Career in Corporate Law

What with existing businesses growing in size and with a large number of new business enterprises opening shop each year, corporate lawyers are on a growth flight which is likely to last several decades.

Corporate law defines the rules of the game for business corporations. And corporate lawyers come into play whenever any of the parties involved cries foul – which is very, very often, indeed – to advise their corporate clients, to argue their cases in court, draw up business contracts for them and so on.

• The Work : Lawyers in private practice usually work for long and irregular hours meeting clients, researching and reading about new developments, drafting contracts and agreements or preparing briefs (particularly when their cases are being tried in court). On the other hand, their salaried counterparts in the Judicial Service or those in corporate sector tend to have saner and more structured work schedules.

As a lawyer, you will end up spending a considerable part of your time at your desk. Hence, cultivating the art of ‘intelligent’ listening, sifting the grain from the chaff, counselling, negotiating and writing/drafting are absolutely vital for a successful lawyer. The rest will come with experience.

This is a profession where family connections still matter. Reputation is what clients go by in the legal profession and that has to be earned. It rarely comes easy or fast.

• Employment Opportunities: So far the usual image we have of lawyers in India is that of an individual advocate practising his profession from small home offices and crowded cubicles and rooms – grandly called “chambers” – attached to various courts. On the advocate’s desk are piles of files tied up with strings; in the courts themselves there is much pushing, shoving and crowding. The one-man legal practitioner combines court appearances in the day with client meetings and legal drafting in the evenings.

Well, the big emerging trend in law is the move away from solo legal practice to well-organised law firms comprising several or even several dozens legal eagles working together as one entity, offering a full range of legal expertise. While the number of law firms is still relatively small – and the solo legal practitioner is not about to disappear anytime soon – the trend towards law firms is unmistakable. And for those seeking careers in corporate law, it might be a good idea to look at law firms because corporate clients are more likely to deal with legal firms rather than individual lawyers. Corporations simply feel

more comfortable dealing with other companies.

In case you choose to set up your own practice, you’ll first need to learn the ropes under a senior advocate or, of programm, in a law firm.

The legal profession has undergone a sea change over the last decade. Especially in the field of corporate law as the rules governing companies have been virtually rewritten with the opening up of the market in the last decade.

The changing face of corporate law is increasingly catering to the specific requirements of each organisation – large or small. If you can figure out the core functions of an organisation, you can tailor the generic law to suit their requirements.

Broadly speaking, corporate lawyers advise corporations on their legal rights and obligations. Very few matters actually come to the court. Multi-crore suits have changed the very complexion of the game, making corporate law a popular and lucrative career option. And with foreign law firms moving into India, salaries have begun to shoot upwards.

Demand for lawyers with experience in securities and transactions, is growing in proportion to changes in the global marketplace. While till some time ago, only major companies transacted international business, even small players are now involved in foreign transactions necessitating the services of corporate lawyers who are well-versed with International law.

In fact, with joint ventures and foreign collaborations coming in, the need for drawing up contracts and interpreting statutes and statutory provisions would increase considerably. Contract law is gaining importance, thanks to increased private sector participation and liberalisation. Securities and banking laws are also gaining importance with the advent of e-commerce.

Besides large corporate houses, some of the big accounting firms like PwC and KPMG have opened their own legal departments. And with global law firms poised to enter India, the market for corporate lawyers is on the verge of an exciting spin.