Someone who works for a corporate firm, house or company and specializing in corporate law is referred to as corporate lawyer. The corporate law is basically the study of how directors, shareholders, creditors, employees as well as other stakeholders like the community, the environment and customers are interacting with each other.
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 such lawyers are to guarantee that every transactions and practices done by the business is legal. Several other jobs that the lawyer may include is about ensuring viabilities of commercial transactions, provide advice on corporations in relation to their legal duties and rights including responsibilities and duties of employers and 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 confidentiality between the company and their clients at the same time should be preserved and must be kept that way always. 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. Then again, it is vital for them to offer help to the 3rd party lawyers of the company when it comes to legal matters.
Even though they’re working for established and known companies, they can also contract themselves out to other firms and work as self-employed. But more often than not, it is just one company that they’re 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. With this in mind, it is important that they are knowledgeable in different legal fields and at the same time, be capable to handle multiple issues.
Believe you don’t, some companies are hiring multiple lawyers depending on the type of work as well as requirement needed. Corporations similar to retail companies, insurance firms, banks, hospitals, biotechnology companies, oil firms, energy and communication companies and the likes have in-house full-time business lawyers.