Commercial lawyer represent companies.
Lawyers advise and advocate on behalf of their clients on a wide range of legal issues. Commercial lawyers specialize in business in commercial matters, mostly representing companies or corporations that engage in business transactions. Lawyers who specialize in commercial matters may also be referred to as corporate lawyers. Competition for job openings as commercial lawyers is intense because of the large supply of practicing attorneys and large number of law school graduates each year.
Role
Commercial lawyers focus their law practice on business matters. In this respect, a commercial lawyer may either engage in transactional work or litigation. Transactional lawyers advise clients on legal issue related to transactions, often drafting, negotiating and executing contracts. Transactional lawyers also advise clients on their legal rights and obligations. Litigators who specialize in commercial matters engage in commercial litigation. Litigators represent and advocate for clients in judicial proceedings. Commercial litigators may represent an individual or company suing another individual or company. Commercial litigators also defend corporate clients who get sued.
Education
To pursue a career as a lawyer, it takes seven years of post-high school full-time study, which includes four years of college and three additional years for law school. To qualify for law school admission, applicants must have an undergraduate bachelor's degree and take the Law School Admissions Test (LSAT). Some law schools offer part-time programs, which usually take four years instead of three. The law school admissions process is generally competitive. While it is not required, it is helpful for commercial lawyers to have some background in business matters. That background could include an undergraduate business major or other corporate work experience.
Bar Admission
To practice law in any state or jurisdiction, a law school graduate must obtain a law license in the jurisdiction in which they wish to practice. Each state has its own requirements, but all states require that the applicant pass a written bar examination. Most states also require applicants to pass the Multistate Professional Responsibility Examination (MPRE). Finally, most states require that an applicant satisfy their standards for moral character fitness.
Qualifications
Practicing law is a large responsibility. Potential lawyers should have excellent research and writing skills, be creative thinkers, possess strong reasoning skills and pay careful attention to detail. Lawyers must consume, understand and synthesize large volumes of information. Commercial litigators must have the ability to think and speak quickly, confidently and with ease in a trial setting. All commercial lawyers must possess some knowledge of corporate law.
Income
As of 2008, the Bureau of Labor Statistics reports that the median annual income for all law school graduates was $68,500. The median annual income for lawyers engaged in private practice, as opposed to government or non-profit work, was $108,500. Because most commercial lawyers, by the nature of their specialty, work in private practice, commercial lawyers tend to generate more income than other types of lawyers. As a result, competition for commercial lawyer jobs is fierce.
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