Law as a career option has bright future prospects. It offers a wide range of future opportunities. Every individual has a different set of qualities and attributes which make him/her suitable for a particular kind of work. Lawyers have some inherent attributes that are most suited to their profession. Even here, there are two options, either to choose corporate law or litigation. Both are lucrative career prospect, but also have some advantages and disadvantages. What one chooses depends on the individual- what his/her qualities and skills are and what he/she wants in life.
Corporate v/s Litigation
Making a choice between litigation and corporate law is somewhat tricky. It is an important decision that corporate lawyers in India have to make at some point in their careers. Choosing between the two can have a significant impact on how your career shapes up. People generally take a decision even before joining a law school, while in some cases the decision is guided by events during the course of their study. However, an aspiring lawyer must understand his/her skills and strength and decide which field of law would be most suited to them. Both fields of law have their own set of challenges and require specific skill sets to negotiate and overcome those challenges. Many lawyers do not want to go to court and attend regular proceedings as they are more comfortable doing administrative work. While some others like court proceedings as they are comfortable engaging in arguments and are aggressive and persuasive in their stance. These are major qualities of a litigation lawyer to excel in their profession.
Corporate law basically involves the formation and operations of companies. Corporations are governed by various state and central laws and they have to operate within the ambit of these laws. A corporate lawyer has to ensure that all regulatory compliances are met by the company. A corporate lawyer is required to prepare business contracts with vendors and partners, ensure that labour and employment laws are complied with and also advise businesses on taxation issues. They are also actively involved in joint ventures and mergers and acquisitions and matters related to shareholders. There are many other business issues where corporate lawyers play important roles.
- You work in an established business house where you don’t need to acquire clients.
- Corporate lawyers are well paid by the corporations and there is financial security.
- There is job security as well. The numbers of corporate lawyers are very less but their demand is high.
- Opportunity to learn more in the field of business law as you acquire knowledge with experience.
- If you work in a law firm you may not get enough job opportunities when the economy is going through a bad phase.
- Though a corporate lawyer gets good compensation there are long work hours. You have to work extra hours to meet strict deadlines. There is huge pressure and stress involved in corporate law practice.
- Lack of professional independence as you are not allowed to take your own decisions but have to follow instructions by the senior management.
- Less interaction with other legal professionals which can hamper your networking.
Litigation is a process where cases are filed in courts to settle disputes and controversies between persons and organizations or to charge someone with an offense. Lawsuits are filed before a competent court empowered to hear and resolve such issues. Litigation involves researching, analyzing documents, writing, and arguments and counter-arguments to prove a point. Litigation sometimes also involves liaising with the opposing lawyer to arrive at a mutually satisfying agreement between the disputing parties.
Litigation is a lucrative option. While comparing corporate v/s litigation, it must be said that litigation offers greater challenges and greater rewards. It’s a tough job which requires dedicated hard work but in the end the rewards are also very good. Litigation law firms in Delhi have no dearth of clients and they earn a very good amount of money.
- Litigation is a highly rewarding profession. In the beginning, it’s tough to get clients and the fees you get is also low. But once you make a name for yourself, clients come to you and you can command huge fees for your services.
- Litigation lawyers are independent in their decision making. They can choose their practice area and decide which clients to represent and which not to. They have the power to fix their own fees.
- With their regular dealings with the problems, their clients face there is a lot of opportunities to learn and enhance their future prospects.
- Litigation lawyer gets clients throughout the year and are not affected by the state of the economy.
- Building a career in litigation takes a lot of time. It can take years to build goodwill and establish your reputation.
- Litigation is a tough profession to start with. There is very little money in the beginning as the numbers of clients you get are few and far apart.
- A lot of effort goes into soliciting clients in the initial years.
Comparing corporate v/s litigation is not easy as both have their positives and negatives. It ultimately depends upon the individuals on which career path they want to choose.