Corporate lawyer is a professional who is working for corporate house, firm or company and has specialization in corporate law. Basically, corporate law studies how directors, employees, creditors and other stakeholders like the community, environment and customers interact with one another.
It’s the responsibility of corporate lawyers to understand the regulations and laws to assist the company and their clients too to ensure that they’re working within legal boundaries. The role of these lawyers are to guarantee that all business transactions and practices are legal. Other jobs of such a lawyer include ensuring the viabilities of the commercial transactions, providing advice on corporations regarding their legal duties and rights including the responsibilities and duties of employers and several other officers.
In an effort to have effective compliance, it is imperative that they have broad knowledge of contract law, securities law, intellectual property rights, taxation law, accounting law, bankruptcy law, licensing and laws that are specific to the nature of business they’re working for. The lawyer needs to maintain confidentiality between clients of the company and the company itself. This is due to the reason that if ever the company aren’t assured of it, they’ll be less likely to ask for legal advice.
Being able to attend meetings with the customers and clients of the company, negotiating for a deal, doing legal drafts, assessing agreements are some of the many works that corporate lawyers have to handle. It’s the lawyer as well who is going to handle internal legal work of the firm w/ fewer or perhaps, no litigation at all. It is important on the other hand to provide assistance to external lawyers of the firm about legal matters.
Despite the fact that they are working for big and established companies, they may be self-employed and contract themselves out to other firms. In general, they are serving only one client like the corporation they are working for. Given the fact that they’re a corporate lawyer, they are contacted in order to take care of various legal tasks including mergers and acquisition, corporate structure issues, employment law, corporate taxes and other legal matters. For this reason, having broad knowledge and critical thinking in different fields and the capability to take the stress of handling multiple issues are a must.
There are companies that hire multiple lawyers depending on the work and requirement needed. In reality, corporations that are in the industry of retail, banks, insurance, hospitals, biotechnology companies, oil firms, energy and communication companies etc. all have full-time business lawyers.