The private law landscape In-House Legal Counsel Larger corporations are increasingly expanding their own in-house legal teams who advise the business on legal matters concerning the company and its management. Now more than ever they have begun to take responsibility for the company’s corporate governance, compliance, and risk functions that may have been traditionally provided by a private law firm on retainer. In-house legal teams can now be found across a growing list of industries and sectors ranging from pharmaceutical, multimedia, construction, and infrastructure. Accordingly, lawyers working within inhouse teams may develop specialised knowledge of the particular industry in which the business operates. Previously, there were few opportunities to complete Practical Legal Training outside of private practice, hence lawyers wishing to obtain in-house legal counsel positions needed to qualify through private practice first. However, with the big four professional services now offering their own clerkship and graduate programs in law, the path to in-house legal counsel is more accessible. The role of an in-house counsel differs from the role of a lawyer in a commercial law firm as you have sole responsibility towards one client, the business. Often, counsel is thought of as the corporation’s conscience. Within this role, lawyers must balance ethical considerations with their obligations to act in the best interests of the client. The role of counsel is to recognise and provide guidance towards the management of the company’s legal risks. In the role of counsel, you may also be required to provide commercial as well as legal advice to your client. In-house legal counsel is the integral communicating link between the corporation and any external lawyers since they possess a combination of legal and industry knowledge. Larger City Law Firms National and international law firms offer a plethora of legal services across a range of practice areas. A financial or commerce related degree is not required in order to enter into the commercial law sphere. As a lawyer working in a large commercial firm, you will interact with clients across a variety of industries. Although large law firms practice in a variety of sectors such as banking and finance, intellectual property, litigation, and corporate and commercial law, they are distinguished by specialised practices in certain sector areas. These firms may also practice sectors such as infrastructure, information technology, environmental law, competition law, and dispute resolution. For many, starting in the litigation team of a commercial law firm can begin the path to becoming a barrister and taking the bar later on. Starting off at a law firm can also provide a foundation from which you can progress to a career in-house or into any commercial, strategic, and management roles. Lawyers working in multinational law firms or firms with strong partnerships are also often afforded the opportunity to work overseas on secondments.
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