Career as Corporate Lawyer
Corporate Law pertains to the study of legal practices, as applicable to businesses and corporations. It relates to laws determining various aspects of businesses and corporations. The career of a Corporate Lawyer incorporates the application of legal knowledge related to the preparation of corporate agreements, corporate taxes, import and export, mergers and acquisitions, joint ventures, public listings, sole proprietorship, partnerships, corporate structure agendas, employment law, government reporting, and laws controlling day-to-day business operations. Corporate Lawyers are legal experts in several areas like tax law, bankruptcy, intellectual property, and zoning or securities. The profession is expected to gain momentum in the coming years as the corporate sector in India has assumed prominence due to its contribution in consolidating the Indian economy by engulfing a fair share of 53% of the Indian GDP (Gross Domestic Product).
- About Corporate Lawyer :
- Job Profile |
- How do I get there?
Job Profile
A Corporate Lawyer may have a complex and diversified work schedule. A company’s decisions may be influenced by the advice or recommendations of the lawyer, so he or she may have to work under intense pressure. Their work routine is the same as any other professional’s work routine. Like, legally guiding the Board of Directors in their decision-making process so that they comply with all the relevant laws of the Company Act and the Amendments if any.
The Corporate Lawyer also advises and helps the Board to take appropriate actions for legal cases under which the company is charged. His job involves both indoor and outdoor activities. When indoors, they interact with the Board, and when outdoors, they meet the company’s clients for deal closure and also in courts for case hearing. So, yes, he faces pressure in his everyday tasks as he is the only one who protects the company from getting into any legal trouble and guides it on all the legal matters. He deals straight with the highest authorities in the company’s hierarchy, i.e. the Board of Directors. This means that he has no fixed work timings. His duties and responsibilities are such that on several occasions when he is at home, he is occupied with the company’s work.
There might be one or multiple Corporate Lawyers in a company depending upon their field of specialization. If the work involves knowledge about a particular field of corporate law, that specialized lawyer will be called up to give his valuable decisions. Otherwise, they work as a team in the best interest of the company.
The most coveted job roles of a Corporate Lawyer along with their average salary in Lakh (Rs) are Legal Manager – 752,000, Legal Counsel – 840,020, Legal Advisor – 306,000, Associate Attorney (Legal Firm) – 961,000, Corporate Legal Manager – 17, 00,000, Legal Support Officer – 311,600, and Legal Services Chief – 22, 00,200. The salary mentioned above package is just an estimation as the actual one would vary per the lawyers, qualification, work experience, practice and skills. A lot also matters on the college from where you have earned your law degree.
The different types of specializations available for a Corporate Lawyer are various include corporate finance and refinancing, insolvency & bankruptcy, corporate restructuring, intellectual property rights, international capital markets, corporate litigation, mergers and acquisitions, private equity and venture capital transactions and real estate.
The industries in which Corporate Lawyers are demanded in huge numbers are MNCs, Banks, Insurance Companies, Law Firms, and Asset Management Companies. In India, the highest recruiters of corporate lawyers are Amarchand & Mangaldas & Suresh A Shroff & Co., J Sagar Associates, Trilegal, Khaitan & Co., Luthra & Luthra Law Offices, ICICI Bank, AZB and Partners, etc.
Pros and Cons of a Career as a Corporate Lawyer
Pros of a Career as a Corporate Lawyer:
- If a person is working as a Corporate Lawyer, he or she is held in high esteem.
- A Corporate Lawyer is continuously dynamic, handling a variety of company issues possessing distinct qualities.
- A Corporate Lawyer is one of the highest-paid staff of a firm.
- Studying corporate law helps to attain relatively more job security with perseverance and adequate time investment in the profession.
- This is a profession in which a Corporate Lawyer gets a reasonable period to hunt for a job elsewhere if he or she wants to resign from the current job roles in a firm.
Cons of a Career as a Corporate Lawyer:
- A Corporate Lawyer only advises the firm to act in specific ways, but he or she does not possess the authority to make decisions.
- The job of a Corporate Lawyer can be stressful and exerting with a possible complicated schedule.
- Corporate Lawyers face competitive job market situations, along with changes in corporate laws and technological advancements.
- They have to be updated to stay relevant.
Future Growth Prospects and How to get there faster:
On average, it can take a minimum of 3-5 years of Corporate Law practice in a corporation or firm or self-employment to become successful as a Corporate Lawyer. The time to achieve success is also determined by one’s passion, knowledge and experiences in Corporate Law. It can even take 7-8 years to reach the desired success.
How do I get there?
After passing class 12 in India, a student belonging to any stream, namely, Science, Humanities, or Commerce can choose to study Corporate Law as a career. The student would either have to complete a 5-year course in integrated BA and LLB or BA LL.B, post-class 12 or would have to complete a 3-year course in Bachelor of Law or BA LL.B, after graduation in any field. In India, a student would have to clear an entrance examination called the Common Law Aptitude Test (CLAT) to get admission in any of the respected National Law Schools. To get admitted in any other government colleges, one would have to clear the specific state-level entrance examination.
The law graduate would have to complete an internship, following the norms of the concerned institution. A specialized course in Corporate Law, namely, Advanced Diploma in Corporate Law can be pursued by the attainment of Bachelors in Law degree. A student can pursue a master’s degree in Corporate Law, namely, LLM Corporate Law. He or she can register as an advocate in any of the State Bar Council guided by the Advocates Act, 1961. This will permit the advocate to register and practice in any court in any part of the country.
How much does it cost?
The average cost of pursuing undergraduate law degree LLB or Bachelor of Law/Laws in India is Rs 3 to 8 lakh for three years, including the accommodation and food facilities. Law colleges in India also offer 5 years integrated undergraduate program where the students are awarded a BA LLB Degree at the end of 5 years. The fee structure for private law colleges may vary in the upper limit. Typically, the fees may vary from Rs 10,000 per month to 2.5 lakh per annum. And, for the integrated five year LLB course, the fees may go as high as Rs 11 lakh for 5 years.
There are no Diploma or Certificate courses to attain a LLB degree. For LLM or Masters of Law in Corporate Law, the average total course fee ranges from Rs 2 to 5 lakh for two years. This fee also varies from college to college.
What are the Top Colleges where one should be studying to become a Corporate Lawyer?
There is no shortage for renowned law colleges in India as some
of these colleges are as old as the Indian law itself. With
world-class education curriculum, facilities and placements
assistance Indian law colleges have become popular globally,
attracting law aspirants from different parts of the world. Along
with these old institutions, there are some new private law
colleges as well that are competent and comprehensive in terms of
curriculum, faculties, amenities and placement assistance. Let us
see the top 10 law colleges India has established and what are the
courses they offer.
|
Rank of College |
Name of college, City |
Programme Fee (Range) |
|
1 |
National Law School of India University, Bangalore |
LLB – Rs 197,125 for 1st Year LLM – Rs 126,200 for 1st Year |
|
2 |
The West Bengal National University of Juridical Sciences, Kolkata |
LLB – Rs 243,600 for 1st Year LLM – Rs 144,000 for 2 Years |
|
3 |
National Law Institute University, Bhopal |
LLB – Rs 183,500 for 1st Year LLM – Rs 149,500 for 2 Years |
|
4 |
Symbiosis Law School, Pune |
LLB – Rs 320,000 for 1st Year LLM – Rs 150,000 for 2 Years |
|
5 |
ILS Law School, Pune |
LLB – Rs 40,625 for 1st Year LLM – Rs 65,320 for 1st Year |
|
6 |
O.P. Jindal Global University, Jindal Global Law School, Sonepat |
LLB – Rs 565,000 for 1st Year LLM – Rs 401,500 for 2 Years |
|
7 |
Prestige Institute of Management and Research, Indore |
LLB – Rs 124,000 for 1st Year LLM – Rs 75,000 for 1st Year |
|
8 |
National Law University, Jodhpur |
LLB – Rs 254,000 for 1st Year LLM – Rs 199,000 for 2 Years |
|
9 |
University of Petroleum and Energy Studies, Dehradun |
LLB – Rs 281,500 for 1st Year LLM – Rs 208,000 for 2 years |
|
10 |
Sinhgad Law College, Pune |
LLB – Rs 33,167 for 1st Year |
Books and other Study Materials
Some of the books that can be useful for those pursuing a career in Corporate Law are:
- Guide to Fugitive Economic Offenders Act 2018 by Srinivasan Anand G
- Company Meetings & Resolutions by Amitava Banerjee
- Law & Practice Relating to Listing Obligations & Disclosure Requirements by Swatantra Sethi
- Law Relating to Insider Trading by Bhuwneshwar Mishr
- Guide to Independent Directors by Vinod Kothari and Sikha Bansal
- Corporate Governance – IICA, and Competition Laws Manual
What if this career does not work out for me? What are the other options for a person with these credentials?
If the career as a Corporate Lawyer does not work out for a person, there are other options available with the same credentials. One such option is working as a private tutor, disseminating corporate law knowledge to the interested students in classes or via video lectures. A person can become a professor or a corporate law research scholar. One can even author books on corporate laws. If a person cannot work in a corporation, he or she can open a consultancy or advisory firm, disseminating corporate law advice to needy clients.
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Content on this page is by Career Expert Mrs. Kum Kum Tandon MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile |