Commercial lawyers are undoubtedly getting enormous returns for the services they offer businesses at different levels. Interestingly, the advent of more business startups worldwide has increased the potential for financial success and demand for more business lawyers. Little wonder, the industry is becoming more competitive by the day.
If you are interested in becoming a commercial lawyer is not impossible. Even if you are already a professional in a different field, you can take a turn around and follow a new and different way into the practice of commercial law and legal procedures in the business.
Commercial lawyers play a vital role in the establishment and growth of a business. Mainly, you will have to work with your clients to make sure they make informed decisions at every stage of the beginning phase of their business. Also, your clients will need your guidance when handling contract terms, drafting paperwork and every process of transactions.
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Does that look like tedious work? That might be true. However, you can make lots of money in the process. More interestingly, you will be dealing with top businesses daily. And that amounts massive sum of money.
Before counting your eggs before hatching, it is good to know your responsibilities as a commercial lawyer.
What are the duties of a commercial lawyer?
As you might have noticed, commercial lawyers play an essential role from the beginning of a business and still work hand in hand as the corporation grows to become a large franchise. Majorly you are expected to help your clients handle legal issues and mitigate every possible risks that may spring out at any stage of the business.
Still, on legal terms, you are expected to function as a constant representative of your client in the court of law to negotiate on their behalf. Meanwhile, you may choose to work as an in-house legal counsel of a business or as an independent commercial lawyer. It all depends on your interest and, of course, the offer made by the company involved.
Overall, your responsibilities as a commercial lawyer include helping clients to:
- Amend and draft contracts
- Review terms of M&A (Mergers and Acquisition) transactions
- Maintain and manage legal documentation
- Draft reports for commercial transactions
- Respond to legal concerns from clients
Without further ado, let’s go to discover the efforts you can make to become a well-respected commercial lawyer. We have helped you to break down the entire road map in 7 simple steps.
7 Simple Steps to Become a Commercial Lawyer
1. Get a degree
You can’t be a recognized commercial lawyer unless you have a reputable certificate to show for it. Unless you don’t want clients to take you seriously, you have to earn at least an undergraduate or bachelor’s degree in a respectable institution. No potential client would hire a commercial lawyer unless there’s proof he’s a scholar in law.
Typically, being a commercial lawyer mean that you have studied commercial law. Meanwhile, it is not compulsory to study commercial law or any other course that deals with legal regulations in business. Suppose your present field of study is not related to law. In that case, it may take you longer to complete a Graduate Diploma in Business Law and become an expert commercial lawyer, but it is possible.
2. Explore a vacation scheme
A vacation scheme is a period that allows you to work in a field of interest to have a feel or experience of what it means to work in that environment. Hence, asking to work during a vacation scheme will help you gain experience in commercial law even when you are still studying. This move will help you familiarise yourself with law firms and legal practices for up to one month. You can take advantage of a vacation scheme by using it as an internship before starting to practice as a professional commercial lawyer.
Make sure you look for reputable firms that offer vacation schemes for aspiring commercial lawyers. That way, you will learn from the best and gain valuable insight into corporate structure and culture.
3. Start networking
To be listed among the most respected commercial lawyers in your region, you must build a strong network of experienced lawyers with pedigrees to show for it. Hence, you need to start building solid connections as early as possible.
As a matter of fact, you need to start after you enrol in law school. Your fellow law students can rise to become prolific commercial lawyers after school, and those contacts might become wealthy later. Getting familiar with your senior colleagues during the internship is also advisable, especially where you have your vacation scheme.
4. Write a convincing CV
Potential clients want to know what you can do before entrusting the future of their business to your hands. That’s why your CV matters in selling yourself to your clients amidst the tough competition.
Your CV must showcase your achievement and highlight your strengths and what makes you different from other regional commercial lawyers. It is also essential to tailor your CV to what your clients want. A cumbersome CV with no clarity will not help you win a client.
5. Complete your Legal Practice Course
No matter how much understanding you have gained during your vacation scheme and training contracts, you cannot become a practising commercial lawyer until you have finished your Legal Practice Course. You may take this course immediately after you finish your undergraduate studies or enrol the following year. Whichever time you prefer, LPC is your best route to understanding everything you have learned. It presents a platform where you can apply all the training and knowledge amassed during the vacation scheme.
At times, the law firm can pay you for the training. So, it is vital that you choose where you have your LPC carefully.
Work experience counts when it comes to choosing a competent commercial lawyer. So, you must be sure you work for about one year or more to increase your chance of becoming a favourite pick amidst the competition pool. Work experience in law related field for a long time can still count. So, make an effort to seize all the available chances if you want to stand out as a respected commercial lawyer.