This era can be deemed as the high-powered corporate era. The corporate sector has seen tremendous growth at an astonishing speed in the past decades. The immense success of the corporate world has dramatically changed and affected the economic conditions of many countries, providing numerous job opportunities for people. However, the corporate sector has a highly competitive and hectic nature that demands every merger, operation, business deal, and legal action must go without any issues. Therefore, there is always a need for highly skilled legal professionals in corporate offices.
They guide the organizations through the legality of financial transactions and international trade rules. In addition, they are vital as they represent the company in an acquisition and merger. Furthermore, they advise and educate the staff members about legal rights and duties. Thus, they are not just integral for external legal affairs but are crucial for internal business governance. Hence, legal professionals have abundant scope in the corporate world as they are fundamental in the functionality and advancement of a business.
Here are some career options that law students can choose in the corporate sphere:
- Internal legal adviser:
Internal advisers perform the duties of an in-house counsel that ensure adherence to legal rules and regulations by the company and its staff. In addition, they deal with labor, contractual, and liability issues. They have different roles for public and private organizations. Public organizations have registered shares at the stock exchange, and private companies have limited private stock at the stock market. Legal advisers assist the public company in matters of security and reporting about unsatisfactory financial outcomes. Whereas in a private company, they oversee the transfer of ownership and funds in the acquisition process and help in tax concerns.
In a public or private company, it is a job that requires exceptional skills and knowledge. Since the online platforms have made it accessible, one can go for an online llm which can offer a thriving career. This postgraduate degree provides maximum options of modules, dissertation topics, and a flexible law program. Internal legal advisers are really in demand in the business world because of the legal services they give. Apart from that, young aspirants are also excessively adopting this area of law because they only have to work to protect the interests of one client that is their company.
- Corporate litigator:
Corporate litigation involves much more than just lawsuits and companies suing each other. Any proceedings, disputes, or managing problems that encompass legal actions fall under the obligations of corporate litigators. They establish that the company follows all the legal principles of wages, equal rights policies, and fair hiring practices. They defend and support companies against lawsuits of unjust terminations, shareholder derivative cases, and labor strikes.
They further aid a company in case of breach of terms that occur mainly with other organizations. They decide after a thorough study of the matter whether prosecuting is favorable for the company. They act as a mediator between employer and employee to settle all kinds of disputes by strictly following the legal rules of employment. A corporate litigator has a vital role that warrants smooth operations and solving tort issues. Global organizations are increasingly hiring legal professionals for the posts of litigators to help in productivity.
- Legal manager:
It is one of the best career prospects in corporate law after acquiring higher education in the field. It is a choice of career that many law students sought because of the innumerable jobs available. Almost every business firm appoints a legal manager as it is a combination of legal and management fields in the company. They protect the company’s interests and IP assets with the expansion in line of products and services. In addition, they expertly deal with copyright and trademark laws and preserve the company’s name and logo.
Moreover, they give counsel to the Human Resource department in employment matters and maintain legality in contracts. They also facilitate the IT department on license and purchase contracts of Software to avoid problems of piracy and infringement. Security of information and private communications across national and international branches of the company is also the responsibility of legal managers.
- Tax consultant:
Tax consultants are legal professionals with advanced education in corporate and tax law. They are also well-equipped in the principles of accounting and finance. Tax consultants have immense scope freelancing and also as in-house employees in the corporate sector. They plan tax payments, reduce tax liability, solve inheritance issues, and aid in charitable donations.
Besides, they are vitally important as they advise and inform company owners of income tax returns, changes in tax law, and tax requirements at the federal and state level. In addition, they collaborate with the finance department to look for monetary deductions to minimize the tax burden. Corporate tax law involves intricate income and capital details that are extremely difficult in contrast to individual income tax rules. That’s why companies give high regard to tax consultants because they plan the best and most profitable tax strategies for the company.
- Chief legal officer:
The chief legal officer leads the legal department in a company, seeing to all the legal needs and affairs. Guiding and counseling the board of directors, CEO, and other senior executives about officially enforced corporate rules and regulations. Competent, highly qualified with a strong command of business law, and strong managing skills are some of the qualities that companies look for in a chief legal officer. It is a high-paying and well-respected job for legal professionals that allocate them a great career prospect.
Moreover, they develop corporate audit and internal compliance programs. They establish proper business relations and interactions with federal, local, and state government departments, official legislatures, and communal entities. They direct the company in every affair with the law, from sue troubles, taxation laws, harassment cases, investments laws, registration services to jurisdictions legality.
Lawyers and legal professionals are major benefactors in any organization because they help form commercial and financial strategies. They are instrumental in the company’s growth since their services protect the company from unjust lawsuits, monetary penalties, and fraud. The career opportunities for law professionals are very lucrative and versatile that makes for a prosperous life.