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Bridging the Gap - Prerna Singh, Essar Group
- 2. Skillsets expected • Research • Drafting • Reviewing / Vetting • Problem solving ability • Presentation & Negotiation • Time Management & Staying up to date
- 3. Research • Fundamental understanding of laws • Authoritative and credible sources • Acclimatize with legal databases and web portals • Understanding of citations • Interpreting and summarizing judgements
- 4. Drafting • Transaction documents • Due-diligence • Litigation related documents • Opinion drafting • Email drafting – avoiding verbose and archaic language
- 5. Reviewing / Vetting • Awareness of critical clauses • Risk mitigation backed up with law • Language and Consistency • Referencing • Proof reading and finalizing
- 6. Problem solving ability • Identifying the core issue • Simplifying the complex • Applying research and analytical skills • Ability to think on your feet
- 7. Presentation & Negotiation • Understanding of the subject • Concise and clear • Ability to hold attention of the audience • Articulation • Understanding the font and style of the organisation • More on Negotiation…
- 8. Time Management & Staying up to date • Focus on continuous learning and development • Utilizing templates, previous drafts and research • Prioritizing assignments • Meeting timelines • Knowledge sharing
- 9. Meeting Industry Expectations Role of Law School • Designing curriculums / improving programs to meet practical challenges • Emphasize the importance of skills and qualities needed to enter the industry Innovative Curriculum – Examples • Contract drafting exercise and other litigation related documents • Early training on legal research and writing • Interactive classroom sessions comprising of case presentations, topical discussions and so on • Emphasis on moot courts, publications and internships • Forum for sharing individual experiences
- 10. Sl. No Practice Areas Industry usage Expertise required Expectation gap and focus areas for interns/freshers 1 Arbitration and Conciliation • Civil litigation. • Alternative forum for resolving disputes • Thorough understanding of the law on Arbitration; • Understanding the landmark judgements of the Supreme Court and major High Courts; • Understanding the scenario in the International Arbitration Forum a) Singapore Arbitration Rules b) London Arbitration Rules • No clarity of the law amongst students opting to practice in the field of Arbitration. • To focus on the law and its developments from an early stage to gain requisite knowledge • Conduct mock arbitration proceedings similar to moot courts 2 Banking and Finance • Real Estate Projects; • Infrastructure Projects; • Small and Medium Enterprises – Working capital finance. (Include Start-ups) • Private Equity • Banking laws; • RBI regulations on Banks and NBFCs • Debt Recovery Tribunal Laws • SARFESI Laws • Insolvency and Bankruptcy Code • Companies Act • Respective State laws in Real Estate • Transfer of Property laws; • Town Planning Act • Inability to understand the complexity of the transaction documents; • Inability of the freshers to grasp all the nuances of the transactions; • Understanding how Banking law, Real Estate Laws, RBI Regulations and Insolvency laws operate simultaneously. • Clear understanding of Civil Procedure Code. 3 Corporate laws and Secretarial • Mergers and Acquisitions • De-merger • Cross Border Mergers • Secretarial Practice • Filing of Charges • Keen eye for developments under Company Law/SEBI/Competition law/ FEMA etc • Expertise to be developed in Due Diligence • Freshers should understand the scope very well and research the relevance of the applicable laws and the provisions for giving absolute clarity. • Read up the latest developments in the M&A space to understand the best practises in the Industry and around the world. Meeting Industry Expectations
- 11. Sl. No Practice Areas Industry usage Expertise required Expectation gap and focus areas for interns/freshers 4 Constitutional Law • Fundamental Rights • Writ jurisdiction • Knowing the scope of articles such as article 32, 226 and articles relating to fundamental rights Application of these articles 5 Intellectual Property laws • Entertainment Industry; • Media • Telecommunication • Advertisement • Sports • Copyright Law • Trade Marks Law • Patent Law • Designs • Inability to understand the differences under each facet of the intellectual Property law • IP litigation is a thriving area and freshers may explore aspects on IP advisory and IP litigation. • Barring Patent law, IP lawyers can assist in Copyright, Trademark, Designs and Geographical indications. 6 Taxation laws – Direct and Indirect • Every Company is affected by Income Tax Law, GST law and Customs law • Assessment procedures before the Income Tax Authorities • Income Tax Act, 1961 and the Rules made thereunder • GST Act 2017 • State GST Rules • Customs Act • International Tax laws • Supreme Court Judgements under various chapters of the Income Tax Act; • High Court Judgements under various chapters of the Income Tax Act; • Circulars, trade notices and notifications issued by Central Board of Direct Taxes and Central Board of Excise and Customs. Meeting Industry Expectations
- 12. Thank you