 | The examples and perspective in this article may not represent a worldwide view of the subject.(January 2018) |
A corporate lawyer or corporate counsel is a type of lawyer who specializes in corporate law. [1] Corporate lawyers working inside and for corporations are called in-house counsel.
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 officers. In order to do this, they must have knowledge of aspects of contract law, tax law, accounting, securities law, bankruptcy, intellectual property rights, licensing, zoning laws, and the laws specific to the business of the corporations that they work for. [2] [3] In recent years, controversies involving well-known companies such as Walmart and General Motors have highlighted the complex role of corporate lawyers in internal investigations, in which attorney–client privilege could be considered to shelter potential wrongdoing by the company. [4] 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. [5]
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 handmaidens 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. [2] [3]
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. [6] A small-town corporate lawyer in a small firm may deal in many short-term jobs such as drafting wills, divorce 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 under the umbrella of a corporate law division, for example. [2] [3]
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. [2]
Some publications read by those in the profession include Global Legal Studies, Lawyers Weekly, and the National Law Journal . [2]
The salary of a corporate lawyer can vary widely: those employed by major international law firms ("BigLaw" firms) earn starting salaries of US$215,000 per year, which rise every year with experience (this amount excludes any additional bonus payments). [7] Depending on the geographical location, the starting salary may be closer to US$160,000 per year if the market is secondary. [8] Attorneys employed at smaller firms tend to earn smaller salaries.
Several factors can influence salary trends in the legal industry, [9] including economic conditions, changes in legal regulations, and advancements in technology. For instance, certain practice areas might experience increased demand, resulting in higher salaries due to a shortage of qualified professionals. Conversely, salary growth may be more subdued in some regions or during economic downturns.
King & Spalding LLP is an American multinational corporate law firm that is headquartered in Atlanta, Georgia, with offices located in North America, Europe, the Middle East, and Asia. It has over 1,300 lawyers in 23 offices globally. It is Am Law 100, Global 30, and white-shoe firm.
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought.
Vinson & Elkins LLP is an international law firm with approximately 700 lawyers worldwide headquartered in Downtown Houston, Texas.
Cravath, Swaine & Moore LLP is an American white-shoe law firm headquartered in New York City. The firm has additional offices in London and Washington, D.C.
Simpson Thacher & Bartlett LLP is a white-shoe law firm headquartered in New York City. The firm specializes in litigation and corporate practices, particularly mergers and acquisitions and private equity, with over 1,000 attorneys in 11 offices worldwide.
Wachtell, Lipton, Rosen & Katz is an American white-shoe law firm in New York City. While many peer law firms have grown and become international brands, Wachtell has only a single, Manhattan office. It is one of the smallest firms in the AmLaw 100, but has the highest per partner profits of any law firm and pays significantly above the "Cravath scale" market rate for associates.
Of counsel is the title of an attorney in the legal profession of the United States who often has a relationship with a law firm or an organization but is neither an associate nor partner. Some firms use titles such as "counsel", "special counsel", and "senior counsel" for the same concept. According to American Bar Association Formal Opinion 90-357, the term "of counsel" is used to describe a "close, personal, continuous, and regular relationship" between the firm and counsel lawyer. In large law firms, the title generally denotes a lawyer with the experience of a partner, but who does not carry the same workload or business development responsibility.
Bernard William Nussbaum was an American attorney, best known for having served as White House Counsel under President Bill Clinton.
Debevoise & Plimpton LLP is an international law firm headquartered in New York City. Founded in 1931 by Eli Whitney Debevoise and William Stevenson, the firm was originally named “Debevoise, Plimpton & McLean”. Debevoise specializes in private equity, financial services transactions, private funds, and international arbitration. In 2021, the firm assisted the Democratic Party in the second impeachment trial of Donald Trump.
Morgan, Lewis & Bockius LLP is an American international law firm with approximately 2,200 legal professionals in 31 offices across North America, Europe, Asia, and the Middle East. Mergers with other law firms stimulated global growth and led to a ranking of eighth on The American Lawyer's 2018 top 100 firms by gross revenue list. It is also the largest law firm chaired by a woman and represents "three-quarters of the Fortune 100 companies."
Dechert LLP is a multinational American law firm of more than 900 lawyers with practices in corporate and securities, complex litigation, finance and real estate, financial services, asset management, and private equity. In 2021, the firm raised revenues by 25%, with a total of $1.3 billion. On Law.com's 2022 Global 200 survey, Dechert ranked as the 41st highest grossing law firm in the world.
Winston & Strawn LLP is an international law firm headquartered in Chicago. It has more than 900 attorneys spread across ten offices in the United States and six offices in Europe, Asia and South America. Founded in 1853, it is one of the largest and oldest law firms in Chicago.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. As of 2022, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$5.7 million.
Practical Law, a division of West Publishing Corporation, is a legal publishing company which provides legal know-how for business lawyers. It also acts as secretariat for the GC100 group of general counsel and company secretaries.
Foley Hoag LLP is a law firm headquartered in Boston, with additional offices in New York City, Paris, Washington, D.C., and Denver. The firm represents public and private clients in a wide range of disputes and transactions worldwide. It offers regional, national, and international legal services.
Allen Matkins Leck Gamble Mallory & Natsis is a law firm based in California with over 240 attorneys serving clients from six offices based in Los Angeles, New York, Orange County, San Diego and San Francisco.
C. Allen Parker is an American business executive and attorney. He was the senior executive vice president and general counsel of Wells Fargo, and also served as its interim CEO and president. Prior to joining Wells Fargo, Parker was a partner at New York law firm Cravath, Swaine & Moore LLP, and served as its fifteenth presiding partner.
S&L Advocates is a Ugandan law firm headquartered in Kampala, the capital city of Uganda. It is a leading business law firm that was founded in 1980 by Paulo Sebalu and Godfrey Serunkuma Lule. The firm is a member of DLA Piper and the DLA Piper Africa Group. The firm's advocates are members of various professional bodies, including the International Bar Association, the Commonwealth Lawyers Association, the East African Law Society and the Uganda Law Society.
Kasirye Byaruhanga & Co Advocates is a Ugandan law firm headquartered in Kampala, the capital city of Uganda. It is a business law firm that was founded in 1991 by Andrew Kasirye and William Byaruhanga. The firm is part of Mackrell International, a global law firm network, and is active in litigation, with a substantial part of its practice also dedicated to transactional matters and retainer clients. The firm's advocates are members of various professional bodies, including the International Bar Association, the East African Law Society and the Uganda Law Society.
Following her graduation from Yale Law School in 1973 until becoming first lady of the United States in 1993, Hillary Clinton practiced law. In 1988 and 1991 The National Law Journal named Clinton one of the 100 most influential lawyers in the United States.
