The difference between commercial law and corporate law is rather easy to grasp. Corporate lawyers merely craft deals or transactions, and corporate lawyers act when those deals go bad. Corporate litigators therefore resolve corporate disputes either through the legal system or via other methods, like arbitration or mediation. In corporate law, there are two specific types of lawyers: managers and associates. A manager according to business lawyer Chicago, is typically someone in a corporate position, with managerial responsibilities.
Corporate lawyers who work at the national level handle transacts between large corporations and their diverse creditors and investors. They are instrumental in resolving acquisitions, divestitures, spin-offs, bankruptcies, reorganizations, and other corporate changes. Associates, meanwhile, focus on corporate disputes and litigating those issues. While associates must negotiate deals on behalf of their corporate clients, managers must settle disputes involving employees and staff. The role of transactional lawyers, which includes many different sub-specialties, is to decide the details of the transaction or to prepare the case for corporate lawyers at trial. This may entail preparing all the documents related to the transaction, interviewing witnesses, collecting financial data, performing background research, consulting with potential jurors or opposing parties, and preparing and presenting all court proceedings.
One of the most common forms of corporate law is limited liability. This law provides the protection of a corporation from suits brought against it by individuals. Basically, the more common form of limited liability involves issuing shares to the shareholders, or owners of the corporation, and providing them the power to sell off their stocks and assets in the event that the corporation incurs debts or loses money. Another form of limited liability occurs through the corporation’s formation process, in which the corporation creates an LLC (Limited Liability Corporation). Other forms include general partnership, proprietor-shareholder relationship, proprietor-employee relationship, and entrepreneur-contractor relationship, among others.
In order to give advice on corporate law, corporate attorneys must have the appropriate background, including a strong background in the particular area of corporate law they are advising. This can be determined by checking with the American Bar Association, where most attorneys gain their start, or the National Association of Legal Assistants, which can also give legal advice to lawyers who are not members. Corporate attorneys can obtain a list of reputable corporate law firms in their area by asking colleagues and friends for recommendations.
Many corporate lawyers work on a contract basis, working only for the corporations they represent. Because these lawyers do not handle personal legal issues, it is important to make sure they are familiar with the local laws and procedures of the jurisdiction in which they will be practicing. This can ensure that they do not violate any laws while representing the corporation. Corporate lawyers can also be a valuable source of information and advice regarding a variety of business disputes. In order to find legal professionals with expertise in corporate law, clients should check with corporate attorneys’ associations, corporate litigation lawyers and corporate law research organizations.
Because corporate lawyers usually deal with disputes between businesses rather than between individuals, some may also recommend that their clients pursue personal legal matters through arbitration or mediation instead of going to court. While arbitration and mediation can be less expensive than going to court, some corporate lawyers feel that they afford their clients a greater degree of safety. To find an experienced and reputable corporate lawyer, corporate law research is a good starting point. Clients should also consider whether they want to retain the services of a firm that provides onsite legal assistance.