Most of the young lawyers in this gen, go in two ways after law school. They are – Corporate Laws and Litigation. This article discusses in brief, the pros and cons of each sector and the reasons for choosing the same.
By: Sneha Mahawar, Ramaiah Institute of Legal Studies.
In India, legal education is governed by the Bar Council of India (BCI). Law is a field that is a very diverse and very wide career option. It requires both practical knowledge and application of the knowledge at the correct moment. It is an essential element for any country to function in a proper systematic manner. It helps a person know about his rights and even protect the rights of others. A law degree opens doors to a wide range of professions like research, education, government jobs, banking, finance, etc. Further law profession gets divided into two sectors corporate law and litigation.
What is corporate law and life as a corporate lawyer?
Corporate law is a body of law governing the rights, relations, and conduct of persons, companies, organizations, and businesses. It entails business and business-related issues it deals with the formation and operation of corporations and is related to commercial and contract law. This is a sector where corporate factors involve handling a wide range of legal issues for business, where corporate lawyers are involved in advising businesses on their numerous legal rights. Corporate lawyers work in a law firm, where they council their clients and handle business transactions including negotiation, drafting, and reviewing of contracts and other agreements associated with the activities of the business, such as mergers and acquisitions, and divestitures. They also advise business clients on corporate governance and assist business clients with financial information.
What is litigation and life as a litigator?
Litigation is an ultimate legal method for settling controversies or disputes between and amongst persons, organizations, states, and government. In the litigation process, a case called (lawsuit or suit) is brought before a court of law suitably empowered to hear a case and helps them to resolve the issue. Litigation involves writing, reviewing documents, and arguments. This is a promising career all it needs is your dedication and hard work. It promises greater challenges and the greatest rewards. One needs to make a lot of effort and to work hard at the beginning, but as it is said “hard work pays” a litigator gets paid on his demand, he has to travel a long journey but this journey brings him to a safe destination. This career needs a lot of patience and but then you are your boss, you need to work for yourself and there is no one governing you. As a litigator, you can slay in all economies, unlike corporate where fortunes can rise and fall with the economy.
Reasons to choose Litigation as a profession
- Litigation is a field where an individual can attain name and fame.
- Litigation provides an individual with a huge amount of money.
- In litigation lawyers have the liberty to make their own choice, to choose their clients to set fees, choose their practice area.
- A lawyer can enjoy a prestigious position in society.
- Litigators are placed or employed throughout the year and they do not have to worry about the low economy, as it does not affect their work.
Reasons for not choosing Litigation as a profession
- To be a well-established litigator one needs to work for years.
- A litigator does not receive enough money at the beginning of his career.
- A litigator does not receive clients easily at the beginning of his career.
- A lot of hard work is required to establish one’s name as a litigator.
- It is difficult to find a job in the beginning and to convince the clients to have faith in the case.
Reasons to choose Corporate Law as a profession
- In corporate law, a lawyer only has to give his best as the company is already well established.
- There are clear benefits to having a strong, unified company culture underlying your business’s operations.
- A corporate job provides an individual with a lump sum of money from the beginning.
- In a corporate job, there is an assurance of a job
- In a corporate job, you get good exemplary knowledge of business law, current business trends, legislative, and regulatory development.
Reasons for not choosing Corporate Law as a profession
- In a corporate job an individual does not get employed throughout the year, when there is a low economy you there is less job availability.
- In a corporate job, the work is more and time is less.
- In a corporate job, there is high pressure and burdening deadlines.
- An individual in a corporate job is under the control of his superiors and cannot make his own decisions.
- In a corporate job, there are fixed hours, at a fixed place which turns out to be monotonous.
Hence, both careers are rewarding in their ways. Each career has its own negative and positive aspects. An individual should choose the career which is most beneficial for their personal growth and gain.