Did you know? Wichai Thongtang is the wealthiest corporate lawyer in the world, with an estimated net worth of $1.8 billion!
Well, you got it right! Corporate lawyers can be billionaires too. Isn’t this the most exciting part of choosing corporate law as a career after passion? Of course, it is!
So, here I present you a detailed step-by-step guide that will help you become a successful Corporate Lawyer with all your skills shining and your knowledge polished.
Let this blog, act as a light in making you a helpful friend to the corporate world who knows all about the business laws and keeps the companies out of trouble.
Why should you consider this as a career?
Firstly, let’s talk about the most beneficial reasons to study corporate law as a career. Well! If you are a smart person with a sense of intelligence who loves challenging jobs, this is just the career for you.
A corporate lawyer often deals in complex and intellectually challenging matters for the company. In addition, the opportunities to work with various types of clients, from small start-ups to multinational corporations, you’ll enjoy it.
Corporate law is a very dynamic field and is always changing. This keeps the work interesting for people who are willing to be lifelong learners.
This field involves many different areas of law and business making the work more varied. And the most important aspect of considering corporate law as a career is its high earning potential! Corporate lawyers are one of the highest-paid professionals in the world.
Having corporate law as an educational background can open up a wide gate of career opportunities in law firms, corporations, government, and non-profit organizations.
The set of skills you develop over time, like negotiation, risk-taking abilities, and knowledge of business practices, will help you for life. And, might also give you a global opportunity to work with international laws and regulations serving international clients.
Corporate law and its types
A corporate lawyer is a person who helps different kinds of businesses. They use their legal knowledge to lead companies through legal matters. They ensure that the company follows the laws and regulations properly at every step.
Corporate lawyers also make sure that every corporation plays by the book and sticks to the rules. In simple words, they are the well-trusted guides who help businesses by showing the right path in the complicated world of law.
Now, let’s know about the types of corporate law
1. Contract Law
Contract law is one of the basic yet important legal areas in the business sector. It focuses on making, explaining, and imposing legal agreements and contracts.
2. Mergers and Acquisitions
Mergers and Acquisitions are also called M&A. They are like the matchmaking of the business world. M&A plays its role when two companies make a decision to combine firms or when one company decides to own another. In addition, it’s the process of businesses coming together to become a bigger and better version of themselves.
3. Corporate Governance
Corporate governance refers to the set of rules for a company. It provides a set of suggestions that determine who will have the power in the company, who receives the responsibility of decision-making, and who will be answerable in case anything goes wrong.
4. Venture Capital
Venture Capital Law is all about the rules for investing in startups, for those people with great ideas and the full potential to grow. It guides the investors who believe in these small firms and want to give them financial support. It acts as a legal way of turning business dreams into reality.
5. Corporate Securities Law
Corporate securities laws specify the judicial decisions, regulations, and statutes this law helps with the legal problems related to the registration of the trading securities like bonds, and stocks and the sales relating to it.
How to become a corporate lawyer
Now let’s talk about the most interesting part of this blog. Here we will learn more about the pathway to follow to become a successful corporate lawyer. Additionally, let’s understand the requirements of this field.
1. Get yourself a Bachelor’s Degree
Getting into a law school usually requires a bachelor’s degree even admission which generally takes 3 to 4 years to complete depending upon the place. Moreover, some law schools even support admission without having received a degree certificate yet.
Additionally, if you are truly interested in becoming a corporate lawyer, you should consider majoring in a few subjects like business, economics, and finance.
2. Prepare yourself to take ‘LSAT’
Indeed, way before getting into law school, you must take some tests for the success of the law school. The test may include reading comprehension, ability to read, and writing skills. This test known as LSAT occurs every month.
The applicants may have to take the test only up to 3 times in 2 years. The law school considers undergraduate grades and LSAT scores as the primary factors for admission. After the clearance of this test, you will be eligible to apply for a law school of your choice.
3. Going to the law school
The law school will generally teach you the basics of concepts like criminal law, tort law, civil procedure, property law, and contracts. In the first year and a half, you will even learn the basics of contract making, legal writing, and legal research.
By the end of the second and third year, you will be able to choose specialized courses like antitrust law and corporate transactions.
And, after graduation, you will have to pass the bar examination to gain a license and practice law in your state.
4. Gain as much experience as possible
Once you earn the license to practice, you’ll need to actively gain experience as a corporate lawyer. You can also choose to work under a corporate lawyer or pursue an internship there.
Without a doubt, attending legal conferences can add great value as networking as much as possible is the key to success here.
What Do Corporate Lawyers Do?
- Let’s start with the morning routine of planning and execution of the groundwork for a productive day.
- Building a strong relationship with your client requires client meetings and calls.
- Research about cases is an important thing to consider and so is the analysis of it to provide expert advice further.
- Drafting the documents and reviewing them is as essential as calling it the backbone of corporate law.
- Collaboration with Colleagues during complex cases is a task but helps a lot.
- Usually, evenings and late-night work is a part of corporate law.
- A successful lawyer always follows the continuous process of professional development.
- The demanding challenges of this career have to be managed.
- Networking and Building Connections are not just personal but a crucial part of corporate law.
Who hires corporate lawyers?
- Corporate lawyers are frequently hired by law firms
- Many corporate offices choose to employ lawyers in the company as ‘in-house counsel’
- Corporate lawyers can also find employment at government agencies with good pay scales.
- Banks, Hospitals, and Insurance Companies also hire corporate lawyers.
Job outlook and salary
A corporate lawyer usually earns about $147,700 on average a year. Moreover, how much you earn may vary based on your education, the certificates you have, your skills, where you live, and your experience.
But, If you constantly learn and polish your skills as a corporate lawyer, you can stand out from the crowd and the company might find you more valuable. On the other hand, we can never underestimate the benefits of an internship as it always adds value to your job.
Indeed, The job numbers for lawyers are expected to grow by 10% from 2021 to 2031, which is way too faster than most other jobs in the world.
End Note
As the sun goes down to another day in the corporate world, always remember after every close of a million-dollar deal, there is always a corporate lawyer who elegantly crafts the legal framework for the company.
Well, corporate lawyers are no doubt the secret stars of corporate businesses. So, today! let’s have gratitude in our hearts towards them for all the companies we have ever admired and looked up to in our lives!
