If you have a passion for law and are considering which subfields will be more suitable for you, this article extensively covers one of the most popular subfields in law, which is commercial law, so after reading it, you should be able to make an informed decision on whether or not commercial law is right for you.
As you continue reading, you will find what your job responsibilities will be as a commercial lawyer, what you should expect to be paid, the processes to follow to become a commercial lawyer, and so much more. So all you have to do is pay attention to details, and you might find commercial law so interesting that you won't get enough of it.
What is Commercial Law?
Commercial law is a division of civil law which deals with various business operations such as hiring and firing, trades, business structure, sales, and intellectual property. Commercial lawyers represent organizations and companies and act in their best interest.
As a commercial lawyer, you will be a great asset to businesses and companies, and people will rely on you to protect their businesses and ensure their operations are in line with the laws of the country.
What Does a Commercial Lawyer do?
Draft Legal Documents
Some documents you may be required to work on as a commercial lawyer include privacy policies, letters of demand, shareholders agreements, partnership agreements, cease and desist letters, and business merger agreements. You will interpret the law in each document to protect businesses and ensure they maintain compliance at every stage of their business operations.
When you draft these documents, you will also need to review them and make sure they are accurate, then request signatures from the company's executives when needed.
Ensure Business Compliance
A commercial lawyer knows the law, and businesses need them to help input the laws into every aspect of their business operations. So as a commercial lawyer, one of the most important things you will be responsible for is ensuring your clients understand what the law requires of them at every point in time and make sure they maintain compliance with the regulatory standards of their business.
Address Legal Problems
It is almost impossible to run a business for many years without encountering any legal issues; even if the issues do not come from your client, they may arise from their relationship with other companies. So as a commercial lawyer, you will need to handle every legal problem that may come up and ensure that the outcome is in your client's best interest.
Study New Laws
Whenever the government enforces new laws, it is your responsibility to study them and interpret them to provide guidance and good business advice for your clients. If, at any point, a business fails to comply with a new law because they were not informed when they have you as their commercial lawyer; it would mean that you have failed at your job.
So you need to stay updated with current legal processes in the country and inform your client's decisions with the most recent laws.
Represent Client in Court
One of the major duties of a commercial lawyer is that of a legal representative for a business or organization, so you are expected to represent your client in court whenever they face legal charges or need to appeal before a judge. In addition, the commercial lawyer acts as a business representative in litigation and defence.
See the job description for a business lawyer.
Negotiate With Other Businesses
As a commercial lawyer, you will also be responsible for representing your client in all business negotiation processes. You have every right to make decisions that are in the company's best interest. In addition, your negotiation must consider all conditions that meet the business needs and comply with the laws guiding such transactions.
Is criminal law different from commercial law? Find out!
It is also possible to serve as an advisor in the negotiation process between businesses in cases where a company's executive wants to negotiate by themselves.
Protect Business Properties and Asset
One of the main concerns for businesses is to protect their properties and assets as they can deter the success of any business, but they cannot do this on their own, so they need a commercial lawyer.
You will help them protect their business ideas and assets from theft and impersonation, and if you are wondering if this is part of your scope of the study, yes, it is; commercial lawyers are taught intellectual property law which teaches the right a company has over assets, properties and ideas.
Where Can a Commercial Lawyer Work?
Commercial lawyers enjoy diverse opportunities because they can work in any sector as long it is a business or organization that needs to comply with the laws and regulations of the country; well, luckily, every business or company has laws to follow.
So if you become a commercial lawyer in Canada, you can work in industries like health care and social assistance, finance and insurance, agriculture, engineering and production, art and entertainment, education, and construction, and the list is endless.
So you will have a fun-filled career and experince what it is like to be a part of any industry you want and learn from them in every way possible.
Do Commercial Lawyers Get Paid Well in Canada?
Yes, commercial lawyers are one of the highest-paid lawyers in Canada, and if you pursue a career in this field, you should expect to earn well enough to enjoy a comfortable life and career.
The average salary expectation for a commercial lawyer in Canada is 187,275 CAD per year, which is equivalent to 96 CAD per hour. However, entry-level positions can expect to earn 155,504 CAD per year, and senior-level positions or experienced workers will earn up to 249,142 CAD per year.
See how much tax lawyers make in Canada.
Why Study Commercial Law
There will always be a demand for commercial lawyers in Canada because commercial law is a secure industry that has continued to thrive over the years. It has helped many businesses and organizations grow and has significantly contributed to the economic growth of the country.
Commercial law offers a wide range of opportunities that lets you find your place in different industries and contribute to the growth of that industry. It also teaches so many skills that can help improve your life, like decision-making skills, time management, critical thinking, strategic planning, etc.
In addition, let's not forget it is also one of the highest-paying careers in law, so in this field, you will have everything a good career can offer.
How Can I Become a Commercial Lawyer?
Get a Bachelor's Degree
One of the first steps to kickstarting your commercial law career is getting a bachelor's degree. Many employers usually prefer to hire commercial lawyers with undergraduate degrees in law. So start by studying law at a recognised university or college; a bachelor's degree usually takes 3 to 4 years in Canada.
Pass the LSAT and go to Law School
When you have earned a bachelor's degree in law or related fields, you can prepare to take the LSAT test, which will qualify you to go to law school. If you pass this test, you can apply to any Canadian law school where you will receive further training to become a commercial lawyer.
After law school, you will earn a Juris Doctor degree, making you a qualified candidate for the bar exam.
Pass the Bar Exam
This is the final certification you need to become a commercial lawyer in Canada; you can prepare for the exam by hiring a tutor, working at a law firm or joining study groups for law students in your area. The exam takes place three times a year and is organized according to the standards set by your province, so you should find more details from the law society in your province.
What Skills Are Needed for Commercial Law
Here are some skills that can make you a better commercial lawyer and increase your chances for a promising career in Canada.
- Attention to detail
- Good communication and language skills
- Initiative and responsibility
- Appropriate knowledge and motivation
- Self-confidence and good interpersonal skills
- Excellent time management and multi-tasking ability
- High ethical standards and a good understanding of the law
- Good negotiation and project management skills
The Best Law Lessons Canada
Commercial law is very intriguing and broad, there is so much to learn, and you need all the support you can get to achieve your goals as fast as possible. Hence, if you have chosen to study commercial law, you should learn from every available source to become one of the best in Canada. You can do this by taking law lessons from a very good and experienced Canadian law tutor.
The good news is that you do not have to struggle to get such a tutor in Canada; Superprof is the one-stop place for you. You can get law lessons Canada online or in person, and the best part is you can do it simultaneously with your undergraduate studies or any level of schooling.
This is an excellent opportunity to make your pursuit of a successful commercial law career easy and more convenient, so don’t miss out.
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