 | 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.
A barrister is a type of lawyer in common law jurisdictions. Barristers mostly specialise in courtroom advocacy and litigation. Their tasks include arguing cases in courts and tribunals, drafting legal pleadings, researching the law and giving legal opinions.
A lawyer is a person who practices law. The role of a lawyer varies greatly across different legal jurisdictions. A lawyer can be classified as an advocate, attorney, barrister, canon lawyer, civil law notary, counsel, solicitor, legal executive, or public servant — with each role having different functions and privileges. Working as a lawyer generally involves the practical application of abstract legal theories and knowledge to solve specific problems. Some lawyers also work primarily in advancing the interests of the law and legal profession.
King & Spalding LLP is an American international corporate law firm that is headquartered in Atlanta, Georgia, with offices located in North America, Europe, the Middle East, and Asia. It has over 1,200 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.
Morrison & Foerster LLP is an American multinational law firm headquartered in San Francisco, California, with 17 offices located throughout the United States, Asia, and Europe.
Cravath, Swaine & Moore LLP is an American white-shoe law firm with its headquarters in New York City, and 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 law firm in New York City, considered to be the top firm in the United States for major mergers and acquisitions. 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. The firm pays its partners through a lockstep system, meaning that compensation is tied to firm seniority, rather than hours billed or business brought in. The same is true for associate bonuses. This compensation model has led to the firm being called the "last true partnership."
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.
Sidley Austin LLP is an American multinational law firm with approximately 2,300 lawyers in 21 offices worldwide. It was established in 1866 and its headquarters is at One South Dearborn in Chicago's Loop. Among its alumni are former President Barack Obama and former First Lady Michelle Obama.
Morgan, Lewis & Bockius LLP is an American multinational 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 an American multinational 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 the 2022 Global 200 survey, Dechert ranked as the 41st highest grossing law firm in the world.
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, and Washington, D.C. The firm represents public and private clients in a wide range of disputes and transactions worldwide. It offers regional, national, and international legal services. Represented industries include life sciences, healthcare, technology, energy & cleantech, investment advisers & private funds, professional services and education. Foley Hoag also specializes in international litigation & arbitration, business counseling, privacy & data security, intellectual property, labor & employment, real estate & development, federal and state government strategies services, and maintains the first practice to provide advice on the role of corporations in respecting human rights.
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.
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. While she did pass the Arkansas bar exam, she failed to pass the District of Columbia bar exam.
