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 such lawyers are to guarantee that every transactions and practices done by the business is legal. There are many things that a lawyer can do like ensuring viabilities of commercial transitions, give sound advice on corporations about their legal duties and rights which include the duties of employers and other officers.
To be able to perform an effective compliance, they should have knowledge of aspects of contract law, intellectual property rights, securities law, taxation law, bankruptcy law, accounting law, licensing as well as laws specific to business of corporations that they’re working for. The lawyer needs to maintain confidentiality between clients of the company and the company itself. This is because of the fact that if the company are not assured of it, then they’ll be less likely to ask for legal assistance.
The duties that corporate lawyers face are vast and this includes but not limited to reviewing agreements, negotiating deals, legal drafting and even attending meetings with company’s clients. It is also the lawyer who is handling the internal legal work of the firm w/ fewer or no litigation work 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.
Yes it is true that they are hired by established and popular companies but there are some who prefer to become self-employed and contract themselves out to other businesses. 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. 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.
As a matter of fact, depending on the requirement and the work needed, companies employ several lawyers. 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.