Find out everything you need to know about being a corporate lawyer here.

1. What It Means to Be a
Corporate Lawyer
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2. Summary:
Find out everything you need to
know about being a corporate
lawyer here.
LawCrossing.com

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In the legal and business world, we frequently hear the term “corporate
lawyer.” This article explains what it means to be a corporate lawyer. A
corporate lawyer is also known as a corporate attorney.
Corporate lawyers practice “corporate law.” This means that corporate
lawyers handle legal matters pertaining to corporations and other business
entities such as partnerships, limited partnerships, limited liability
companies and joint ventures. Corporate lawyers have their hand in pretty
much any dealing that impacts companies, businesses and commerce in the
United States and around the world.
Legal Entity Formation
One of the most basic functions of a corporate lawyer is to help
entrepreneurs bring businesses into legal existence. Corporations and other
business entities are creatures of state law. When properly formed, these
entities have their own legal existences.

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Corporate lawyers help clients weigh the pros and cons of different legal
structures—such as tax and liability considerations—and provide counsel as
to the type of entity that may be preferable for a particular situation and
client.
Once the parties have decided upon the kind of entity they want to create,
corporate lawyers prepare the legal documents necessary to bring the entity
into legal existence. For example, in order to help a client establish a
corporation in the state of Delaware (a state where many companies are
incorporated), a corporate lawyer will prepare a Certificate of Incorporation
outlining the corporation’s purpose and file it with the Delaware Secretary
of State. The lawyer will also ensure that a registered agent is appointed for
the corporation. Additionally, the lawyer will draft corporate bylaws, help
appoint directors, create a record book, prepare stock certificates, and assist
with holding the initial meeting of the board of directors.

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As another example, if a client decides to establish a limited partnership in
California, a corporate lawyer will conduct a name search in California to
ensure that no other business is already using the intended name. The
lawyer will also draft a partnership agreement and file a Certificate of
Limited Partnership with the California Secretary of State.
Assistance with Ongoing Regulatory Compliance and Business Matters
For whatever kind of entity, and in whichever state, there will be a specific
set of rules and regulations for the business to comply with. Corporate
attorneys are there to help the client with all the legal aspects of its
business, including helping ensure the business makes all necessary
regulatory filings and pays all required taxes.
As businesses grow, corporate lawyers are also there to help. Corporate
lawyers are very knowledgeable about contract law and business law.

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and they provide assistance when business clients want to negotiate
financing agreements, merge with other companies, acquire other
companies, or expand into new lines of business. If the company grows big
enough and decides to “go public,” corporate lawyers can assist with the
legal work involved with an initial public offering (known as an “IPO”).
As a company grows bigger and more sophisticated, more specialized types
of corporate lawyers might be brought on board to assist. For example, a
banking lawyer may help the company review a large credit agreement to
ensure that the company gets the best terms. A lawyer who specializes in
mergers and acquisitions (“M&A”) might be brought in to assist with a big
M&A transaction and a capital markets lawyer to help the company with an
IPO. Companies with numerous employees might benefit from an
employment lawyer who can help the company comply with all sorts of
employment-related laws such as wage and hour laws. Similarly, certain
kinds of companies might benefit from specialists in environmental law.

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Many corporate lawyers work on transactions and spend their time
negotiating deals in conference rooms, or providing advice to the various
stakeholders of business entities (such as shareholders, directors, chief
executive officers, and partners). However, many corporations and other
business entities also need help from litigators who can represent these
clients in court when they get sued or when they initiate lawsuits. Litigators
who step in to represent corporate entities when they get involved in
lawsuits are also a type of corporate lawyer—a corporate litigation lawyer.
These types of litigators are generally referred to as commercial litigators or
business litigators.
Finally, when businesses close down for one reason or another, corporate
lawyers will help prepare the necessary paperwork for an orderly
dissolution, liquidation of assets and wind-up of affairs.

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Typical Settings and Salaries for Corporate Lawyers
Corporate lawyers work in firms of all sizes—from solo practices to large
international law firms with hundreds of attorneys. Corporate lawyers also
work “in-house,” in the corporate legal departments of large or small
companies. When it comes to in-house legal departments, the “top lawyer”
is typically a corporate lawyer referred to as the General Counsel of the
company. The General Counsel of a big company also is often vested with an
executive “non-legal” position and title within the company, such as
Executive Vice President. When a corporate lawyer becomes General
Counsel and Executive Vice President of a company, it is an indication of just
how integral a corporate lawyer can be to the running of a company.
When it comes to salary, the income of corporate lawyers varies widely,
according to the level of seniority of the lawyer, the part of the country
where the lawyer works, and the type of law firm or company for which the
lawyer works.

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According to Glassdoor, as of April 2016, the average salary for a corporate
lawyer was $162,625. According to Payscale, as of January 2016, the median
corporate attorney salary was $98,243.
General Counsels of companies can earn millions of dollars. In 2014, the
highest paid general counsel of a public company was Alan Braverman, the
General Counsel of Walt Disney. He earned a salary of $1.374 million, a
bonus of $5.325 million, and total compensation including exercised stock
options of $12.188 million. The second highest paid General Counsel was
Brackett Denniston of General Electric, with a total 2014 take-home pay of
$6,096,000.
Corporate lawyers who are partners in large multinational law firms can
earn millions of dollars in partnership profits each year. Less senior
corporate attorneys in such firms also can earn hundreds of thousands of
dollars a year.

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Corporate lawyers are attorneys who help corporations and other business
entities come into existence, function within the purview of the law, and
hopefully flourish and grow. Corporate lawyers are there when their clients
need special kinds of help—whether it is assistance with an IPO, the
takeover of a competitor, or a lawsuit.
Corporate lawyers work in many different settings, including small and large
law firms and small and large companies and command an assortment of
salaries. However, at almost all levels a corporate lawyer can expect to earn
a decent living. Corporate lawyers work at the intersection of law and
business. Being a corporate lawyer can be a very rewarding career for an
attorney who is interested in business formation and growth, contracts and
commercial matters.
This article “What It Means to Be a Corporate Lawyer” first appeared on LawCrossing
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