers may seek membership in various organizations at the local, regional, or international level. As a student, you may join the International Law Students Association (ILSA) and participate in their Jessup Competition to explore the field of international law and gain a global perspective.
If you work with an independent law firm, you may become a member of the Worldwide Lawyers Association (WLA). The International Bar Association (IBA) offers membership to individual lawyers and entire law firms. The association assists the global legal community, guides the development of international law reforms, and influences the overall future of the legal profession worldwide.
Part-time jobs or summer internships in law firms, government agencies, and corporate legal departments provide valuable experience. Smaller firms, government agencies, and public-interest organizations may hire as summer associates certain students who have completed their first year at law school. The summer associate programs in most large firms are open only to law students who have completed their second year.
Talking to seasoned Corporate Lawyers about their jobs and asking them what they like and dislike about their careers, how they broke into the field, and other such questions will help students learn more about this specialty. Students can seek help from their school counselors or a professional association to arrange an interview. Typing briefs, working in the law school library, or searching records as a junior court clerk will give you job contacts and a firsthand view of the legal world.
These experiences can help students decide whether they want to focus on corporate law and may lead directly to a job after graduation.
It usually takes seven years of full-time study after high school—four years to pursue a top undergraduate program, followed by three years at a law school to become a Corporate Lawyer.
All law students take core courses in corporate law, trusts, and tax & insurance law. Aspiring Corporate Lawyers should focus on commercial and transactional techniques, including secured transactions, negotiations, and bankruptcy.
In the absence of a business degree, a Corporate Lawyer will likely need to take classes, such as accounting and financial statement analysis, that provide business knowledge. All accredited law schools require applicants to take an admission test, which measures their aptitude for the study of law.
Law school graduates must be admitted to the local bar or organization of lawyers before they can begin to practice. In most places, admission to the bar requires passing an examination. While requirements may vary by location and jurisdiction, some factors that may disqualify an applicant from being admitted to the bar include prior felony convictions, academic misconduct, and a history of substance abuse.
Lawyers may also need to hold an attorney’s license before they begin to practice law. Some courts may also mandate prior approval and admission to practice before allowing a Corporate Lawyer to represent their clients.
Voluntary certification in IT skills, including proficiency in using legal databases and legal and general software, from an objective and reputed organization can help you gain professional credibility, stand out in a competitive job market, and become an independent consultant.
Performance, experience, and the acquisition of professional qualifications drives career progression. Very few in-house Corporate Lawyers are hired directly out of law school. New hires usually start as associates and work on teams with more experienced seniors. They need to work their way up or lose their positions. Advancement usually comes as significant pay raises, a movement to better-known companies, and promotion to managerial positions such as Supervisory Attorney, Managing Attorney, General Counsel, or Chief Legal Officer.
Corporate Lawyers who have put in several years may be offered a partnership in and partial ownership of a firm. Those who do not advance within their firm may be forced to leave, a practice commonly known as “up or out.”
Proficient Corporate Lawyers may choose to go into solo practice or move to a large corporation’s legal department. They may then move across organizations in pursuit of top positions. Others move beyond corporate legal departments to become CEOs or corporate board members. Some Corporate Lawyers become judges or law professors.
Despite the projected growth in new jobs for Corporate Lawyers, competition for jobs should continue to be intense because more students are graduating from law school each year than there are jobs available. Having experience will increase your chance of getting job opportunities.
Continuing professional development (CPD) is the holistic commitment of Corporate Lawyers towards enhancing personal skills and proficiency throughout their active careers through work-based learning, a professional activity, or formal education.
Corporate Lawyers need to participate in continuing legal education programs periodically, for example, either every year or every three years. Many law schools and bar associations provide courses to help members keep up with recent developments that may affect their practices.
Courses vary by location and generally cover a subject within the practice of law, such as legal ethics, taxes and tax fraud, and healthcare. Some locations allow lawyers to take continuing education credits through online courses. A few courses in business administration can improve employability.
Top of the Line
Law school admission is extremely competitive - the top 25 schools have an admission rate of about 10 percent. The kind of school you attend affects the type of summer job opportunities you may have, which, in turn, affects the kind of permanent job you secure.
Two Sides to the Coin - Plaintiff or Defendant
Your client may be the plaintiff or the party filing or initiating legal action. They may also be the defendant or the party being sued or charged.
Team Orientation
The corporate counsel for both sides of a transaction are not strict competitors or adversaries; together, working as a team, they seek a common ground for their clients. They facilitate the business process using their insights into their client’s needs, particular expertise, flexibility, and sense of service.
Selective or Comprehensive
The work of Corporate Lawyers varies with the size of the corporation they work for or have as a client. Lawyers at a large company typically have specialized duties, often focusing on one specialty, such as taxation, litigation, intellectual property, or labor law.
In contrast, the lawyer employed by a smaller company fulfills greater responsibilities dealing with all these issues in addition to other business and legal matters. However, while you may experience more significant client contact, expect your salary to be much lower than in a large firm.
What Else Does the Nature of Your Work Depend On?
As Corporate Lawyers offer legal and business advice specific to a corporation, the nature of their work depends on the industry in which the particular company is engaged. When dealing with an insurance company, it is vital to ensure its compliance with applicable laws and government regulations and plan the defense of litigated cases in which its clients are involved. A Corporate Lawyer employed by an airline, railroad, or other transportation company, on the other hand, works with the administrative boards and commissions that govern those operations.
External Factors to Watch Out For
Corporate Lawyers fulfill an exponentially growing need when commercial activity peaks. Conversely, an economic slowdown decreases their role. Furthermore, the state of the economy shapes the nature of corporate law; changes in the interest rates, the tax code, and other regulations affect the kind of transactions being carried out and how they are structured.
Working Full-Time In-House
Corporate Lawyers who work full-time as in-house counsel for companies serve one client - the corporation that employs them. Typically, banks, insurance companies, hospitals, retail stores, oil firms, biotechnology companies, manufacturing firms, energy providers, and communications companies require full-time services.
Balancing the Scales
Negotiation, which requires Corporate Lawyers to continually write and revise the legal documents that bind the parties to specific transactional terms, is a time-consuming process that demands long hours. The fruits of this labor are worthwhile remuneration and the opportunity to work with intellectuals.
Time to Bill
Corporate Lawyers working for law firms must track their working time down to every minute so that the firm can charge the minutes to the client’s bill for payment. Law firms typically charge for six-minute increments of time, according to which a two-minute phone call is chargeable for six minutes.
Billing may occur monthly, but more often, it is yearly. Law firms may charge clients against retainer fees paid by clients and held on deposit by the firm. They may also subtract their charges for the amount of time worked from any monetary damages their lawyer wins for the client.
Firms typically impose high requirements for the number of billable hours per month or year their lawyers should chalk up, making law firm employment a demanding experience.
The Journey From Associate to Partner
As a new associate, Corporate Lawyers review client documents, conduct legal research on relevant statutes to ensure legal compliance, and keep track of the paperwork needed to close a deal.
The next five years will see an associate assume greater responsibility. As the primary client contact, you will negotiate and draft major operative documents and run and close deals independently while building a reputation in your area of expertise. At the five-year mark, associates decide if they want to become a partner. If yes, they devote even longer hours to qualify for the review, typically at around seven years. If not, they may leave for a related position in business or become in-house counsel at a corporation.
Corporate Lawyers who continue with a law firm for at least ten years most likely ‘make partner’ and become part-owners with a share in their profits (and liabilities). You will be able to predict the potential issues a specific case may raise and gather the resources needed to resolve them.
You will recruit and train new associates of the firm, manage the workflow on client transactions, and oversee its internal affairs. You will also need to promote the firm, engage in bar association activities, write for professional journals, and speak at conferences on your own time.
What you earn as job satisfaction and as compensation for what you give makes the journey worth it all.
Potential Pros & Cons of Freelancing vs. Full-Time Employment
Being a freelance Corporate Lawyer offers freedom regarding flexible schedules, working hours, and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented. While freelancing has unlimited earning potential, it also has less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.
However, a full-time Corporate Lawyer employed by a law firm or a corporation has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Even so, they are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. There is a lack of flexibility, ownership, and variety. They must also budget extra money for commuting and attire costs.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.
One Corporate Lawyer remarked that they liked this side of the law precisely because the transactions take place among peers: there is no wronged party, no underdog, and usually no inequity in the financial means of the participants.
If you are joining an established firm, determine quickly who your ‘trusted associate’ should be. They will be your best asset if you have a difficult time with an assignment or have questions that you are too embarrassed to ask your supervising partner.
Corporate Lawyers, aka transactional attorneys, tend to work on “deals” rather than “cases.” They advocate in boardrooms more than in courtrooms.
What do Corporate Lawyers do?
A Corporate Lawyer would typically need to:
Accredited
