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 is also the responsibility of the corporate lawyers to understand the laws and the regulations to help the company and the clients ensure that they only work 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. Because if ever this is compromised, there is a big chance that they will be getting fewer clients down the road.
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. But more often than not, it is just one company that they’re working for. As a corporate lawyer, they are contacted to handle different legal tasks including mergers and acquisition, employment law, corporate taxes, corporate structure issues and all other legal matters. Having said that it is imperative for these lawyers to be knowledgeable in different legal fields and at the same time, have the capacity to handle multiple issues.
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.