Business lawyer
U.S. law schools offer J.D. (general law) degrees that prepare graduates to sit for the bar exam and to engage in legal practice in nearly any legal field, including business law. Some law schools offer advanced (L.L.M.) degrees in business topics for those with J.D. degrees. Career opportunities in business law include both traditional and non-traditional options.
Corporate Lawyer (Outside Counsel)
Most of the largest private law firms specialize in corporate law because large corporate clients can afford to pay higher fees. These positions tend to cluster in major cities such as New York. Hours are long, but new graduates are often offered six-figure salaries. Two main types of corporate lawyers exist in private practice--litigators and counselors. Litigators represent corporate clients in lawsuits as either plaintiffs and defendants. Counselors provide day-to-day legal advice and draft documents such as contracts and corporate bylaws.
Corporate Counsel (In-House)
Corporate counsel work directly for individual companies on a full-time basis, but do not accept work from a variety of corporate clients as outside counsel do. Many of these companies are small businesses rather than large corporations. An in-house counsel is considered a lawyer with only one client, and receives a salary directly from the company she works for. Although in-house counsel perform many of the same tasks as outside counsel, the most specialized legal work is usually sent to outside counsel. Although salaries for in-house counsel are typically lower than salaries for outside counsel, in-house counsel often work 40-hour work weeks.
Arbitrators
Many business contracts specify that all disputes are to be resolved though arbitration because arbitration typically is quicker and less expensive than courtroom litigation. An arbitrator is essentially a rented judge agreed to by the disputants. Private arbitrators are often preferred over courtroom judges if they have specialized knowledge about the subject in dispute--proprietary technology, for example. Arbitrators are appointed on a case-by-case basis and can be paid very highly depending on the nature of the dispute, the amount in controversy, and the size of the parties. Most arbitrators enter this profession only after several years of experience as business lawyers.
Tags: in-house counsel, corporate clients, outside counsel, schools offer