With the tempo of mergers, acquisitions and takeovers revving up in India Inc, the demand for specialist corporate lawyers is unprecedented Indra Gidwani
With industry and business growing steadily and a cascade of venture capital flowing into innovative start-ups while the tempo of mergers, acquisitions and takeovers is revving up, the demand for specialist corporate lawyers — law graduates who can skillfully read balance sheets, business plans, draft agreements and structure transactions — is unprecedented.
These days scores of law graduates are signing up with corporates including public sector enterprises as in-house legal counsel, advising managements on legal audits, strategy and statutory compliances. To the dismay of the Bar Council of India and the judiciary, over 75 percent of law graduates from the country’s top-ranked law schools are joining law firms or corporates rather than opting to practice at the bar.
In the new era of multi-billion dollar mega deals, much is expected of corporate counsel — knowledge of company law, the basics of criminal law, effective communication skills and good understanding of the business environment.
STUDY PROGRAMMES
The five-year bachelor of law (BA, LLB) programme offered by the country’s top-ranked specialised law schools after completion of class XII, is widely accepted as a better pathway for individuals set on a career in law. The other option is the postgrad three-year law degree programme offered by most universities. The postgrad degree is a better choice for individuals intent upon careers in other fields in which knowledge of law is an additional qualification.
Entry into the best new genre specialist law schools is highly competitive. Aspirants need to write the national CLAT (combined law admission test) jointly conducted by top national law schools, and which assesses students’ English, legal aptitude, general knowledge and cognitive skills. All law degree programmes are regulated by the Bar Council of India which sets rules and regulations regarding legal ethics, morality and practice in the country. For those keen to work in academia, Masters, M.Phil and/or doctorate programmes are advised.
India’s premier law varsity in the EducationWorld India University Rankings 2015 is the National Law School of India University, Bangalore, followed by the NALSAR University of Law, Hyderabad, Indian Law Institute, Delhi and the O.P. Jindal Global University, Sonipat (see EW, May 2015).
REMUNERATION PROSPECTS
Whereas a few decades ago law graduates were obliged to begin solo practice right away, preferably while interning with a senior counsel without assured remuneration, today a growing number of American-style law firms recruit promising mint fresh law graduates at handsome negotiated salaries. Therefore, working with law firms is becoming increasingly popular rather than working as in-house counsel of firms. Law grads tend to start at Rs.25,000 as in-house counsel while top-rankers of the country’s best law schools, are recruited with higher remuneration.
“Corporate law is gaining popularity as a career option. With numerous amendments made to the Companies Act and enactment of other complex legislation, most companies recruit in-house lawyers to advise the top management and avoid legal hassles and complications,” says 20-something Varsha Menghrajani, who heads the legal department of Sarjak Container Lines Pvt. Ltd, Mumbai, which within a span of 12 years has expanded from 5 flat racks per year to a robust average of 6,600 racks which it sends to major ports around the world.
PROFESSIONAL PROFILE
In 2013, shortly before she completed the BA, LLB programme of the Pravin Gandhi College of Law affiliated with Mumbai University, Menghrajani was signed up by the Mumbai-based Financial Technologies Pvt. Ltd to work in the company’s legal department. A few months on, she was offered a senior associate position by Sarjak Container Lines where a year later, she was appointed head of the company’s legal department. “The five-year law degree is advisable for students who are 100 percent sure about pursuing a legal career. The syllabus and curriculum gives students a thorough grasp of subject fundamentals,” she says, adding that signing up for allied courses such as company secretary and intellectual property laws, or a Masters in business law is advisable.
Menghrajani predicts a bright future for young lawyers, as inter-governmental discussions under the aegis of the World Trade Organisation indicate that it’s just a matter of time before foreign law firms are permitted to establish offices in India. “When that happens, the earnings of law practitioners are likely to go sky-high,” says Menghrajani.