The majority of city law firms concentrate their practice on the broad subject of commercial law. When applying for training contracts, it is crucial to comprehend the several sub-areas of commercial law.
What Is commercial law?
Legal issues that may arise during business and commercial transactions are covered under this law. Tort law and contract law are its main areas of interest. Large corporations, governments, banks, insurance companies, and other clients visit commercial law offices. Legal counsel can be provided for any phase of business operation, from the beginning (forming a business) to the end (dissolving a company).
The area of law consistently thrives because it has a close connection to the economy and consequently impacts society as a whole. As a result, commercial law is crucial since it affects how enterprises are managed and how they contribute to the development of society. Additionally, it offers guidelines for companies and organizations to follow to ensure ethical behavior and prevent fraud.
What Do Commercial Lawyers Do?
Solicitors
Business customers typically make up the clientele of commercial attorneys. In light of this, a typical day can include tasks like reading contracts and revising them for clients, creating legal documents for organizations, and analyzing mergers of companies. High-level contract or licensing agreement negotiations may also be necessary on behalf of the customer. Because of this, the task varies quite a bit depending on your area of specialization.
However, many business lawyers are referred to as “in-house lawyers,” meaning they effectively have one client and typically handle the legal matters of the company they work for. When you work as an in-house attorney, as opposed to working for private practices (like the “Magic Circle companies” previously stated), which are typically far more high-pressure jobs, you can become more involved with commercial activities.
Barristers
Contract/tort suits are typical business disputes that commercial barristers deal with. Commercial barristers advise solicitors on how to assist clients through litigation and help them get ready for what the opposing might say. Due to the fact that commercial cases typically contain a lot of facts, there is a lot of documentation in these cases. A barrister would collaborate with solicitors to ensure the documentation is correctly managed. There are many areas of specialization within commercial law as well, such as banking and finance, contract disputes, tax, and much more.
What Distinguishes Corporate Law from Commercial Law?
Corporate law is a subset of commercial law that focuses exclusively on businesses, while commercial law is a more general practice that includes issues like intellectual property, franchising, and litigation.
How to Become a Commercial Lawyer
If you’re considering a career as a corporate lawyer, keep in mind that due to the great demand for this area of law, hiring managers frequently have very high standards. Employers pay close attention to the following:
Someone who knows the law but also has an extensive understanding of business and the market is said to have “commercial awareness” (i.e., staying current on what is occurring in the business world and how the law is being used in the commercial world).
Commercial awareness is crucial since it will set you apart from the other highly qualified law students applying for the same position. Commercial awareness goes beyond simply reading the news, being current on events in the business sector, and then regurgitating what you have read. When exhibiting commercial awareness, you must have comprehended what you have read and developed an opinion; otherwise, it will merely be a repetition of data.
Like in all aspects of the legal profession, employers are seeking:
· clever and ambitious people seeking employment in a fast-paced workplace
· candidates who are eager to put in a lot of effort and overtime at work
· extensive research abilities,
· The capacity to preserve client relationships to grow the firm’s company. Therefore, it makes sense that someone who is open to speaking with a wide range of people would be important.
Common Routes into Commercial Law
A training contract is the most typical entry point into the field of commercial law. Since many of the big companies specialize in commercial law, obtaining a training contract might be beneficial to securing a job at one of these elite firms. Since it’s such a competitive field, employers typically look for candidates with as much work experience as possible. Training contracts generally are secured if you’ve also completed a vacation program. You can network with other firms and leading attorneys through training contracts while getting a sense of how large companies operate. Training contracts will pay for your LPC (Legal Practice Course) to enable you to practice law completely. The greatest places to look for such possibilities are on company websites and careers pages.
Work Experience in Commercial Law
Work experience should be your first consideration when considering how to become commercial lawyers. Due to the prominence and level of competition in this field, it is crucial for anybody interested in it. Candidates who have participated in vacation schemes often stand out because they offer a valuable window into the workings of law firms.
It is typically stated that acquiring a training contract (as an entry point into the world of work) is easier if you have finished a vacation scheme. Therefore, it is also an excellent method to network and meet prospective future employers. You can shadow attorneys thanks to opportunities like these, which can help you learn more about the qualifications needed.
Though having vacation schemes might be helpful, they are typically more challenging to obtain due to their high demand.
On the other hand, any work experience is beneficial, and employers may even favor non-legal work experience. It can sometimes be sufficient to demonstrate to employers that a candidate has initiative and a will to work hard if they can demonstrate that they have mastered many transferable skills.
Commercial Law Firms
In Australia, several law firms exist. Allens, Ashurst, Clayton Utz, Corrs Chambers Westgarth, Gilbert + Tobin, Herbert Smith Freehills, King & Wood Mallesons, and Minter Ellison are a few of them. These are all commercial law firms and the most prestigious ones. Without question, it is a very competitive sector of law, one that many undergraduates aspire to work in. For many people, the added benefit that it may be a very well-paid career makes it quite alluring.
Related: Important Branches of Commercial Law