Practicing corporate law is a good career option for legal professionals. Want to know how to become a corporate lawyer in Canada? Find out in this article
Legal professionals have many career options and one of them is practicing corporate law. This is a good choice for most lawyers since it can provide stability and growth. It is also a lucrative option. The need for skilled corporate lawyers is growing as businesses face more complex rules and global competition.
For new lawyers and law students who are interested in practicing corporate law, it is vital to know how to become a corporate lawyer. This career choice is indeed a rewarding one, but it also has many responsibilities. Corporate lawyers help businesses follow laws, make important deals, and protect their interests.
In this article, Canadian Lawyer will discuss how to become a corporate lawyer in Canada. We will first tackle what corporate law is and explore everything you need to know about becoming a corporate lawyer. We will also shed light on how much corporate lawyers can earn as well as the essential skills needed and other relevant information.
Corporate law is the area of law that focuses on businesses and how they operate. It plays an important role in making sure that companies are not involved in anything illegal. Corporate lawyers are tasked with this responsibility while protecting the rights of everyone involved in a commercial organization, including:
One important aspect of corporate law is the process of starting a business. This involves the necessary steps to create a company, such as filing the right paperwork and adhering to specific regulations.
Another key part is management. Corporate law outlines how a company should be run along with the roles and responsibilities of directors and managers. This ensures that companies are governed effectively and transparently.
Compliance with laws is a critical aspect of corporate law. Businesses must follow various legal rules at federal, provincial, and local levels. Corporate law helps ensure that companies adhere to these regulations, which is crucial for avoiding legal issues.
Want to know more about corporate law? Check out this video about the different types of lawyers and practice areas of law in Canada where a lawyer discusses corporate law:
A corporate lawyer is a legal professional who specializes in corporate law. This type of lawyer focuses on the legal aspects of businesses and corporations. Their primary responsibilities include:
Let’s take a closer look at each of these responsibilities below:
The first thing you need to know about how to become a corporate lawyer is that this type of lawyer works with companies and businesses within a country. They provide legal advice to their clients on a variety of corporate matters like:
When a company becomes large enough to go public, they cannot do it without the assistance of their in-house corporate lawyers. First, the corporate lawyer needs to make sure that the company is following all the legalities involved in an IPO. Coporate lawyers also work on structuring their client’s securities and plan the entire process of going public.
Since business contracts and other documents are a part of running a business, a corporate lawyer is expected to handle most of the paperwork. If you become a corporate lawyer, one of your responsibilities would be to draft and review legal documents such as:
Becoming a corporate lawyer means that you would need to negotiate transactions on behalf of the company you represent. As much as possible, you have to guarantee that the terms are favourable for your client. These terms must also be legally sound.
In some instances, corporate lawyers might need to represent their clients in court or during arbitration related to business disputes. This is also one of the reasons why companies hire corporate lawyers. A legal battle in court must always be avoided but businesses need to prepare in case it happens.
There are several steps that you need to take if you want to become a corporate lawyer in Canada:
Here is a breakdown of each step:
The first step on how to become a corporate lawyer in Canada is to graduate and earn a degree. There is no requirement on what undergraduate program you should take. Your bachelor’s degree is a pre-requisite before you take the admission test and enter any law school in the country.
After graduating from college, taking the law school admission test (LSAT) should be your next focus. This test is a requirement by almost all Canadian law schools in Canada. You will be asked to submit your LSAT score beforehand. If you are already preparing for the LSAT, you might want to research on its structure and contents. Check out this aspiring lawyer’s guide to LSAT preparation to learn more.
Once you have passed the LSAT, you can now apply to law schools in Canada. Below are some of the important Canadian law school requirements:
Find out more about how to become a law student in Canada in this article.
Once you complete all your educational requirements, you will now have to pass the bar exam or equivalent requirement provided by your law society.
Not all provinces require bar exams – Nova Scotia, for example, has introduced the PREP or Practice Readiness Education Program.
Contact your law society to find out what is required:
When you finally graduate from law school, the final step on how to become a corporate lawyer is to gain experience. Some choose to apply as corporate lawyers for businesses as soon as they graduate but learning the ins and outs of the legal profession is beneficial.
Lawyers who have a proven track record are more attractive to companies. You might be able to gain widely known businesses and big conglomerates as clients once you gain more experience in your career.
Normally, it would take seven to eight years for you to become a corporate lawyer in Canada. You will study for four years to get a bachelor’s degree and spend another three years in law school. There might be some delays which is why it could take up to eight years or more.
After graduating, you can choose to apply as a corporate lawyer for a company right away. This can be difficult, especially for big companies. High-ranking clients would usually go for corporate lawyers who already have years of experience.
In becoming a corporate lawyer, having a number of skills can help propel your career faster. Here are some of them:
Let us further explore these skills on how to become a corporate lawyer:
This means being able to break down complicated legal problems into smaller, more understandable parts. It helps corporate lawyers understand how laws apply to specific business situations and predict possible outcomes.
Even the smallest mistakes in contracts or legal documents can lead to big problems for businesses. As such, corporate lawyers must be careful and pay attention to the minute details. They should be knowledgeable about the phrases and terms to avoid, more so when working on legal papers.
In general, all lawyers need to explain complicated legal ideas clearly to clients who might not know much about the law. This includes writing clear documents and speaking effectively during meetings or negotiations. For corporate lawyers, especially newly minted ones, it is a must that they develop this skill. Effective communication means being able to talk and write with clarity, whether in person, through a phone call, or online.
Building good relationships with clients and colleagues is another essential skill if you want to become a corporate lawyer. Strong interpersonal skills help corporate lawyers communicate well and build trust, which is necessary for successful teamwork.
Corporate lawyers often negotiate deals and contracts on behalf of their clients. Having good negotiation skills helps corporate lawyers advocate for these businesses while finding common ground with others involved.
It is not uncommon for corporate lawyers to face unexpected legal issues. These situations need critical thinking and decisiveness. Being able to easily find solutions is important for corporate lawyers. This skill is vital when resolving legal issues that the company faces from time to time.
Handling many cases at once should not come as a surprise for those who want to become corporate lawyers. Being able to prioritize tasks and work within a given timeframe is needed by corporate lawyers. This is especially true when preparing for more serious matters like trials or hearings.
The average base salary of a corporate lawyer in Canada is $112,537 on a yearly basis. The lowest salary reported is $83,853 per year for corporate lawyers in the city of Barrie, Ontario. On the other hand, those in Calgary, Alberta can earn up to $156,871 per year.
The answer to this question depends mostly on the aspiring corporate lawyer. The outcome of your professional life is a combination of your actions and choices. In general, becoming a corporate lawyer in Canada is a promising career path. It is lucrative and stable. As with any profession, you either make it or break it. To guarantee that you make a good career out of becoming a corporate lawyer, assess yourself and make the right decisions.
Do you know other tips on how to become a corporate lawyer in Canada? Feel free to share them in the comments section below.
