What do corporate lawyers do?

In this newsletter, we take a look at the meaning of "commercial lawyer" vs. "corporate lawyer", we explain the role of corporate lawyers, and we highlight some of the reasons why lawyers find this practice area appealing. But first...

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"Commercial" law vs. "corporate" law

Confusingly, “commercial law”? and "corporate law" can have multiple meanings in the context of law firms. On the one hand, these terms are often used interchangeably to describe business-related legal work, as well as the firms that carry out such work.

However, "commercial law" is also sometimes used to describe a specific law firm practice area that advises on the law that governs commerce, and these teams are often responsible for drafting and negotiating commercial contracts such as terms and conditions, supplier agreements and customer contracts.

Commercial teams might also work on data protection and intellectual property-related matters, depending on how a firm is structured.

In addition, "corporate law" is also often used to describe a specific law firm practice area that generally focuses on facilitating (i.e. project managing) transactions and executing deals, including in the context of share sales, mergers, acquisitions, joint ventures and initial public offerings.

The role of corporate lawyers

Corporate lawyers generally focus on facilitating (i.e. project managing) transactions and executing deals, including advising on share sales, mergers, acquisitions, joint ventures and initial public offerings.?

This often involves liaising with and co-ordinating other internal practice areas, international offices (and/or law firms in other jurisdictions) and external advisers in order to source specialist advice that can then be fed into deal documents.

The Corporate department also:

• Produces much of the key documentation necessary to execute transactions; advises bidders and targets on public takeover offers.
• Advises sellers and purchasers on private acquisitions and disposals; advises individuals on potential equity (i.e. share) purchases.
• Advises managers or companies in connection with management buy-ins and management buy-outs.
• Offers general corporate advice concerning, for example, contractual rights and legal processes.?

Why do people enjoy corporate law?

If you are interested in the business world and how businesses operate, then a seat in a corporate team is likely to appeal to you, as there may be ample opportunities to get to know client businesses inside out (e.g. whilst carrying out due diligence), as well as carry out business research and work on client pitches.

The seat might also appeal if you’re interested in the M&A process and working with a broad range of people (internally and externally, including internationally), as the role often involves project managing M&A work streams and coordinating other advisers.

Moreover, you might be attracted to the prospect of being at the centre of a deal (from a legal perspective). The corporate team often leads on deals, which tends to involve primary responsibility for putting together the legal documents and running the processes needed for a deal to complete. This can provide more oversight over a deal than you would otherwise have in specialist teams.

In addition, corporate transactions tend to have shorter timescales than contentious matters (usually 3-6 months). So if you like the idea of working on matters that resolve fairly quickly – and you’re attracted to the variety that this can bring to your role – this could be another positive of a seat in corporate.

For a deeper insight into the role of key practice areas and trainee solicitors, including in the context of acquisitions, complete Commercial Law Academy’s Introduction to commercial law course and A law firm's role on a transaction case study, or pick up the Training Contract Handbook.

As a reminder, Commercial Law Academy offers 22 in-depth courses, covering: insights into legal careers, firm profiles and interview insights, expert advice on writing applications and tackling psychometric tests, dozens of example (verified) successful cover letters and applications, resources to help you prepare for interviews and internships, example interview case studies, practical content to help you understand and confidently discuss commercial concepts and current affairs, plus tips on how to network, negotiate, deliver presentations and write professionally. Check out this animated explainer video for more information.