Corporate lawyer
Encyclopedia
A corporate lawyer is a lawyer
who specializes in corporations law
.
As of 2004, there were 67,000 corporate lawyers in the United States, working on average for 50 hours per week, with a mean starting salary of USD
64,000, rising to USD93,700 after 5 years and USD139,000 after 10–15 years.
The role of a corporate lawyer is to ensure the legality of commercial transactions, advising corporations on their legal rights and duties, including the duties and responsibilities of corporate officers. In order to do this, they must have knowledge of aspects of contract law, tax law
, accounting, securities law, bankruptcy
, intellectual property rights, licensing, zoning laws, and the laws specific to the business of the corporations that they work for.
The practice of corporate law is less adversarial than that of trial law. Lawyers for both sides of a commercial transaction are less opponents than facilitators. One lawyer (quoted by Bernstein) characterizes them as "the handmaiden
s of the deal". Transactions take place amongst peers. There are rarely wronged parties, underdogs, or inequities in the financial means of the participants. Corporate lawyers structure those transactions, draft documents, review agreements, negotiate deals, and attend meetings.
What areas of corporate law a corporate lawyer experiences depend from where the firm that he/she works for is, geographically, and how large it is. A small-town corporate lawyer in a small firm may deal in many short-term jobs such as drafting will
s, divorce
settlements, and real estate transactions, whereas a corporate lawyer in a large city firm may spend many months devoted to negotiating a single business transaction. Similarly, different firms may organize their subdivisions in different ways. Not all will include mergers and acquisitions
under the umbrella of a corporate law division, for example.
Some corporate lawyers become partners in their firms. Others become in-house counsel for corporations. Others still migrate into other professions such as investment banking
and teaching law.
Some publications read by those in the profession include Global Legal Studies, Lawyers Weekly, and the National Law Journal.
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
who specializes in corporations law
Corporations law
Companies law is the field of law concerning companies and other business organizations. This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity. The most prominent kind of company, usually referred to as a "corporation",...
.
As of 2004, there were 67,000 corporate lawyers in the United States, working on average for 50 hours per week, with a mean starting salary of USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
64,000, rising to USD93,700 after 5 years and USD139,000 after 10–15 years.
The role of a corporate lawyer is to ensure the legality of commercial transactions, advising corporations on their legal rights and duties, including the duties and responsibilities of corporate officers. In order to do this, they must have knowledge of aspects of contract law, tax law
Tax law
Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes.-Major issues:Primary taxation issues facing the governments world over include;* taxes on income and wealth...
, accounting, securities law, bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
, intellectual property rights, licensing, zoning laws, and the laws specific to the business of the corporations that they work for.
The practice of corporate law is less adversarial than that of trial law. Lawyers for both sides of a commercial transaction are less opponents than facilitators. One lawyer (quoted by Bernstein) characterizes them as "the handmaiden
Handmaiden
A handmaiden is a female attendant, assistant, domestic worker , or slave.-Religion:Norse goddesses had handmaidens, . The biblical Mary referred to herself as "the handmaid of the Lord" in acceptance of becoming pregnant by the Holy Ghost.A man might use a handmaiden as a concubine to bear his...
s of the deal". Transactions take place amongst peers. There are rarely wronged parties, underdogs, or inequities in the financial means of the participants. Corporate lawyers structure those transactions, draft documents, review agreements, negotiate deals, and attend meetings.
What areas of corporate law a corporate lawyer experiences depend from where the firm that he/she works for is, geographically, and how large it is. A small-town corporate lawyer in a small firm may deal in many short-term jobs such as drafting will
Will (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
s, divorce
Divorce
Divorce is the final termination of a marital union, canceling the legal duties and responsibilities of marriage and dissolving the bonds of matrimony between the parties...
settlements, and real estate transactions, whereas a corporate lawyer in a large city firm may spend many months devoted to negotiating a single business transaction. Similarly, different firms may organize their subdivisions in different ways. Not all will include mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
under the umbrella of a corporate law division, for example.
Some corporate lawyers become partners in their firms. Others become in-house counsel for corporations. Others still migrate into other professions such as investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
and teaching law.
Some publications read by those in the profession include Global Legal Studies, Lawyers Weekly, and the National Law Journal.