Don’t give up! Here’s a quick outline of the the things you should be aware of while at university if you’re thinking about becoming a lawyer – you’ll find more detail on each of them later on in the guide: Once you're confident that commercial law is the career for you, you'll need to apply for training contracts with a selection of firms you feel you'd enjoy working at. >> Introducing a career in commercial law, his views on the skills needed by trainee lawyers. What makes you think that you would be particularly suited to a long-term career at a commercial law firm such as X firm?’ (max 1,500 characters) Put yourself in the shoes of the graduate recruiter. Understanding why businesses act the way they do and what they are trying to achieve is as important as the legal knowledge you’re bringing to the table. To help you make up your mind, we teamed up with the University of Johannesburg who run a prestigious law department to give you an insider’s guide to careers in commercial law - a popular, lucrative and fast-paced area of law with amazing job prospects for graduates. Obviously, salary will vary by country, but corporate lawyers tend to earn a lot of money around the world; including between US$31,600-157,400 in the UK, US$46,300-117,200 in Canada, and up to US$143,700 in Singapore. Commercial law is all about providing practical support to companies across the spectrum of contracts they enter into as they go about their day-to-day business. Please login or register to post comment above our articles. Working in commercial law, you would be spending your time advising clients on various day-to-day legal issues that may arise as they manage a business. Well, candidates with commercial awareness are able to demonstrate a general sense of the world’s political and economic landscape and the different factors moving markets and informing business leaders’ decisions. Salary packages tend to include bonuses ranging between US$1,300 and US$51,200 as well as profit-sharing proceeds of up to US$157,600 depending on the company. Find out here how to apply and get the chance to be reimbursed in full for all of your tuition fees. At its very core, in this sector you'll be focused on people and problem-solving. Commercial lawyers are solicitors who advise companies and governments on business-related issues. Commercial law is developing in leaps and bounds because we all are in some way or the other involved in commerce, which means that we’re selling goods, we’re selling services, we’re all in employment, and we plough those funds back into commerce. While there are many routes into commercial law, a number of students turn to LLMs (which is short for master of law) as a way to specialize. Train for a thriving career in commercial law, 10 of the Oldest Universities in the World, International Scholarships for Students from Developing Countries, Future Managers: How You Can Prepare For a New Era of Socially Responsible Business, Living in Student Halls During Coronavirus: 5 Things You Need to Know, QS University Rankings: Asia – Methodology, Coming Soon: QS World University Rankings by Region 2021, QS University Rankings: Latin America – Methodology, Top Universities in Latin America in 2021, 5 Reasons Why You’ll Want To Study Business In Guadalajara, 5 Reasons To Choose An International Experience For Your Bachelor’s Degree, QS University Rankings: Arab Region – Methodology, Find your perfect School and Program with our matching tool, Connect with other students on our forums. With so many options to choose from, deciding what to specialize in when you’re fresh out of law school can be a daunting process. Use at least 6 characters and one numeral, Everything You Need to Know About Working in Commercial Law. All rights reserved. In terms of LLMs actually valued by commercial law firms, you might want to take a look at courses with an international edge that ground theory in practical applications, like the University in Johannesburg’s LLM in international commercial law. (Please limit your answer to 250 words only) Why are you interested in a career in corporate law? They can either be transactional lawyers, meaning they draw up and review the legal documents that underpin the deals their clients are working on, or contentious lawyers, meaning they help their clients resolve disputes with other parties. Before you start your training contract, you'll need to complete another 1-2 years of legal education at law school (see below). A sound knowledge of law and high-level writing and reading skills aside, many law firms will ask that you demonstrate “commercial awareness”. The specialism in International Commercial Law will appeal to law graduates and non-lawyers at all stages of their careers and from around the world who have an interest in the commercial dimension of international legal issues. The most common practice areas, in terms of number of employees, are described in more detail in the next section of the guide, “What do commercial lawyers do?”. To be eligible, you just have to register by 2018 and complete your master’s degree within two years. Businesses Follow the Law. One should do a small research about all the fields of law before selecting one. Administrative Law Judges So, what does it mean exactly? In fact, salaries tend to be high from the get-go, with graduate corporate lawyers in the US earning as much as US$57,600 in their first year and salaries may rise to up to US$252,100 later with seniority, according to PayScale. QS Quacquarelli Symonds Limited 1994 - 2020. A transaction will qualify to be international if elements of more than one country are involved. All rights reserved. How are they doing financially? Sponsored by the University of Johannesburg. Before diving into the meaning and importance of why we study business law, let's take a look at the reasons and benefits of studying business law.