Corporate law is used to describe the relationship of the individuals and how they interact inside a company or corporation. These individuals play very different yet important roles in the corporation like the shareholders, creditors, employees, and the consumers as well. A corporate attorney is a lawyer that either represents a corporation or business in court, or serves as an advisor to one member of the corporation. This corporate lawyer specializes in the field of law that focuses on business and commercial legalities and transactions. This field involves taxation, contracts, accounting, financial reporting, bankruptcy, zoning laws, and intellectual property rights. The main role of corporate lawyers is to give legal advice to businesses and business owners about legal rights, obligations, and practices that are within the law, and to make sure all transactions done by the corporation are legal.
Specifically, corporate lawyers:
- Represent a client or corporation in court. When a client or corporation faces legal litigations or accusations, it is the corporate attorney's sole responsibility to represent the said corporation on all proceedings regardless if it’s a criminal or civil case.
- A corporate lawyer serves as an advisor. All transactions and proposals that the corporation will undertake, the corporate attorney is the one to do research and study each proposal. It is his job to make sure all transactions are legal, all contracts are perfectly written according to the arrangement of both parties, and signed, all employees are under the company's contract, and all the legalities that are needed on merges. It is also under the corporate lawyer's job description to handle taxation and finances of the company to avoid taxation suits, and build a working relationship with the labor union.
- The corporate lawyer serves as the reminder of the company regarding rules and regulations as well as new bills and laws that are recently passed. Therefore, it is a must for corporate lawyers to keep their continuing education and be updated about the rules and laws of each state they have business with.
- Most of all, it is the primary goal of a corporate lawyer to keep the company or corporation out of legal litigations and problems. If claims were made against the corporation, it is the corporate lawyer's job to negotiate with the involved parties and come up with an agreement that can be beneficial to both parties involved, thus making sure not to ruin the company's name and credibility. It is also his job to study and make sure that all insurance claims against the company are credible and true.
Corporate law is a never-ending learning process. As new laws were made and passed, corporate lawyers should make it a point to go with the fast-paced society for the sake of the company and all its employees.