3 minute read
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.
Clerkships are an amazing opportunity for penultimate year law students to gain real work experience in a commercial law firm! They usually occur during the summer holidays, with limited clerkships also available during the winter break. During a clerkship, students are typically involved in working in multiple practice areas of the firm. Your first year as a graduate is often completed in conjunction with your Practical Legal Training (PLT) and obtaining your licence to practice.
This process will assist students to discover the areas of commercial law they are passionate about and gain in-depth experience related to these areas and aid them in specialising later on. Examples of practice groups student rotate through during the clerkship include, property, finance, intellectual property, and Corporate M&A. Overall, clerkships are an amazing opportunity for law students to gain some experience of working in a corporate organisation and maybe even a graduate position at the firm. The clerkship application process is competitive; see key dates above to get started on the process!
International Firms
International law firms also offer clerkships but applications tend to close earlier in the year. If you are interested in applying for international firms, note the deadlines for applications and remember that some firms can recruit up to two years in advance.
2020 Clerkship Program - Key Dates
Sunday 5 and 12 July 2020: Applications for summer clerkships close
Friday, 18 September 2020: Offers for summer clerkships must be accepted or declined by 5.00pm.
For more information: https://www.lawsociety.com.au/legal-communities/ law-students/internship-program/clerkship-program
