A lawyer for all seasons

Mr SP Singh, Director General, MERI Professional & Law Institute, Delhi
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Why has there been a sudden spurt in students opting for corporate law?

From Mahatma Gandhi to Barack Obama, law professionals have always emerged as the top influencers in the 20th and in the 21st century. After the globalisation of trade and economy, corporate law is one of the most sought-after career options for today's youth both in house counsel and in law firms. Opportunities for law graduates are enormous as they are in demand across all domains- be it the judiciary, corporate governance or business consulting firms. Until over a decade ago, law was only a default option as a career with some joining law colleges as a precursor to a political or civil services career. With the opening of National Law Schools across the country, it has become a career of choice for young students who wish to specialise in corporate law or in litigation. Corporate law aims to create a pool of corporate lawyers who are competent enough to understand the intricacies of the business and well-versed in the nuances of Corporate Laws and Regulatory Affairs

What other career options, a corporate lawyer may have apart from joining law firms and corporate houses?

Corporate lawyers are tasked with safeguarding the legality of commercial transactions, representing corporations and advising corporate employees on their legal duties and responsibilities. Because corporate law covers a broad range of topics, corporate lawyers often specialise in one or more areas. These areas include tax law, bankruptcy, intellectual property, zoning or securities. Besides working for a law firm or a corporate house, you may opt for becoming educators, investment bankers or leaders of non-profit organisations.

What advice would you like to share with the aspirants who are seeking a break in this field?

If one is filled with dedication, hard work and determination, no obstacle can stop one from achieving one's goal, i.e., name, fame and huge earnings. But, don't forget to polish your written as well as verbal communication skills and developing an aptitude for analytical reasoning. If you are willing to carve a distinct niche, start grooming your personality. When you graduate, you will be conferred upon with many challenges and responsibilities in your selected law fields.   

Career Pathways:

The plethora of career options in the field of corporate law have been virtually rewritten over the last decade or so.Very few matters actually come to the court. Multi-crore suits have changed the very complexion of the game, making corporate law a popular and lucrative career option. And with foreign law firms moving into India, salaries have begun to shoot upwards.

If you can figure out the core functions of an organisation, you can tailor the generic law to suit their requirements.

Large private corporate houses: 

In large private firms, you may work as a legal analyst, where you would be required to analyse laws pertaining to the sphere of the company and its operation. In fact, with joint ventures and foreign collaborations coming in, the need for drawing up contracts and interpreting statutes and statutory provisions would increase considerably. 

Contract law is gaining importance, thanks to increased private sector participation and liberalisation. Securities and banking laws are also gaining importance with the advent of e-commerce.

Multinational corporations

With global law firms poised to enter India, the market for corporate lawyers is on the verge of an exciting spin. Demand for lawyers with experience in securities and transactions, is growing in proportion to changes in the global marketplace. 

Law firms

There are many different types of law firms you can enter: public or private (corporate); big or small; focusing on advising individuals or corporations. Legal aid firms, community legal clinics, legal start-up companies and other smaller, 'boutique' law firms tend to specialise in one area of law, while larger or 'mega firms' employ numerous lawyers specializing in many areas of law. The latter are usually divided into the transactional department, which advises clients and handles administrative legal work, and the litigation department, which represents the clients in court. Besides large corporate houses, some of the big accounting firms like PwC and KPMG have opened their own legal departments.

Entrepreneurs

Corporate lawyers can become general business managers, and even aspire to become CEOs. It is not very common in India but in the US, many lawyers and legal counsels become CEOs of companies by switching careers mid-stream and getting a strong business orientation.

To boost your prospects further, you could even plumb for an additional qualification, e.g., Company Secretaryship or a degree in HR or Industrial Relations with a working knowledge of labor laws depending on the field you wish to specialise in. Conversely, you could opt for a Master's in Business Laws from NLSIU (through distance learning mode) after your MBA or CS to boost your prospects.

If you have a flair for writing, you could initially attach yourself to the legal correspondent of a newspaper and move on to independent reporting in due course. If you are academically inclined, you could also join a reputed legal publishing house or go into teaching, research, or perhaps even politics. Therefore, if you wish to court the corporate with a law degree, script a career in corporate law.