For example, you could specialise in finance law and advise on deals such as mergers and acquisitions (M&A) or initial public offerings (IPOs). At its very core, in this sector you'll be focused on people and problem-solving. © QS Quacquarelli Symonds Limited 1994 - 2020. A training contract is the final, on-the-job, part of your training to become a qualified solicitor – effectively a law firm graduate scheme. All rights reserved. While working or studying in commercial law one should consider this point as while going for law study one of the difficult point is to select the stream. QS Quacquarelli Symonds Limited 1994 - 2020. Before you start your training contract, you'll need to complete another 1-2 years of legal education at law school (see below). The specialism in International Commercial Law will appeal to law graduates and non-lawyers at all stages of their careers and from around the world who have an interest in the commercial dimension of international legal issues. All rights reserved. To be eligible, you just have to register by 2018 and complete your master’s degree within two years. Services Expert Roster. Don’t give up! What do commercial law firms look for? >> Introducing a career in commercial law, his views on the skills needed by trainee lawyers. Please login or register to post comment above our articles. Where are our offices based? They can either be transactional lawyers, meaning they draw up and review the legal documents that underpin the deals their clients are working on, or contentious lawyers, meaning they help their clients resolve disputes with other parties. However, you should apply for training contracts while at university, as if they make you an offer most commercial law firms will pay for the rest of your legal education. If you’ve not encountered the phrase already, it’s not just a hollow buzzword, but one of the biggest differentiators between applicants. In terms of LLMs actually valued by commercial law firms, you might want to take a look at courses with an international edge that ground theory in practical applications, like the University in Johannesburg’s LLM in international commercial law. Sponsored by the University of Johannesburg. Commercial law is all about providing practical support to companies across the spectrum of contracts they enter into as they go about their day-to-day business. Regardless of the practice area you specialise in, there are certain personality traits and skills that are important: We interviewed Hammad Akhtar, the partner responsible for graduate recruitment at the leading law firm Ashurst, to find out his views on the skills needed by trainee lawyers. Depending on the law firm, you might specialize even further in a particular practice area like dispute resolution, capital markets or banking. Working in commercial law, you would be spending your time advising clients on various day-to-day legal issues that may arise as they manage a business. Use at least 6 characters and one numeral, Everything You Need to Know About Working in Commercial Law. Commercial law is about applying legal knowledge to real-life business situations. Thank you for sharing this information about commercial law. A transaction will qualify to be international if elements of more than one country are involved. Working in commercial law, you would be spending your time advising clients on various day-to-day legal issues that may arise as they manage a business. you want to study in by taking our quick survey. In fact, salaries tend to be high from the get-go, with graduate corporate lawyers in the US earning as much as US$57,600 in their first year and salaries may rise to up to US$252,100 later with seniority, according to PayScale. Here’s a quick outline of the the things you should be aware of while at university if you’re thinking about becoming a lawyer – you’ll find more detail on each of them later on in the guide: Once you're confident that commercial law is the career for you, you'll need to apply for training contracts with a selection of firms you feel you'd enjoy working at. To get access to our premium content, join Bright Network for free just here. While you wouldn’t be expected to turn up to an interview with the in-depth expertise of an economist, you should be able to discuss business trends and the marketplace like someone who actually reads the business press and keeps up with the news. One should do a small research about all the fields of law before selecting one. Find out here how to apply and get the chance to be reimbursed in full for all of your tuition fees. The University of Johannesburg offers a number of bursaries to students interested in their LLM in commercial law. A sound knowledge of law and high-level writing and reading skills aside, many law firms will ask that you demonstrate “commercial awareness”. If you're just starting to think about a career at a commercial law firm, this is the perfect place to start. Well, candidates with commercial awareness are able to demonstrate a general sense of the world’s political and economic landscape and the different factors moving markets and informing business leaders’ decisions. As with any career, your first steps should involve finding out more about the industry. (Please limit your answer to 250 words only) Why are you interested in a career in corporate law? You may wonder why students study business law–especially if you’re planning a career in business. The most common practice areas, in terms of number of employees, are described in more detail in the next section of the guide, “What do commercial lawyers do?”. International Commercial Law is a body of legal rules, conventions, treaties, domestic legislation and commercial customs or usages, that governs international commercial or business transactions. A degree in business law can help an individual succeed in this career due to their knowledge of business laws, regulations, and policies, as well as taxation. Law schools such as Kaplan or the London College of Law provide two courses that are relevant to future commercial lawyers: Regardless of whether you are studying a law undergraduate course or not, you apply to law school in your final year of university. Businesses Follow the Law. Obviously, salary will vary by country, but corporate lawyers tend to earn a lot of money around the world; including between US$31,600-157,400 in the UK, US$46,300-117,200 in Canada, and up to US$143,700 in Singapore. The Agency is particularly interested in experts in Administrative law, contracts and commercial law, employment law, humanitarian and/or human rights law, international law, and the rule UNRWA - United Nations Relief and Works Agency for Palestine Refugees in the Near East Updated: 2020-09-10T13:37:47Z You’re good with people. What makes you think that you would be particularly suited to a long-term career at a commercial law firm such as X firm?’ (max 1,500 characters) Put yourself in the shoes of the graduate recruiter. Salary packages tend to include bonuses ranging between US$1,300 and US$51,200 as well as profit-sharing proceeds of up to US$157,600 depending on the company. Depending on the law firm, you might specialize even further in a particular practice area like dispute resolution, capital markets or banking. Understanding why businesses act the way they do and what they are trying to achieve is as important as the legal knowledge you’re bringing to the table. Commercial law is developing in leaps and bounds because we all are in some way or the other involved in commerce, which means that we’re selling goods, we’re selling services, we’re all in employment, and we plough those funds back into commerce. At the same time, this will also help you make decisions about the type of law firm you'd like to work at. Nonetheless, it may be one of the most important decisions of your career, especially since swapping specialties, even after only a few years of practice, is surprisingly challenging. While there are many routes into commercial law, a number of students turn to LLMs (which is short for master of law) as a way to specialize. 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