What Is a Corporate Lawyer?
A lawyer addresses the practical concerns of their clients through the application of legal ideas and precedents. They are highly educated and licensed. A corporate lawyer specializes in matters affecting the creation, operation or dissolution of a corporation and often, but not always, has corporations as their clients.
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History
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Corporate law has evolved to reflect the changing nature of business and corporate entities. The earliest joint, for-profit ventures arose during the Age of Discovery as a means to finance lengthy voyages at sea when national monarchies were unwilling or unable. The Virginia Company and the British East India Company sold ownership shares to 17th century investors for this purpose and are recognized as being among the first corporations.
Significance
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Corporations have come to dominate commerce around the globe, controlling most of the world's wealth and generating most of its employment. Because markets are in constant flux, corporations must also remain flexible, and, therefore, many employ in-house legal staff to consult on issues rising from the conduct of the business. In particularly complex matters or for litigation, the company team may retain sub-specialists from an outside law firm. Corporate issues continue to be vigorously litigated at all levels of the judicial system.
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Function
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The most common responsibility of the corporate lawyer is to perform "due diligence," which is the process of reviewing existing documents related to transactions, such as contracts, agreements and financial statements, to identify potential problems or issues before they arise. The due diligence of an in-house legal team is often the foundation for actions by corporate officers, who rely on recommendations for executive decision-making and as defense against accusations of malfeasance or mismanagement.
Types
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Most corporate lawyers work within the legal department of a corporation or as part of a corporate law firm. Some specialize in specific areas of business like corporate structure, governance, finance, taxation, insurance, real estate transactions and mergers and acquisitions, becoming experts in these narrow fields. Other corporate law sub-specialties include contract drafting and review, legal research and government regulation.
Potential
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One of the fastest-growing and potentially most important areas of corporate law is intellectual property and other issues arising out of new technology. The explosion of communications technology and the Internet have virtually wiped out previously existing businesses and created entire new ones. It has also made the enforcement of copyrights much more challenging. Adapting the principals of 20th century corporate law to a 21st century digital world will be a promising field within corporate law.
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Resources
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