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Corporate Law as a Profession

 


Author: Astha Shukla, Baba Saheb Ambedkar college of Law RTMNU


Scope

India’s service sector provides for 54% of India’s GDP. Corporate sector in India is Growing at a rapid speed. There are many opportunities for the young lawyers in the corporate sector to pursue. Time’s are changing. People need tech savvy, efficient working people who solve legal matters by remote working as well.

Objectives

The corporate law deals with the merger, acquisition, litigation, International trade related issues, legality of the commercial transactions. Corporate lawyers are assigned with different responsibilities such as preparing the legal document for the proceedings of the court, protecting the company against legal violation, filing of a contract, providing the legal advice to employees regarding the rights and duties.

Workplace for corporate lawyers

Corporate lawyers specialise in in mercantile field therefore they can represent corporations, entities, partnership, any firm or bank

Other than this 

Law firm: most corporate lawyers for law firms where they provide legal advice, drafting of documents of merger, acquisition or joint venture for their clients. According to a recent survey only 10 out of 75 students want to pursue litigation and the rest were interested in law firms.

Corporate Litigation: corporate litigation is where the lawyers take the cases related to tort and contract when there is a legal problem for the corporation. Not every firm is  a client of a law firm and disputes relating to breach of contract are very common in corporations, there are also disputes between employer and employees in the corporation that need a corporate lawyer. 

In house counsel: In house counsel is different from working in a law firm as law firms have several different clients but in-house counsel is where the corporations hier the one person to do all the legal work for only their corporation, so the counsel works for only one corporation. There is no pressure for bringing new clients to the firm. They work in the area of giving legal advice, transaction, acquisition. Since a lot of corporations deal with global transactions, international law also plays a part.

Regulatory bodies: corporate lawyers can be part of various regulatory bodies such as Security exchange board of India(SEBI), Insurance regulatory and development authority of India(IRDAI), RBI etc. Lot of legal issues are involved related to IPO, scams where there is a need for a corporate lawyer in regulatory bodies. 

Practice subjects for a corporate lawyer

There are many subjects to specialise in for corporate lawyers but they generally do in one or 2 areas. 

Corporate restructuring: corporate restructuring refers to making changes in composition of the firm to make the firm more profitable. Only by reorganising the structure to make the firm more profitable and efficient.  

Role of corporate lawyers in restructuring is to ensure that all the changes are made keeping in mind all the corporate law and regulation so the directors and firm can work without any legal and financial problems. 

Companies act 2013 form Section 230 to 240 has clauses related to Amalgamation, merger and procedure related to the scheme of amalgamation approved.

Insolvency and Bankruptcy: Insolvency and bankruptcy are a very lengthy and complex process. There is Insolvency and bankruptcy code 2016 that the attorney needs to adhere to when following the procedure. Attorney helps the company to know about there their Assets and Liabilities and the financial condition of the company 

Intellectual property Rights: this is one of the emerging fields of law that carries a lot of scope as filing of any intellectual right is a lengthy process and to protect that right from theft. The role of lawyer is to look after all the legalities and defend the right in the court if required. Some IP lawyers also specialise in particular fields’ intellectual property laws: biotechnology, pharmaceuticals, computer engineering, nanotechnology, the internet, and e-commerce.

Banking and Finance: Major part of the economy relies on the banking and finance sector, lawyers in banks and financial institutions have responsibility related to Leveraged Finance, Debt Restructuring, Acquisition Finance, Syndicated Lending, and Structured Products among others. 

International capital market: Lawyers work with the underwriters, venture capital and asset management companies. They advise clients on IPO, private placements, forigen currency bonds. Role of a lawyer is to advise debt and equity matters legal regulation. Regulatory and other approvals are required which have long and complex procedures the lawyers solve for the clients. 

Venture capital transaction: venture capital requires legal formalities and it should be in compliance with regulators like RBI, SEBI, Forigen Investment Portal. Helps the client in making the best portfolio and investment structure for their corporation.




Case law 

V.B. Rangaraj vs. V.B. Gopalakrishnan The investors’ rights were in question as to conflict between shareholders agreement and AOA, the SC court held that the provision of shareholders agreement imposing restriction on transfer of shares which are consistent with the companies act can only be authorised to do so if they are incorporated in the articles of the company. But this view was overturned by the apex court in the case of Vodafone International Holdings vs. Union of India., but was again held in the case of World Phone Pvt. Ltd. and Ors vs WPI Group Inc by Delhi High Court.  


conclusion : it is evident that companies cannot file all the documents of their own, therefore they prefer having the lawyer for all this complex legal work. This is one of the emerging career opportunities in the field of law because corporate lawyers are required both in private as well as government sectors, there are ample options to choose from whether they want to pursue litigation or jobs in a law firm.It is also a rewarding and profitable career option to choose. 


    Reference 

1. https://blog.ipleaders.in/career-corporate-law-need-know/

2.https://www.indiatoday.in/education-today/jobs-and-careers/story/career-in-corporate-law-all-you-need-to-know-1524468-2019-05-14

3.https://in.indeed.com/career-advice/finding-a-job/how-to-become-a-corporate-lawyer#:~:text=As%20a%20corporate%20lawyer%2C%20you%20can%20work%20for%20the%20government,partner%20with%20a%20law%20firm.




Comments

  1. VAIBHAVI BHAGATJune 23, 2022 at 5:13 AM

    Very informative article.

    ReplyDelete
  2. Apurv KrishnaJune 23, 2022 at 7:32 PM

    The article was very well structured and covered many aspect of corporate law. It helped me to gain basic understanding of the field in a very precise manner.

    ReplyDelete
  3. bhaskar chakrabortyJune 24, 2022 at 7:35 AM

    very informative and well structured , corporate law is the future .Fresher advocate shouldn't miss this chance.

    ReplyDelete
  4. Aswati Sharma June 24, 2022 at 12:21 PM

    As a corporate law enthusiast I personally loved this article and the way it has touched all the required areas with regards to corporate law. Good Job

    ReplyDelete
  5. KunalJune 26, 2022 at 6:30 AM

    Also, read the book "The Apprentice", real good insight on how lawyers start.

    ReplyDelete
  6. jindal jewellersJune 26, 2022 at 8:56 AM

    I enjoyed reading your content. Keep doing your best work.

    ReplyDelete
  7. Yash GuptaJune 26, 2022 at 11:22 AM

    Really informative article, I've been debating which path to follow as an future aspiring lawyer, where many of my relatives have been recommending corporate law as a really good prospect, this article helps me have a better overview on the subject, Would love to see further research done on this topic.

    ReplyDelete
  8. Sulakshana chandaJune 29, 2022 at 4:04 AM

    Seriously being in a law field , corporate sector is a wide scope and good option for future. So great work done by astha.

    ReplyDelete
  9. Chinmay ChaturvediJune 29, 2022 at 10:11 PM

    Great work by the author. A very informative article

    ReplyDelete
  10. GRANT PHILLIPS LAW, PLLCJuly 20, 2022 at 3:43 AM

    Extremely useful information which you have shared here about Merchant Loans. This is a great way to enhance knowledge for us, and also beneficial for us. Thank you for sharing an article like this.

    ReplyDelete

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