Corporate and commercial law are related but separate branches of law. Due to this, the public usually thinks that corporate and commercial lawyers perform the same set of duties and responsibilities when they don’t. So, to highlight the similarities and differences, we outlined a job description for both professions below.

What Is a Corporate Lawyer?

A corporate lawyer takes charge of all the legal issues connected to corporate business practices. They usually handle various legal, financial and business functions on behalf of their clients. Also, a corporate lawyer takes charge of corporate taxes, oversees acquisitions, and appraises mergers. They are also involved in negotiating business agreements, handling the corporation’s day-to-day legal business and verifying accounts for business transactions. Finally, a corporate lawyer can represent their clients in court when needed.

What Are the Duties of a Corporate Lawyer?

• Contracts

A corporate lawyer reviews, drafts and negotiates all the legally-binding agreements the corporation has entered into. The role also involves looking into everything from lease agreements to corporate acquisitions.

• Mergers and Acquisitions

A corporate lawyer is in charge of conducting due diligence, drafting, negotiating, and supervising a corporation’s deal that involves acquiring or merging with another company.

• Corporate Governance 

A corporate lawyer helps corporations create frameworks that outline how the firm would be governed or controlled. This includes drafting articles of incorporation and creating bylaws. They also advise corporate officers and directors on their responsibilities, rights, and the other managerial policies of the company.

• Venture Capital

A corporate lawyer helps existing corporations and startups look for capital for building or expanding the business. Typically, this involves securing capital through private or public financing.

• Securities

A corporate lawyer provides their clients advice on how to comply with securities law. This includes the regulations to prevent fraud, market manipulation and insider training. 

How Does One Become a Corporate Lawyer in Australia?

Corporate law is a prestigious profession. However, to become a corporate lawyer, one should undergo the following.

• Complete a legal degree

This is the most straightforward path to becoming a corporate lawyer, and it involves passing the Australian Tertiary Admission Rank (ATAR) with a high score and 3-4 years of full-time study. 

• Complete practical legal training

This provides you with experience in the legal field before starting the actual law practice. The training can be completed as part of the Juris Doctor course. 

• Get approval from the Admissions Authority

Contact your local state Admissions Authority after completing your study and training. Have your qualifications approved to become a lawyer of the Supreme Court in your home state.

• Get a Practising Certificate

A Practising Certificate allows you to practice corporate law in the territory and become a solicitor or the corporate lawyer’s legal rank. You can secure this from your state’s Law Society.

• Complete supervised practice

As a new corporate lawyer, you need to undergo a 24-month supervised practice under an experienced solicitor. The practice helps you earn the experience of meeting corporate clients, overseeing legal processes and creating legal documents. Once completed, you can immediately practice corporate law independently.

What Is a Commercial Lawyer?

A commercial lawyer helps protect the property and interests of a business. They undergo specific training in intellectual property laws and commercial law. Also, they are tasked to deal with business and commercial legal matters. Furthermore, these lawyers help handle business documentation, paperwork and related transactions. In some instances, a commercial lawyer may also assist in addressing company issues, such as those that require motions and resolving issues in courts.

What Are the Duties of a Commercial Lawyer?

• Handles court representation

A commercial lawyer is the legal representative of a business or an organization in a court of law. The lawyer represents the business when faced with legal charges or when the need to appear before a judge or enter a courtroom arises. 

• Drafts legal documents

A commercial lawyer is responsible for drafting legal documents for businesses. This usually includes the following:

• Letter of demand
• Privacy policy
• Cease and desist letter
• Business merger agreement
• Partnership agreement
• Shareholders agreement.

• Anticipates upcoming legal concerns

A commercial lawyer provides advice to businesses regarding possible legal concerns. They are responsible for warning the businesses when their operations go beyond the rule of law and become the company’s legal concern.

• Addresses legal problems

A commercial lawyer automatically acts as the legal representative if a business encounters legal troubles and issues. They are expected to do everything to resolve all the legal issues on behalf of the company.

• Protects the business assets and properties

A commercial lawyer helps protect the business assets and property. In most cases, the lawyer studies and masters the intellectual property law because it protects the business ideas and assets from impersonation or theft. Also, a corporate lawyer seeks litigation for companies that threaten or violate the company’s rights.

What Are the Credentials Needed to Become a Commercial Lawyer?

To become a commercial lawyer in Australia, you need to have the following credentials.

• A Bachelor of Law Degree

A bachelor’s degree is among the most vital credentials to become a lawyer. Thus, it is also required when you want to practice commercial law.

• Legal work experience

You need to complete at least an 80-day supervised work under a licensed attorney to apply and earn a legal certification. You can also enrol with a law firm or seek help from your state’s Legal Admissions Authority.

• Legal certification

Apply for legal certification at your state’s Admissions Authority. This agency will check your credentials and verify your competency. Once completed, they will issue a legal certification allowing you to practice law in the territory.

• Practicing certificate

A practicing certificate proves that you are a specialized lawyer who practices commercial law and provides you with the legal rank of an official solicitor.

Final Thoughts

Contrary to common belief, corporate and commercial lawyers play different duties when practicing their professions. A corporate lawyer works for a corporation, while a commercial lawyer works for businesses. However, both of them are involved in handling the legal concerns of their respective clients.