Duties and Responsibilities of a Corporate Lawyer
A corporate lawyer is a person who works for a corporate house or company or firm and specializes in corporate law. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders, such as consumers, the community, and the environment, interact with each other. Company law involves the study of the Companies Act of 2013, etc. Therefore, corporate law is part of a broader company law.
It is the duty of corporate lawyers to understand the laws and regulations to help the company and its clients work within legal limits. The role of such lawyers is to ensure the legality of business practices and transactions. The other duties of corporate lawyers include ensuring the viability of business transactions, advising corporations on their legal rights and duties, including the duties and responsibilities of employers and other officers. In order to comply effectively, they must have knowledge of aspects of contract law, stock market law, intellectual property rights, tax law, accounting law, bankruptcy law, licenses and the specific laws of the businesses of the companies for which they work. . You have to maintain confidentiality between the company and the company’s clients. This is so because if the firm’s clients are not guaranteed confidentiality, they will be less likely to seek legal advice.
Corporate lawyers’ work includes legal drafting, agreement review, agreement negotiation, and attendance at meetings with company clients. Handles the company’s internal legal work with less or no litigation work. However, you have to assist the company’s outside lawyers with legal matters. Although they work for large companies, they can also be self-employed and outsource to many different companies. Generally, they serve a single client, that is, the corporation for which they work. As a corporate attorney, you must handle a variety of legal tasks including corporate tax, mergers and acquisitions, corporate structure issues, employment law, and various other legal matters. They generally need to be knowledgeable in a wide range of legal fields and will need to be able to handle a large number of issues. Some corporations hire multiple lawyers depending on the job and requirement and each of them is a specialist in one or two areas of corporate law. Therefore, small companies retain one or two attorneys, while larger companies may have more than one or two attorneys, each with their own specialty. In general, corporations such as banks, insurance companies, retail companies, hospitals, oil and biotech companies, manufacturing companies, energy and communications companies require full-time corporate attorneys.
To be a corporate lawyer it is essential that you have a specialized course in corporate law and this can be done by obtaining an LLM degree after completing the LLB course. A corporate law LLM course will typically include work on corporate and securities law, contracts and business law, intellectual property rights, banking law, international trade law, and other areas.