Counsel for a company is well-trained in interpreting documents and determining their legal implications. A document can be a contract with an employee, a proposal, or another legal document, like a bylaw or non-disclosure agreement.
Legal Corporate Consultation
Additionally, a corporate counsel like Outside General Counsel is available to consult with management, tax experts, accountants, or any other employee or advisor. From hiring to marketing to sales, businesses place a high level of importance on GRC. A corporate counsel on staff can clarify any questions or grey areas that companies may have about their legal obligations.
Reviewing Contracts
Corporate counsel also drafts, negotiates, and reviews contractual agreements, such as leases of real estate, equipment, or property. When negotiating any type of lease related to the company’s ability to operate, it is natural for organizations to want the best deal, and Outside General Counsel is quite a practical tool in analyzing and interpreting leases of all types.
Corporate Policy Development
Corporate counsels also develop the company’s policies on matters related to its industry, government regulations, and corporate governance. Maintaining your company’s profitability and efficiency while maintaining legal safety is a challenge when corporate compliance contains many moving parts. These sometimes conflicting elements of running a business are negotiated by corporate counsel.
A Typical Job Descriptions
For anyone considering a career as a corporate counsel, obtaining a Juris Doctor (J.D.) and passing a state bar examination are the first steps. You must possess a Bachelor’s degree before you can apply to law school to obtain a Juris Doctor. Studying corporate law or specializing in this field during an undergraduate career or while in law school can be particularly beneficial to a prospective corporate counsel. You must be a member of the American Bar Association in order to be qualified for a corporate law job. In addition to the written exam, each state conducts an ethics test and a federal law test. As a corporate counsel, you can expect to receive an average salary of $115,260 per year, according to some careful estimates. You can expect to make between $74,000 and $175,000.
The United States Bureau of Labor Statistics anticipates an increase of eight percent in employment for lawyers between 2016 and 2026. As just one example from one industry, consider how many startups enter the tech space every year. The expansion of new companies into emerging industries is creating growth in the employment statistics of corporate counsel, since these companies need legal advice and representation.
Career Prospects
A career as a corporate counsel would be a great choice if your interest in business operations stems from the intersection of business interests and the law. An experienced corporate lawyer influences a company in numerous ways, from providing insight into internal documents to representing it in court. As long as businesses must balance their commercial interests with legal compliance, compliance manager positions are essential to their operations.
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