The attorneys involved in commercial transactions need to handle different kinds of jobs along with the support activities such as advertising and promotion. Right from the agreements of the sales of goods and services to the supply arrangements, there is a multitude of tasks they need to handle. Apart from this, businesses also need to handle the marketing agreements, the franchise deals, and the distribution or the resale agreements. It is true that the transactions in the corporate law firms in India vary in substance and form, there are some common elements as well. Each transaction has to define the prospect of the deal and establish the responsibility of the parties involved along with the conditional aspects.
For a commercial attorney, it is normal to work on a few transactions during the day. A typical day begins with client meetings wherein the expectations and the purpose of the transaction are discussed. For those transactions that are complicated, there is a term sheet explaining the entire framework leading to a fully negotiable agreement. The associates create the draft sheets, deal with the documents, and review the comments and the drafts from the counsel to the other party. They are also expected to conduct research of the regulations and discuss with the other specialized attorneys in different practice areas to ensure that the agreement addresses the specific concerns.
1. Dealing with people
For the top law firms in India, they are mostly known to join hands with the partners or the senior associates in their area of practice. For instance, they may need to work with the intellectual property attorneys when the transaction is related to licensing of trademarks and patents and get advice from the antitrust counsel while dealing with the distribution agreements. Apart from this, they are also known to deal with the attorneys of the other party and participate in the negotiations that are attended by counsel and both parties. Additionally, the associates can also deal with several functions of the client’s business particularly when the client does not have an in-house advisor. Usually, a strong skill of counseling is required for handling these conversations and the ability to understand those aspects that affect the business decisions.
2. Figuring out the career path
Typically, an attorney can join a large corporate commercial law firm for gaining experience and work on improving the skills of drafting, staying on track with the open issues and ensuring that all the requirements and the preferences of the deal have been met. During the initial period, they learn about different types of transactions, the market practice, the key issues, and the junior associates learn to involve in client counseling and negotiations. Over the period of time, they also gain knowledge of developing their own client base through several activities that focus on public speaking or networking. After many years of practice, the associates take the in-house positions or move to the new firms that may be small or offer specialized services.
3. Tackling varied jobs
Commercial jobs involve varied forms of transactions and test the potential to understand various business models. Apart from this, they have to show their expertise in finding the common solutions and terminology of each kind of agreement. In several cases, they need to stay creative and revise the template to develop solutions that match the business models of the clients. Now, the topic of the deals is extremely important and they must comprehend the regulations that apply to those businesses. For instance, the clients working on the contracts of the government need to understand the rights of the government and know the specific labor requirements while dealing with the vendors. Besides this, when commercial lawyers work on promotion and advertisements, they need to understand all kinds of regulations that apply and the requirements to be met. The junior lawyers enhance their value and effectiveness by working on several deals
4. Stress in the job
The clients are often keen to close a deal to maximize the opportunity that can be challenging and thrilling and the commercial lawyers must know how to manage the time effectively to adjust the flow of work. For instance, work can be slow in certain weeks and during other times, they may need to handle a huge amount of work which is to be completed within a short time. Even when the pace of work is fast, the attorneys must not skip a thorough assessment of the risks associated with each transaction. The junior attorneys may have to undergo the pressure of managing the document review and preparation within a short time. Not identifying the concerns or missing important issues and mistakes can increase the cost significantly when the clients find themselves in the midst of a breach as they may not have assessed the risks properly and end up losing the benefits and the bargain that they expected.
Market trends in the practice area
There is a steady flow of work for the corporatelaw firms in Delhi, but a lot depends on the business cycle. It is clear that the nature of the commercial transactions has undergone a massive change during recent years with several promotions and transactions being handled online and across the borders. With the changes that take place in this practice, alterations also take place in the business regulations such as the measures to be taken for consumer protection. During the implementation of those changes, the industry that is targeted is also going to come across changes in the form of a few activities such as the terms of the transaction and the implementation of new processes to meet the requirements.