What exactly do corporate law lawyers do? Corporate law is the body of law that protects businesses from unlawful acts or actions by other individuals, government agencies, and other organizations. Although the exact focus of this practice can vary greatly, corporate law lawyers generally agree that every moment brings new challenges and difficulties, most of which are novel and involve cutting-edge legal issues. The need for corporate lawyers is not unique to any given time; today’s society finds itself beset with ever-changing circumstances and legal trends.
Corporate attorneys deal primarily in two primary areas: general transactional law and intellectual property law. Intellectual property involves the creation and manufacture of products and/or services. General transactional law covers such areas as corporate debt, mergers and acquisitions, employee-management issues, commercial disputes, and tax and labor laws. Both of these areas tend to have very narrow distinctions – there are a few key exceptions. Generally speaking, however, the vast majority of attorneys practicing in corporate law specialize in one or the other.
One of the most important areas of corporate law is corporate finance. The term “corporation” is generally used to refer to any type of company that has more than one taxable entity. These types of company are generally classified as either public or private. A private corporation is considered a sole proprietorship, while a public corporation is required to register with the state as a non-profit business. Private companies are allowed to issue equity and issue shares, while public ones are limited to issuing shares as trustees in lieu of stock.
One of the other areas of the practice of corporate law that business owners will need to consider is transactional law. This area of the law addresses agreements and transactions between corporations, their shareholders, and their employees. This area of the law is particularly important because all agreements created by business owners are enforceable against the parties. Agreements that are not legally binding, or that result in the modification or termination of any employment relationship, are not within the purview of this area of the practice. While these agreements may be relevant in certain limited circumstances, such as the termination of a corporation’s partnership or owner-employee relationship, most such agreements must be entered into in the normal course of business.
Intellectual property is also a huge area of specialized legal services. This area of the law encompasses a broad range of activities, such as trademarks, copyrights, patents, and trade secrets. Additionally, intellectual property law is intimately connected to the operation of the economy. It is important for businesses to understand and ensure the protection of their intellectual property rights, including the use of technological know-how, trade secrets, and proprietary information.
Litigation accounts also fall under the area of transactional lawyers’ practices, said a business law attorney serving in Chicago, Illinois. These are professional law firms that deal primarily with litigating disputes between other parties, such as product manufacturers or retailers. Such cases may involve disputes over alleged violations of trademarks, patent infringement, or breach of contract. They may also involve disputes over issues such as ownership of technology (including the practice of digital and information technology), copyrights and the enforcement of intellectual property laws.