A corporate lawyer or corporate counsel is a type of lawyer who specializes in corporate law. Corporate lawyers working inside and for corporations are called in-house counsel.

Roles and responsibilities

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 officer Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit or ...

s. In order to do this, they must have knowledge of aspects of

contract law A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tran ...

tax law Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a ...

, accounting,

securities law Securities regulation in the United States is the field of U.S. law that covers transactions and other dealings with securities. The term is usually understood to include both federal and state-level regulation by governmental regulatory agencies ...

, bankruptcy,

intellectual property rights Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...

licensing A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreeme ...

zoning law Zoning is a method of urban planning in which a municipality or other tier of government divides land into areas called zones, each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a si ...

s, and the laws specific to the business of the corporations that they work for. In recent years, controversies involving well-known companies such as

Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...

and General Motors have highlighted the complex role of corporate lawyers in internal investigations, in which

attorney–client privilege Attorney–client privilege or lawyer–client privilege is the name given to the common law concept of legal professional privilege in the United States. Attorney–client privilege is " client's right to refuse to disclose and to prevent any ...

could be considered to shelter potential wrongdoing by the company. If a corporate lawyer's internal company clients are not assured of confidentiality, they will be less likely to seek legal advice, but keeping confidences can shelter society's access to vital information. 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

handmaiden A handmaiden, handmaid or maidservant is a personal maid or female servant. Depending on culture or historical period, a handmaiden may be of slave status or may be simply an employee. However, the term ''handmaiden'' generally implies lowly st ...

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. The areas of corporate law a corporate lawyer experiences depend from the geographic location of the lawyer's law firm and the number of lawyers in the firm. A small-town corporate lawyer in a small firm may deal in many short-term jobs such as drafting wills,

divorce Divorce (also known as dissolution of marriage) is the process of terminating a marriage or marital union. Divorce usually entails the canceling or reorganizing of the legal duties and responsibilities of marriage, thus dissolving the ...

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 acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

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 migrate to other professions such as investment banking and teaching law. Some publications read by those in the profession include ''Global Legal Studies'', ''Lawyers Weekly'', and the '' National Law Journal''.

Salary

The salary of a corporate lawyer can vary widely: those employed by major international law firms ("BigLaw" firms) earn starting salaries of US$ 205,000 / year, which rise every year with experience (this amount excludes any additional bonus payments). Depending on the geographical location, the starting salary may be closer to US$ 160,000 / year if the market is secondary. Attorneys employed at smaller firms tend to earn smaller salaries.

Roles and responsibilities

Salary

See also

References

Further reading