A
corporate lawyer is a
lawyerA lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person licensed to practice law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain stability, and deliver...
who specializes in
corporations lawCompanies law is the field of law concerning companies and other business organizations. It is an establishment formed to carry on commercial enterprises. This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity...
.
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
USDThe United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents .The U.S...
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.
A
corporate lawyer is a
lawyerA lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person licensed to practice law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain stability, and deliver...
who specializes in
corporations lawCompanies law is the field of law concerning companies and other business organizations. It is an establishment formed to carry on commercial enterprises. This includes corporations, partnerships and other associations which usually carry on some form of economic or charitable activity...
.
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
USDThe United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents .The U.S...
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 lawTax 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,
bankruptcyBankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed or initiate a restructuring...
, 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
handmaidenA handmaiden is a female attendant, assistant, servant, or slave.-Aid for domestic laundry:A handmaiden was the common term in Victorian times for a wooden, hinged clothes airer having two rectangular frames hinged vertically and with three horizontal rails on each frame for drying and airing...
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
willA will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. For the devolution of property not disposed of by will, see inheritance and intestacy...
s,
divorceDivorce or dissolution of marriage is the final termination of a marriage, canceling the legal duties and responsibilities of marriage and dissolving the bonds of matrimony between two persons...
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 acquisitionsThe phrase mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another...
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 bankingAn investment bank is a financial institution that raises capital, trades in securities and manages corporate mergers and acquisitions. Investment banks profit from companies and governments by raising money through issuing and selling securities in capital markets and insuring bonds An investment...
and teaching.
Some publications read by those in the profession include
Global Legal Studies,
Lawyers Weekly, and the
National Law Journal.