How Much Does A Corporate Lawyer Make? (With Required Skills)
By Indeed Editorial Team
Updated 21 January 2023
Published 1 November 2021
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Corporate law is an elite and rewarding field that merges business and law. Corporate lawyers represent companies on the legal front and advise them on their legal rights and duties. If you are interested in taking up corporate law as a profession, it is important that you understand the various roles and responsibilities, requisites and remunerations involved in this profession. Understanding the ins and outs of this field and familiarising yourself with how much does a corporate lawyer make, can help you plan your career journey better.
How Much Does A Corporate Lawyer Make?
Considered an elite profession, corporate law is lucrative. A corporate lawyer earns a rewarding and comfortable remuneration. How much does a corporate lawyer make, can vary depending on the job location, skills, experience level, industry and employer. As their experience level grows, a corporate lawyer's pay increases substantially. Contract management and corporate governance are two of the most in-demand skills offering a high remuneration. The average salary for a corporate lawyer is ₹32,293 per month. Among the top cities, the highest average pay for a corporate lawyer is ₹62,614 per month in Delhi, while the lowest average pay is ₹21,309 per month in Noida, Uttar Pradesh.
Who Is A Corporate Lawyer?
A corporate lawyer is simply a business lawyer who works as a legal adviser for a company and as a part of its in-house legal team. A corporate lawyer may also work with corporate law firms to offer legal services to their clients and advise the organisation about their legal rights, privileges and obligations. They act as legal agents who handle transactions on behalf of the company, negotiate contracts, facilitate mergers and ensure proper regulatory compliance. Corporate lawyers are an elite group in the law field and are highly respected and valued for their contributions.
What Does A Corporate Lawyer Do?
There are various roles that a corporate lawyer can take up to assist an organisation. These roles are mostly transactional in nature and do not involve litigation. Below are some major roles and responsibilities of corporate lawyers:
Assist in corporate governance: Corporate lawyers help companies perform various legal tasks related to its formation, administration and management. They help companies create a legal framework, laws and policies required for smooth functioning.
Help new businesses adhere to regulations: New businesses hire corporate lawyers to help them file various legal documents. They ensure companies meet the required local, state and federal rules and regulations and also help them in handling transactions with other entities and corporations.
Assist in licensing new technologies: Corporate lawyers help a company license new technologies to protect and safeguard business interests. They help companies come up with effective licensing strategies to ensure that the compensation is fair for the use of their technology.
Oversee deals: These professionals conduct due diligence, drafting, negotiating and overseeing deals like mergers and acquisitions pertaining to an organisation. They may also work on preparing relevant document drafts and communicate with clients.
Help companies find capital: Corporate lawyers can help new or existing businesses find capital to expand their business through public or private financing. These lawyers may also provide specialised advice to Venture Capital firms pertaining to fund formation and liquidation, compliance, fundraising and investment strategies.
Assist in securities law compliance: These professionals also advise clients on various regulations to prevent fraud, manipulation and insider trading. They help companies adhere to securities law compliance and promote transparency within the company.
Contract management: Corporate lawyers also work as contract managers for companies. They oversee and direct contracts and ensure the company's contract documents are well-maintained and legally accurate.
How To Become A Corporate Lawyer
There are some important requisites for becoming a corporate lawyer. Below, we list down the educational requirements, general abilities and skills and important qualities to possess for a fulfilling career as a corporate lawyer:
To become a corporate lawyer, you are required to complete a five-year integrated Bachelor of Law (L.L.B.) degree course. Alternatively, you can pursue a three-year L.L.B. degree after a bachelor's degree in any discipline. For specialising in corporate law, you can pursue a diploma or a post-graduate law degree in corporate or business law.
Corporate lawyers need in-depth skills and knowledge to work on a variety of legal aspects in an organisation. Here are some of the most important skills and abilities for a corporate lawyer:
Negotiation skills: Companies hire contract lawyers to avoid litigation and settle matters amicably. To help with this, they need a corporate lawyer who would listen and negotiate well during the resolution of disputes. Good negotiation skills can help a corporate lawyer save a company from expensive litigation fees when disputes arise.
Communication skills: It is integral that a corporate lawyer has excellent communication skills–both oral and written. Excellent communication skills are necessary to explain things clearly to clients. They can come in handy while arguing and negotiating settlements on behalf of the client.
Organisation skills: A corporate lawyer usually works on several various tasks in a given time. Thus, excellent organisational skills are a given. An ability to manage time well, prioritise and meet deadlines on time are essential skills to have in this profession.
Knowledge of company law: A thorough knowledge of company law is essential to becoming a corporate lawyer. An understanding of company setup, appointment of officials, company closure and prevention of fraud or mismanagement are key skills for a professional working as a corporate lawyer.
Knowledge of legal and business ethics: A corporate lawyer needs a good background understanding of the various ethics prevalent on the business and legal front. Good corporate ethics help an organisation maintain good relationships with stakeholders and competitors and win their trust and confidence.
Expertise in contract law: Corporate lawyers help organisations while getting into legal contracts. They help organisations comply with regulations, laws and legal considerations. Since businesses operate primarily based on contracts, it is important that corporate lawyers have a good understanding of corporate law.
Contract drafting skills: This relates to the point above. Since companies take up new contracts (or renew existing ones) regularly, a corporate lawyer who works in its legal department requires knowing how to draft contracts properly. This is to ensure that the contract that is entered into is compliant, legal and fulfils legal requirements.
Knowledge of competition law: Competition law is another important skill for a corporate lawyer. Though competition is necessary for economic growth, companies are required to adhere to the Competition Act, 2002, to prevent anti-competitive practices. Hence, a corporate lawyer needs a thorough understanding of the competition law.
Apart from technical skills and abilities, corporate lawyers require certain soft skills to perform their jobs effectively. Here are some key soft skills and qualities that a corporate lawyer possesses:
Conceptual clarity: Corporate lawyers require sound technical knowledge and conceptual clarity on various topics related to law. They require to have a thorough understanding of topics like the Companies Act, contract laws and other corporate laws. A quick grasping ability and understanding of concepts are valuable in this job.
Dependability: Corporate lawyers face huge workloads and may require taking up more work than planned. A willingness to share a team member's workload, positive work ethic and dependability are some qualities to have in a corporate lawyer.
Decisive: A corporate lawyer makes several decisions on a company's behalf. Quick decision-making and an ability to think on one's feet are helpful qualities that can serve a corporate lawyer at the workplace.
Eagerness to learn: Since corporate law is an evolving field, an important ability necessary for a corporate lawyer is a keen willingness to learn. Learning new laws, regulations and structures and applying them at the workplace is necessary to help the company stay on-par with necessary legal requirements.
Attention to detail: One indispensable skill to have as a corporate lawyer is a meticulous attention to detail. Since there is a zero margin for error in this field, a corporate lawyer pays significant attention to the minutest aspects while at work.
Commercial awareness: Being aware of various commercial developments in the outside world is important to work as an able corporate lawyer. Updating one's knowledge continuously is a valuable habit that can serve a corporate lawyer well.
Perseverance: A good corporate lawyer would work persistently to resolve problems. Perseverance and determination to find the best solution for a given problem is essential in this profession. Efficient corporate lawyers are resolute and purposeful to tackle every problem that comes their way.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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