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Judiciary is an important component of a country that is significant in the functioning of democracy with lawyers being the upholding force behind it. The legal system meets with new challenges everyday and business is no exception when it comes to the application of the law. One of the widely pursued career options, Law is a popular choice for those who have an aptitude for understanding the law and reading lengthy legal documents. The field offers many specializations like Cyber Law, Corporate Law, Criminal Law, Tax Law. Commercial Lawyer is the go-to person for companies to run smoothly while following the strict legal procedure. But ever wondered what it takes to start a career in Commercial Law? In this blog, we will take a look at the easiest process to become a Commerical Lawyer.
This Blog Includes:
What is Commercial Law?
Commercial Law is a legal branch that deals with issues related to the sale and distribution of goods and transactions related it.
- Focusing on the aspects like the formation of companies, mergers, acquisitions, property issues, patents etc, it deals with the cases related to workplace safety, employment laws and environmental protection.
- The attorneys specializing in Commercial Law have expertise in Business Law to help businesses work efficiently as per the set guidelines by the state or central judiciary.
- Law firms work closely with large business establishments, governments, banks, etc. to offer legal advice to make crucial decisions.
- Legal advisors in this field working for the state ensure that fraudulent activities within businesses are prevented and the professionals are encouraged to engage in healthy business practices.
Commercial Law and Corporate Law
Commercial law is basically the application of contract law and property law principles to commercial issues including taking security and insolvency situations while Corporate law is mainly concerned with the operation of companies like directors’ duties, agency issues, etc
What is the Role of a Commercial Lawyer?
Depending on the size and the type of organization, a Commercial Lawyer can perform an array of roles. As a solicitor, a legal professional, your daily responsibilities would include reading contracts, amending them and drafting legal papers for the businesses.
- Reviewing business mergers, the lawyer negotiates on behalf of the company and writes the terms of the contract and reviews licensing agreement.
- Big companies tend to have a dedicated lawyer who specifically handles the company’s legal matters for which he is sometimes called an In-house Solicitor.
- Besides these, a lawyer engages in handling the humungous volume of documentation. A professional can specialize in Banking and Finance, Contract Disputes, Tax etc.
Becoming a Commercial Lawyer: The Best Course
The basic requirement to start a career in law is to have a law degree. LLB is an undergraduate degree that is a prerequisite to pursue a career in Commercial Law.
- Since law schools follow a strict selection procedure, you need to qualify for an entrance exam to get admission to a law school. If you are looking for taking up a law course in India, then the CLAT exam is the gateway, but if you want are looking for overseas education in the domain, then you are required to take the LSAT exam.
- The test is among the toughest exams in the world, but with a strategic study plan and hard work, you can crack the exam and get admission to one of the top law colleges in the USA, Australia, Canada or New Zealand.
- Besides the law entrance exams, you are required to take up one of the English-language proficiency tests like IELTS, TOEFL or PTE.
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Becoming a Commercial Lawyer: Gaining Experience
Work experience is the first thing that you should consider while planning to make a career in Commercial Law. Top recruiters hire legal counsellors who have some practical experience with them. After completing your degree in law, you should look for a senior lawyer to do your apprenticeship with. Choosing an internship with a law firm is another option. Doing so would help you build your client base and get relevant experience in the domain.
Training Contracts
Before becoming a full-fledged commercial lawyer, you need to complete a training program. If you apply for legal training while at university, the company that selects you will pay for the rest of your legal education.
Here are the ways to apply for training contracts:
- Apply at law firm open days. Many law firms have open days in the office where you can learn about the organization and commercial law in general
- Apply for law firms on campus. Several law firms conduct drinks evenings or dinner as a formal event to speak to current trainees at the firm
Popular Commercial Law Firms
Here are some of the most famous commercial law firms that you must know about:
- Allen & Overy
- Linklaters
- Slaughter and May
- Freshfields
- Clifford Chance
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Salary of a Commercial Lawyer
A commercial lawyer earn a lot across the globe, with the following earning to the likes of it.
UK: US$31,600-157,400 (INR 26 lakh to 1.2 crore)
Canada: US$46,300-117,200 (INR 38 lakh to 96 lakh)
Singapore: US$143,700 (INR 1.1 crore)
FAQs
Business law is also known as commercial law.
Commercial Law is at a level of difficulty that is very challenging.
Business contracts is an example of commercial law.
Businesses need legal advisers to survive and tackle legal obstacles and to build a strong customer base. The growing demand for Commercial Lawyers has led top law schools to offer courses in the domain. If you are planning to study abroad, Leverage Edu can be your companion. Our career counsellor will make the use of sophisticated AI-tool to evaluate your profile and find a school that matches your aspirations. Call us immediately at 1800 57 2000 for a free 30-minute counselling session.
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