What's the difference between "corporate" and "commercial" law?
In this newsletter, we focus on the difference between "corporate" law and "commercial" law, as the way these terms are used in practice can be quite confusing.?
But first...
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So, what is the difference between the phrases "corporate law" and "commercial law"?
Commercial/corporate law (firms)
Well, 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. For example, in the UK, we tend to use the phrase "commercial law firm" as an umbrella term for firms that carry out legal work for businesses, be that transactions, disputes, or advisory work. In the US, people often use "corporate law firm" to describe the same type of firms.
Commercial law (practice area)
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.
Corporate law (practice area)
The phrase "Corporate law" is also often used to describe a specific (but different) law firm practice area, one 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 lawyers in such "corporate" teams 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.
Corporate teams also tend to:
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 23 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, M&A and private equity, 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.