how does a commercial lawyer "add value"

Full Answer

What does a commercial lawyer do?

“A simple answer is commercial lawyers give advice to clients who are either looking to achieve commercial transactions or settle commercial disputes and so where that really focusses on is the business community.”

What should law firms offer key clients?

In no particular order, and certainly not an exhaustive list, firms should consider offering the following types of activities to key clients, remembering to consult each client on which they would find most useful. 1. Bespoke legal updates

How can you market your firm’s legal capabilities?

Providing insights into up-coming issues (not just legal) which will be impacting on an industry, including how organisations are planning to deal with these issues, is a very powerful way of marketing your firm’s capabilities.

How do law firms add value?

In conclusion, while law firms can always find more costs to cut and efficiencies to be gained, the number one way they can increase their value to clients lies in getting and staying close to clients' businesses in order to deliver more strategic advice.

Do lawyers add value to society?

Attorneys who practice law with ethics and integrity should contribute to the well being of society by promoting justice through fair procedures. Lawyers are advocates and advisors for our society. They work to represent individuals and corporations in civil trials, and to promote justice in criminal trials.

What qualities make a good commercial lawyer?

10 Key skills & qualities you need to excel in Commercial LawAppropriate knowledge and motivation. ... High ethical standards and an understanding of the role of law. ... Self confidence and good interpersonal skills. ... A variety of sustained interests which reveal a high level of achievement. ... Initiative and responsibility.More items...

What values do lawyers have?

Below are ten traits that are common to the best lawyers in the United States.Passion for the Job. ... Compassion for Clients. ... Great Communication Skills. ... Willingness to Listen. ... Knowledge of the Law. ... Strong Writing Ability. ... Creativity. ... Good Judgment.More items...•

How do lawyers contribute to economy?

By completing business and contractual obligations and commercial transactions, resolving disputes, facilitating the flow of funds and investments, encouraging innovation through the protection of intellectual property rights, and advising entrepreneurs on viable business solutions, lawyers are able to positively ...

How lawyers can help the community?

Lawyers are present at every stage of a development project, and thus can provide strategic advice, prepare evidence and communications, gain access to critical information, and help prepare local communities for the possibility of litigation, mediation, or other non-judicial remedy mechanism.

Why are commercial lawyers important?

Commercial lawyers help businesses trade and work on a wide range of commercial agreements dealing with the manufacture, sale, supply and distribution of goods and services, as well as identifying and establishing the best routes to market, which could be via an agency, distribution or franchise model.

Why did you choose commercial law?

Commercial law offers a wide range of opportunities to work on because it reviews the specific areas in which people trade. For instance, commercial lawyers can provide tax advice and sound contract law advice as well. So, there will always be a demand for legal professionals who want to specialise in commercial law.

Why would you like a career in commercial law?

Long hours, strict deadline compliance, high-pressure situations, excellent teamwork skills and an ability to sacrifice your life for your work are only part of what commercial solicitors may be expected to do.

What values are important in a law firm?

Core ValuesIntegrity. To be honest, trustworthy, respectful and ethical in our actions. ... Client Focus. ... Intellectual Rigor.

Are lawyers rich?

Most lawyers earn more of a solid middle-class income," says Devereux. You probably will be carrying a large amount of student loan debt from law school, which is not at all ideal when you're just starting out in your career. "Make sure you only become a lawyer if you actually want to work as a lawyer.

What personality type is a lawyer?

According to a 1993 study conducted by Larry Richard, the most prevalent personality types for lawyers are: ISTJ (17.8 per cent) INTJ (13.1 per cent) ESTJ (10.3 per cent)

Why are lawyers not comfortable admitting they don't know anything?

Because lawyers are often regarded (by themselves and others) as the “expert” in the room, they are not comfortable showing any weakness.

Is a lawyer a good listener?

And third, lawyers aren’t very good listeners. Across all the examples that corporate general counsel gave of areas where their lawyers could do better at understanding their business, what stood out clearly is the importance of listening. In fact, as one client asserted, “Not listening to respond, but listening to learn.”

Why are lawyers not comfortable admitting they don't know anything?

Because lawyers are often regarded (by themselves and others) as the “expert” in the room, they are not comfortable showing any weakness.

Is a lawyer a good listener?

And third, lawyers aren’t very good listeners. Across all the examples that corporate general counsel gave of areas where their lawyers could do better at understanding their business, what stood out clearly is the importance of listening. In fact, as one client asserted, “Not listening to respond, but listening to learn.”

Meet Angus

Angus Foley is currently working as a senior partner and is head of infrastructure for Asia Pacific at the global law firm Ashurst. He has been working at this firm for more than seven years and specialises as a transaction lawyer, concerning infrastructure projects that his clients want to do.

Steps to Becoming a Commercial Lawyer

If you want to become a commercial lawyer, then you should study a Bachelor of Laws.

What will this career look like in the future?

According to JobOutlook, the future growth of people needed in this career is “very strong”. Now, that’s very good news for you if you’re thinking of studying law! However, at the same time, getting those graduate jobs can be very competitive!

Advice for Aspiring Commercial Lawyers

Angus wished he had kept in better contact with all the people he met at different stages of his career.

What is legal counsel?

Legal counsel are generally experts, trained professionals with many years of experience. However not all experience is academic, a lot is learned through working alongside different organisations and in different fields and there is significant value in what an experienced in-house counsel can bring to the table in this regard.

Is in house counsel good?

In-house counsel can be exceptionally valuable internal business partners, providing organisations, individuals and leadership teams with real competitive advantage. For many years, in-house counsel has been seen by some like many other admin and back office functions, however businesses that are switched on are finally giving the legal function the seat at the table they deserve.