If you are planning to pursue a career in law, then you should be aware of the areas you can specialize in. You should also know the training you should undergo and how to attain success in the future.

There are law specialism you must know and these are:

  • Banking

Work Involved

Banking is divided into 4 core areas, which are restructurings, refinancings, and bank finance. Capital markets along with the structured derivatives and finance are also included.

Bank finance lawyers will be the one to advise if the company is trying to raise debts for the purpose of working capital or purchase another company. These professionals will advised both lenders and companies on bilateral facilities as well as syndicated facilities that comprises the loan facility between the lenders and company. Deals may involve complex security packages and arrangements. That is the reason why bank finance lawyers should be updated always with the regulations, external factors, and laws that affect the industry. The role of bank finance lawyers is to advise clients on the deal terms to ensure that the agreed is properly reflected and accurately in all documentations.

Clients

The clients in this specialization are commercial banks, investment funds, investment banks, corporates, clearing houses, hedge funds, and sovereign funds on various transactions.

Skills Required

Technical ability as well as knowledge of the law is important, but most work involves working other people and interpersonal skills are essential to complete a successful transaction.

Trainees Duties and Responsibilities

Trainees are a vital part of various finance transactions. Typically, the task may include assisting with the completion of conditions, coordinating closing and signing, drafting documentation or security registration forms, legal research, and so on.

  • Commercial

Work Involved

When it comes to commercial law, it revolves around the process of contracting. Commercial lawyers may work on the transactions’ broad spectrum. These include joint ventures, substantial outsourcing, project development agreements to daily manufacturer, advertising and sponsorship arrangements, warehousing or logistics. The common element that this work involved is negotiating and drafting of contracts.

Clients

The kinds of clients may include small startup businesses, medium-sized enterprises, local authorities, and huge renowned companies in various markets and across industry sectors.

Trainees Duties and Responsibilities

Tasks may include sense checking, researching, drafting legal briefings and legal documents, and assisting client meetings as well as completions. Usually, there are opportunities for trainees to contribute and follow to the contract’s evolution.

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Skills Required

If you will focus on commercial law, you must have several skills. You must be able to think commercially, laterally, and creatively. You should also have project management skills, dedication in keeping up to date with the continually evolving area of law, adaptability, ability to consider larger picture, and many more.

  • Corporate

Work Involved

Corporate practice concentrates on acquisitions and mergers, corporate advisory, private equity, corporate finance or capital markets, and corporate insurance. Corporate lawyers’ work may involve due diligence when dealing, negotiating and drafting agreements to protect the interests of clients and completing transactions itself.

Clients

Corporate lawyers advise a wide range of clients from various industry areas particularly in technology, insurance, media, and financial field. Predominantly, clients are public corporates, their investors or subsidiaries like private equity houses.

Skills Required

Good corporate lawyers should have strong technical knowledge. They should also have keen eye for details because transactions may often involve a particular amount of paperwork.

Trainees Duties and Responsibilities

Responsibilities may vary depending on how large the transaction is. Open plan environments let trainees to maintain tabs on the deal’s progress compared to cellular offices. On the smaller transactions, trainees will be asked to complete the first drafts of the transaction documents. In terms of larger deals, trainees will be involved in transaction management.

  • Corporate Tax

Corporate tax is a broad area as it covers all tax issues associated with the corporate transactions. While the corporation tax will often be the prominent tax, which should be considered, corporate tax lawyers would have to advise on other direct taxes, which can be relevant.

Work Involved

Corporate tax lawyers are generally found at huge firms. The main kinds of work may generally be classified in categories, which are consultancy, disputes work, and transactional.

Clients

The range and type of clients that corporate tax lawyers deal with may vary from one firm to another. Some clients may include hedge funds, investment vehicles, non-UK corporates, financial institutions, private equity vehicles and governmental bodies.

Trainees Duties and Responsibilities

Trainees who spend time in the corporate tax departments will acquire a feel for subjects, but they must not expect to complete the tax seat with an understanding of the issues that may exist.

Skills Required

Some thought the corporate tax lawyers should be good in numbers. Bu, what they should know is that this isn’t always the case as they deal with figures.

  • Environmental

Work Involved

The work may range from depending the corporate clients including directors from the prosecution through the environment agency, defending judicial review challenges when planning permissions, and providing advice on the environmental liabilities.

Clients

The clients may include major operators in the field of wind farm, waste sector, and some renewable energy developers, blue chip companies, house builders, and scale clients like local businesses.

Skills Required

It is always essential to be updated with the technical developments and vast knowledge about how the environment law impacts on several business areas.

Trainees Duties and Responsibilities

Typical tasks may include contract drafting, being involved with due diligence reviews, assisting complex legal research, and many more.

  • Intellectual Property

Work Involved

IP or intellectual property is the area of law that is concerned with legal rights, which protect the intellectual investment. These include creative work and innovations including literary, musical and artistic works, inventions, brand names, and designs.

Clients

Every business has IP to protect. Therefore, the clients may come from various business sectors. More often than not, clients are from overseas.

Skills Required

Transferrable skills that are important to career in law may include the ability to write accurately and clearly, attention to details, ability in formulating logical arguments as well as detailed analytical skills.