The globalization of the economy opened up new career avenues for a range of professionals including lawyers.
As multinational enterprises entered the nation’s market and the vibrant business environment saw the rise of local corporations, the need to have good corporate lawyers in India was felt across all organizations.
The last couple of decades has also seen an emergence of a number of corporate law firms in India providing not just legal assistance but advice on other related issues like business planning and taxation.
The field has also turned out to be a good career option for any student of law and in this blog, we will take a look at how an aspiring legal professional can make a good career by joining any of the best corporate lawyers firm in India.
Necessary Educational Qualifications
A person must be a graduate from any of the recognized universities of the country to be eligible for the L.L.B course. There are two paths that an aspirant can take, namely :
After Completing 10+2:
A student can join an integrated 5- year B.A and L.L.B course after completing education up to 10+2 or any other equivalent degree recognized by the government. Institutions also offer B.Sc (Bachelor of Science) L.L.B or a B.B.A (Bachelor of Business Administration ) L.L.B course in addition to B.L.S (Bachelor of Legal Science) L.L.B course as a 5- year programme to get the degree necessary for becoming a lawyer in India.
After Completing Graduation:
A 3- year L.L.B (Bachelor of Laws) degree can be pursued after completing graduation from any of the recognized Indian universities in any stream.
Every law school, institution or the law department of various universities conduct entrance examinations to screen candidates for admission to the L.L.B course. The best- known exam which is conducted every year is the Common Law Entrance Test (CLAT), which is a centralized test for admission to the National Law Universities (NLUs) of India.
Besides the NLUs, there are numerous other institutions of the country which use the scores obtained in the CLAT as a benchmark for admitting students in their law course programme.
Each of the 19 NLUs is given the responsibility of holding the test by rotation every year. Any student who has appeared for the 10+2 exam can sit for the CLAT which tests the candidate’s proficiency in elementary Mathematics, English, General Knowledge, Current Affairs, legal aptitude and logical reasoning besides evaluating their legal aptitude.
All law graduates have to complete a mandatory internship as part of their L.L.B course according to the regulations specified by their institution. In order to achieve a specialization in the field, students can get a masters degree such as L.L.M in corporate law.
Once the L.L.B degree has been acquired, the professional has to enroll with a state bar association which will enable him/her to practice in any court of law in the country.
Requisite Skills For Becoming A Good Corporate Lawyer
Following are some of the requisite skills that any professional must possess for earning a place among the best corporate lawyers in India :
1. A person must have excellent communication and interpersonal skills as he/she may have to negotiate with other professionals, legal or otherwise employed by other companies or the government.
2. It is essential that the person has comprehensive knowledge of all employment laws and has skills to draft various employee contracts.
3. The professional must possess complete information about all laws and regulations related to taxation, banking, corporate governance, and the insurance sector.
4. It will be advantageous if the lawyer is well-versed in the intricacies of mergers & acquisitions, corporate structuring and compliance requirement issues.
5. A person must be prepared to handle the enormous workload and pressure of a corporate business in order to succeed as a lawyer.
Strong analytical skills and problem- solving abilities besides having the capacity of thinking on the feet are qualities which are highly sought after by companies looking for lawyers.
Job Description Of A Corporate Lawyer
A corporate lawyer is usually engaged by a company to work in the legal department and provide assistance on matters ranging from employment contracts to taxation or hired by corporate law firms who are hired by businesses for the same purpose. Following are some of the tasks that any professional may be asked to perform :
1. The framing of employee guidelines, contracts, and agreements besides identifying all the applicable labor law regulations and their adherence.
2. Providing guidance on all taxation matters including the filing of all necessary tax returns besides ensuring the compliance of the organization with all applicable regulations.
3. Assisting the corporate organization in complex transactions like mergers & acquisitions or those involving transfer pricing.
4. Advising on corporate governance issues and performing company secretarial duties like the drafting of agenda and meeting minutes besides preparing documents for presentation before Registrar of Companies and other authorities.
5. Representing the company in a court of law or before other similar platforms like tribunals or arbitration panels for resolution of an issue.
Opportunities For Growth In The Field
India is one of the largest and fastest growing economies in the world and the country has become an attractive destination for investment.
The business environment of the nation regularly witnesses high- value transactions such as strategic joint ventures, mergers & acquisitions, corporate restructuring etc., all of which require the presence of lawyers who can provide the necessary guidance for successful completion of such activities.
The prospects of growth for any law student are extremely bright as not just large enterprises but also law firms specializing in the field are always on the lookout for individuals who possess the skill and knowledge to help them.
Various international consultancy and accountancy firms are either already operating in the country or are in the process of setting up offices here. All lawyers can benefit from joining them as all such entities compensate their employees handsomely besides providing them an enriching work experience.
Hard work and diligence are the qualities that an individual must possess besides having excellent communication skills backed by comprehensive knowledge of all rules, regulations and best practices not just in legal but also financial matters, in order to be ranked among the best corporate lawyers in India.