In the recent times, the world has witnessed a rise in demand for corporate lawyers across the globe. With the advent of liberalization, globalization and digitalization, there has been an increase in cross-border trade and commerce, foreign investments, incorporation of entities, start-ups, joint venture, partnerships, e-commerce platforms, etc, for doing business in India.
For the purpose of doing business in India, the parties are required to have knowledge about the governing laws of India, sectoral regulations, foreign direct investment (FDI) policies, Government licenses and approvals, contractual obligations, dispute resolution mechanisms, forms of entry in India, drafting of proper terms of contract in order to safeguard the interests of the parties, protection of intellectual property rights, conducting due diligence, post-contractual obligations, mergers and acquisitions, and so on.
This is where the requirement of a corporate lawyer becomes relevant and imperative. Only a professional lawyer having adequate experience in corporate and commercial laws which includes laws on investment, business, international trade, insolvency and bankruptcy, cyber, competition, real estate, arbitration, dispute resolution, out-of-court settlement, and management of litigation, restructuring, business collaborations/tie-ups, etc, shall be in a position to render correct legal advice to its client, at all stages of business.
Corporate lawyers unlike litigation lawyers are required at the inception of business. Their role begins with advice on a particular sector after which they help the client to set up a business entity, fulfil legal and regulatory compliances, and finalize various contracts within the business with employees and also with third parties. Overall corporate lawyer can ensure compliance with the law from start till operations.
No doubt there is a requirement of corporate lawyers in India. However, the current market scenario shows a saturation of lawyers in the legal field. This has led to unemployment and frustration amongst new lawyers. While there is a demand, one cannot overlook the fact that for every one job there would be ten available lawyers, thereby keeping a huge gap between the demand and the supply.
About the Author
Mrs. Sushila Ram Varma is an Advocate and Chief Legal Consultant of The Indian Lawyer & Allied Services. She has strong functional knowledge of the law, with 25+ years of excellence and exposure to both domestic law as well as international law. The areas of practice include corporate and commercial laws, advisory and transactional work, etc.
The Indian Lawyer & Allied Services functions as a multi-city business and commercial boutique Law Firm, headquartered in New Delhi and having Offices in Mumbai, Hyderabad, Chennai and Darjeeling . The Firm offers a wide range of services including Legal Services, Financial Advisory Services, Business Consultancy, Accountancy Services, Taxation and Risk Management, to clients across the globe.