Commercial law is a broad term for a range of legal services that support businesses. Commercial lawyers like Boyer Business Law Firm Florida are trained professionals who use their skills, experience, specialization, and expertise to help businesses navigate the legal and business world. If you are planning on starting a career in commercial law or as a commercial lawyer, you need all of the information you can get about this career path. This article discusses everything you need to know about commercial law and becoming a commercial lawyer.
What Is Commercial Law?
Commercial law is aimed at setting the boundaries and guidelines for the operation of a business. It also protects businesses as they navigate their daily affairs. Commercial law mainly involves contract and tort laws. Contract laws deal with the rules and regulations guiding one or more persons that have entered into a contractual agreement. Contract law allows businesses to sue or be sued based on a breach of their contractual agreement. On the other hand, tort law allows businesses to sue and be sued, especially for failing in their capacity as a manufacturer or a producer.
Commercial law is an integral part of every business, especially an established one. Law firms that offer this type of service often have large businesses, banks, governments, insurance companies, etc., as their clients. They give legal advice to these clients and help them ensure that they remain compliant with the laws guiding their existence and operations. Businesses require the role of a commercial lawyer from conceptualization to establishment and dissolution.
Commercial lawyers are key to economic growth. They are involved in ensuring that businesses are well-protected within their legal rights. If you have a passion for economic growth and law, this may be a great place to begin your career.
What Do Commercial Lawyers Do?
Commercial law is a broad area, and so many commercial lawyers tend to have an area of specialization, e.g., intellectual property law, contract law, dispute resolution, and risk management, etc. Commercial lawyers often have an industry focus; they may be more familiar with the workings of specific industries like manufacturing, tech, telecoms, media, etc. Other times, commercial lawyers may also choose to represent business clients instead of individuals.
Commercial lawyers facilitate business transactions and ensure that legal arrangements and deals are valid. Their duties often revolve around contract drafting and reviewing while also analyzing the terms of each agreement to be signed by their client. They are familiar with creating documents like Non-Disclosure Agreements (NDAs), employee contracts, modifying contract conditions with employees and other companies, and more.
Commercial lawyers also file motions in the courtroom to initiate legal actions when their clients have been wronged. They may initiate a lawsuit against a corporation or individual or defend their client against lawsuits. Most of these suits are usually based on a breach of contract.
Branches Of Commercial Law
There are several branches of commercial law that a professional can specialize in. Some of the common areas of commercial law include:
- Contract Law: This area seeks to regulate the relationship between entities that have entered into a contractual agreement. It establishes all of the important elements of a contract (offer, consideration, and acceptance) and determines what constitutes a valid contract and a breach of contract. It also guides the formulation and enforcement of contracts.
- Property Law: This law sets the guidelines and legal confines under which businesses can transact properties. It guides the sale, lease, transfer, and rental of movable and immovable properties.
- Business Regulation: This area covers government rules and regulations and how they affect businesses. Business law sets the standards of how businesses relate with the government, contractual agreements, and breaches.
- Corporate Law: Corporate law is the strength of corporations and large businesses. Lawyers who specialize in this area handle all areas of business formation, management, and dissolution. They explore the legal provisions within this area of law to protect businesses in mergers and acquisitions, the election of directors, and preventing fraud through insider trading. This law also guides dividend distribution, raising of capital, and redemption of shares.
- Intellectual Property Law: Intellectual Property or IP law deals with the creative work of a company, business, or entity and its protection. Lawyers who specialize in this area are focused on helping clients obtain patents for their inventions and copyrights for their creative work. Under the IP law, a creative may be able to protect their ground-breaking technology from being stolen by competitors.
- Tax Law: Tax is a huge part of every business’ finances. In an era where many businesses are accused of tax evasion, tax lawyers ensure that their clients are on the right side of the law while employing strategies to reduce their taxes. Tax lawyers are familiar with all the types of indirect and direct taxes and can help their clients to navigate the field.
- Uniform Commercial Code: The Uniform Commercial Code or UCC is designed to bring consistency and standard among all operators in the commercial scene. Lawyers in this field ensure that their clients are compliant with the codes, rules, and standards guiding commercial businesses in their specific industry and across the board.
Skills Required To Excel In Commercial Law
If you have considered commercial law as a viable career path, you need appropriate skills to position yourself for success. Research skills and a sense of curiosity can push you to stay updated in your field. Far more than this, it would help if you also had a detailed understanding of the client’s field and your specific area of interest. These are some of the other most sought-after skills in the field.
- Appropriate knowledge and motivation – You’d need to enroll in appropriate courses and have the right motivations to earn your degree and certifications.
- High ethical standards and proper understanding of the role of the law.
- Self-confidence and good interpersonal skills.
- Initiative and responsibility.
- Commercial awareness
- Good project management and negotiation skills.
- Language skills
These skills are just some of those needed to excel in this area of law. You may find that you need some other soft skills as you progress in the field.