Commercial law firms advise companies and governments on business dealings. Their duties cover an array of legal fields and works related to law. Due to this array and aspects of law, the field has been divided into departments namely – practice areas. Inside a practice area, lawyers are expected to undertake certain roles in their line of the jury.
Transactional lawyers
These are lawyers who draw and review legal documentation that underpin clients’ processes and deals. Their responsibilities involve advising their clients in the best practice possible in closing transactional dealings and will be able to define and defend them in case of lawsuits in the court of law placed against their clients when disputes arise.
Contentious lawyers
These are lawyers who help their clients in dispute resolution with third parties. They advise their clients on the best ways to win a case and define strategies taken by their clients like exhibits and witnesses to ensure they win a case in their favour.
Commercial law firms practice areas
Corporate
Companies of any category must comply with their constitution and the constitution of the land. They should be able to comply with the laws in the companies act applicable to companies across the board. The corporate lawyers include preparing legal documents in the interest of corporate activities and all the transactions like restructuring and acquisitions, and in this case, corporate lawyers act as project managers on behalf of the company. In this capacity, ensure all legal aspects are on schedule and run smoothly.
Finance and banking
Finance lawyers protect their clients against the risks involved in financial deals. For example, bankers risk their money on borrowers who commit themselves to pay back loans lent to them with interest agreed to keep them in business, while the borrowers themselves commit their collaterals if they are not able to service their loans. The finance and banking lawyers will take care of all the legal documents required before funding is granted. They also ensure that all conditions required of a borrower are fulfilled for the funds to be released.
Dispute resolution
These are lawyers who advise their clients on the best routes to take when pursuing a dispute and assist them in legal issues and strategies their clients to win the case. They guide their clients through trials and proceedings to avoid contradictions, which may lead to a conviction. Dispute resolution lawyers also act as arbitrators and mediators on a dispute.
Other law practice areas
A large number of lawyers working in commercial law firms work in finance and banking, corporate and dispute resolution, while there are other departments in law like employment, real estate, tax, etc., where the lawyers in those departments perform specific duties. The lawyers on these smaller departments involve advising their colleagues in their area of operation and ensure all legal aspects of the deals are observed to the latter. They are also tasked with training other lawyers from different departments but under one corporation on the legal implications ensuing from the changes made in the department and how the changes are likely to affect the general laws governing the company. Their duty as lawyers from the small department may overlap with other lawyers’ duties. Therefore, consultation with other lawyers is important to keep the work environment smooth and harmonious.
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