Areas of Practice

While at law school students learn all areas of the legal system, as they advance in their career lawyers tend to specialise in certain areas. Just as doctors may become cardiologists or surgeons or endocrinologists, lawyers can choose from a rich variety of areas in which to practise. As a clerk, students will generally perform ‘rotations’ through 2-3 practice areas to gain an idea of where their interests lie. Similarly, as a graduate one would also perform a number of rotations which would then lead to then specialising in a certain area. Information about a number of common practice areas is outlined below. This list is by no means exhaustive.

Mergers & Acquisitions

M&A deals with the process of companies combining with other companies, either as a partnership (a merger) or as an owner-subsidiary relationship (an acquisition). This process involves a huge amount of logistical effort, on both sides of the transaction. M&A lawyers’ roles are to facilitate this transition. This involves transactional work in drafting documents for due diligence, so both parties can fulfil their legal obligations. It would also involve drafting and negotiating new legal structures outlining the respective rights of each party in the new framework as well as how it affects each side’s respective shareholders/ owners. As M&A often occurs across national borders, lawyers in this area may have to work alongside international counterparts, creating a need for flexible working hours and an understanding of transnational legal frameworks.

Banking & Finance

Banking and finance law is a diverse field dealing with a number of areas relevant to the operation and regulation of the financial system. While specialities exist, the common thread is drafting and negotiating agreements dealing with the borrowing and lending of money. Some example of this include:

Financial services regulation: legal work ensuring baking clients are compliant with legislation regulating financial services Asset finance: enabling the purchase, selling and operation of assets. This can include a wide variety of goods such as ships, machinery or property Project finance: facilitating the financing of public works and infrastructure, where the borrowed amount are gradually paid back with revenue generated by the completed project

Intellectual Property

Intellectual property (IP) law is concerned with the rights of people who hold intangible assets, usually associated with inventive works such as technology or art. IP lawyers advise their clients to protect their rights in respect to four main types of property, trademarks, copyrights, patents and design law. IP lawyers engage in transactional work such as patent registration or licensing agreements, as well as litigious matters such as advising a client on how to approach infringements on intellectual property. IP law is rapidly evolving, with several leading cases being decided in past 15 years. This necessitates practitioners in this area to remain up-to-date with the most recent shifts.

Competition and Consumer Law are two related areas of the law linked by their relation to the Competition and Consumer Act 2010 (Cth). Competition law attempts to ensure that markets operate fairly and efficiently, with the aim of increasing competition and hence increasing outcomes for consumers. The primary role for competition lawyers is advising clients on how to remain compliant with the act, primarily by avoiding anti-competitive conduct such as exclusive dealing or cartels. In cases where anti-competitive conduct is suspected, competition lawyers may have to assist clients in responding to any Australian Competition and Consumer Commission (ACCC) investigations. This often occurs within the context of mergers or acquisitions, where the ACCC has to approve these transactions to ensure monopolistic structures are not formed. On the other hand, Australian Consumer Law (ACL) affords consumers protections under the Competition and Consumer Act2010 (Cth). Lawyers in this area must advise consumers regarding their legal rights under ACL as well as business to ensure they do not breach these rules and enforce strong consumer outcomes. Examples of this include product safety regulation, prohibition on misleading or deceptive advertising and unfair contract terms.

Employment Law

Employment law governs the relationships between employers and employees. It includes a range of legal issues, such as renumeration, working conditions, dismissal, discrimination and industrial action. Employment law is largely governed by the Fair Work Act2009 (Cth). However, it covers a wide range of issues, ranging from the drafting of employment contracts, respective parties’ rights in relation to hiring, training and firing of employees, as well as the assistance in the resolution of workplace disputes. Employment lawyers can work for a variety of stakeholders, from law firms to in-house counsels to unions.

Taxation Laws

Taxation laws concerns tax regimes which generate funds from the economic activities of individuals and businesses to fund government programs. Taxation lawyers primarily engage in transactional work advising clients who include individuals, corporations and private groups, to minimise their tax burden. This can relate to a variety of sources, such as personal income tax, capital gains tax, inheritance tax and corporate taxes. Tax lawyers can also be engaged to defend clients facing litigation brought by the Australian Taxation Office.

Litigation and Dispute Resolution

Both dispute resolution and litigation are methods of resolving legal conflicts. These are ‘back-stops’ when relationships break down, which can be for any number of reasons from poorly drafted contracts to insufficient performance of obligations by one party. Dispute resolution attempts to resolve issues while avoiding the expense of going to court, and hence involves processes such as mediation or arbitration. When this fails, parties will often litigate and go to court to resolve impasses. Litigation lawyers must document evidence and provide relevant sections to the other party, a process known as discovery. They must also hire Barristers to represent them in court, which involves a careful process of selecting the right advocate. Finally, settlement negotiations generally persist throughout litigation as both parties attempt to find an acceptable compromise and avoid the risk of a ruling which goes against them. Litigation and dispute resolution aren’t so much related to an ‘area’ of the law as it is with a certain field within the law.