Law is a subject full of knowledge about every aspect of life. It tells about the rights and duties of being a human and being a citizen of the country. In this blog, we discuss a developing sector of the law which is the corporate sector. This blog provides basic information about the fields of the corporate sector to understand it more in detail the links provided at the end of the blog.
Law is divided into various parts and each part is dealing with different aspects. Law is divided into two parts criminal law and civil law. Criminal law deals with intending to cause harm to others' life. Civil law deals with matters related to property or any kind of social aspect. After these two branches there is one more which is kind of fresh and getting its height day by day that is corporate law.
As the country is developing and the time changes the evolution of law and the corporate sector is also going fast. So, here is another branch of law named corporate law or the law of the corporate sector. For doing some legal works such as maintaining legal documentation, taking copyrights, formation or dissolution of a company, etc. corporate law deals with all.
The corporate sector subdivided into different fields
Intellectual property law
Mergers and acquisitions
Other than these fields there are many more and those fields only can be understood by taking practical experiences. It is not important that deciding only one option is a solution. If it is needed or based on the interest of a lawyer the fields can be switched.
SCOPE OF CORPORATE SECTOR
The corporate sector has witnessed rapid growth within a few years, especially in India. The corporate sector promotes the employment rate as well as the rate of GDP. The law was rigid in criminal and civil but the corporate sector expand the law and give it height as now it deals on an international level.
The corporate sector promotes the interest of people in business through which the country can develop as it provides security, more knowledge about business and investment, and help to understand what is fraud or what to avoid.
CORPORATE SECTOR AND ITS SECURITIES
As it is a developing field it requires securities and law to protect from any kind of illegal activities. Fraud, misrepresentation, robbery, misuse, etc. can easily happen in this and it is required to have laws relating to that.
Corporate lawyers have to explain to their clients about it before any kind of registration or partnership. A lawyer must read each clause of the contract or agreement of their client and after understanding it explains it to the client so that they can make the decision. The security of the corporate sector is either in the hand of law or in the hand of lawyers.
FIELDS IN THE CORPORATE SECTOR
Intellectual property rights
IPR law is growing day by day and with its growth, the scope of this field is also growing for lawyers who are interested in it. IPR has many parts to practice as there are different laws in it. Law for patents, copyrights, trade mark, trade secrets, geographical indications, etc.
As people are going towards business and using their hidden talent for this they need to secure their hard work so that anyone else cannot take any kind of disadvantage of it due to which the owner can suffer loss. To secure this type of unique and precious work IPR is used. Even it is used to secure the brand name so that any other brand cannot harm its goodwill.
If explain the job of corporate finance in short then it is the most important role in the corporate sector in which the lawyer has to take care of each aspect of legal work in the company. It also provides advice about the assets, liabilities, shares, and debentures of the company. The work of a lawyer is to assure the legality of the transaction done by such corporations, Advice the company on its legal rights and duties, and remind the responsibilities of such corporations should also be remanded to the corporations. Corporation means the corporate officers involved in such a field. to understand it more it is required to understand it by studying the law of corporate finance properly.
Corporate governance provides valuable guidance to the corporation to maintain its management and operations. It provides accountability, and transparency, reduces the chances of risk and fraud, provides the rights to shareholders, etc.
Corporate governance is mainly for the shareholders of the company so that they build a level of trust and invest in the company. Investing helps in the growth of the country and plays a huge role in the GDP of India.
Merger and acquisition
The name itself explains its meaning merger means combining two or more and acquisition means acquiring or taking from another. In the corporate sector, it is common to merge or acquire other companies either through consent or through order. For this procedure, certain laws are formed which are followed by the lawyers of the specific firm. The lawyers must take care of the contract and documentation. The lawyer must have proper knowledge about the law and work for it.
Commercial law deals with the issues related to the sale and distribution of goods and transactions related to it. The responsibilities of the lawyer include reading contracts, amending contracts, drafting legal papers for the business not only handling the legal matters of the company, reviewing licensing agreements, and a lot more. For this job lawyer must have good command over contract and negotiation.
It is the most common but most complicated law. It not only requires the knowledge of Law but also the knowledge of accounts as well. It is not just part of the corporate sector but every citizen can need a tax lawyer for different matters related to taxes. The lawyer must have good knowledge about taxes and the special laws related to taxes. It can be a corporate job and a lawyer can do freelancing as well.
The competition law promotes competition between companies in the market. Through competition, the level of goods and services becomes advanced and better for the consumer. It prevents the negative effects of competition and promotes consumer interests.
The duties of a lawyer here are to maintain the functions of the company, lift the corporate veil when requires, undertake the share and capital work and the procedure of the company's formation, deal with the different companies for a legal matter, meeting board and general and so on.
To become a corporate lawyer few points must be kept in mind:
Knowledge about the drafting of contracts
Drafting is an important part of the law. It is part of each sector of law drafting that is done for court purposes as well as for documentation also. For the corporate sector having good knowledge about drafting contracts is necessary. It is part of day-to-day work in offices or companies.
Business awareness is one of the most important skills
Corporate lawyers must have knowledge and awareness about the business. To operate the corporate sector business knowledge is mandatory it helps to understand the matters and how to deal with them.
Knowledge about the clauses of the contract
Lawyers must understand the clauses in the contract to take steps accordingly. The contracts are made to confuse the other party's lawyer who can get what points can go in favor of the party and what points can go against.
Must have a great command of the communication skill
Lawyers must have great command of communication skills as it is the most important aspect of this profession. The power to influence through communication is the greatest power of a lawyer.
Should have legal and business ethics
Being a lawyer is a profession of dignity and respect. A lawyer must be ethical towards work as one lawyer is not just representing himself but representing the entire law.
Knowledge of the subject in which practising
A lawyer must have a good command of the subject especially in which the lawyer is practicing. To deal with cases it is require having proper knowledge which is also for the betterment of the corporation.
No field is easy to work in and the corporate sector of law is more responsible work as this sector or this branch of law is comparatively new and developing. Selecting the correct branch of law for practice is important as it is completely based on the interest and knowledge of the law aspirant. Before selecting a particular branch it would be preferable to do an internship during the college breaks to get knowledge of practical work and know deep about it.
AUTHOR – Shivam Chandila