Introduction:

The aspiration to choose law as a profession is usually drawn from fictional or personal heroes. Many inspirational leaders, such as Barack Obama, Mahatma Gandhi, have drawn the idea that a person can make a difference by stepping into the legal profession. The role of the legal profession has evolved in a much broader and wider range. But, taking it as a profession has great coverage from litigation, academic, intellectual property, media, business, organization, and many more.

Meaning of Business or Corporate Law

Business law is a specialization of law, which is termed as Mercantile Law or commercial law. Business law deals with individuals or firms relating to commercial basis. This specialization of law rules the world of commerce. However, the business law deals with the conduct of people associated with the business. The business laws comprises two distinct functions, one is the commercial entities and another is the commercial transactions. The regulation of commercial entities is done through enactments such as bankruptcy, partnership, agency, and company laws, while commercial transactions are governed through the laws of contract.

While corporate law is considered being the most opted specialization by candidates these days. Corporate law includes those rules, regulations, and other policies that help in the functioning and operation of corporate firms. In simple words, corporate law comprises the formation, management, and operation of any corporation. All investors, stakeholders, and consumers are regulated through this specialization of law.

History:

Business law is categorized in India as Pre-independence, post-independence, and in the 21st century, however, new laws are always being passed. In the time of 1850’s Company law in India owes its origin to English law. The first legislative enactment for the registration of joint-stock Companies was passed in the year 1850. This act was based on the English Companies Act 1844. This old act did not recognize the privilege of limited liability, which was further introduced in the England Limited Liability act of 1855. Subsequently, different acts and amendments were passed and for the first time in India, the principle of limited liability was recognized. Although this concept was not alien to Indian society as HUF possesses the features which are conducive to the conduct of the business. Then came the companies act of 1866 which was referred to as the masterpiece of legislation. This act consolidated the laws relating to incorporation, regulation, and winding up of trading companies and other regulations.

After the end of World War 2 and the post-independence includes different acts, including the Banking Regulation Act of 1949 which deals with managing banking business laws in India. Further, the need to revise the companies act was realized. On 25th October 1950, the Government of India, therefore, appointed the committee of 12 members under the chairmanship of Mr. H.C. Bhabha. On the recommendation of the committee, the act was named Companies Act 1956. The Cohen committee suggested that emphasis should be placed on the company accountability of incorporated companies. Another Consumer protection act 1986 has played a major role in the protection of consumer rights and also established different state and national tribunals. Other acts introduced in the time of post-independence are the standard weight and measurement act of 1956, Foreign Trade (Development and regulation) act 1992, Foreign management act, and many more. All these acts regulated import and export, exchange of transactions, including investment abroad along with fair competition in the market.

The third phase is economic development in the 21st century, the companies act was further amended several times and the latest amendment was in the year 2013 which was the paradigm shift for the corporate sphere and also increased the regulatory framework for better functioning. Further, the competition act 2002 was introduced to conduct fair competition in the market and prohibited unfair trade practices. Furthermore, the E-commerce regulation in India was also introduced through the Information Technology Act in 2000, which was further amended in 2008 to provide recognition to electronic transactions.

Scope of business and corporate law:

The scope of business law is cleared from its purpose, which states that business law helps in establishing standards, protection of rights, resolving different numbers of disputes, and maintaining orders. It also sets universal criteria helping in the protection of interests of people engaged in business organizations. It establishes the customers to safeguard their interests, rights, and liabilities which may suffer a thorough lack of particular knowledge of laws. Business law helps owners protect themselves from fraud and spread awareness regarding laws against individuals or organizations.

Every law graduate along with the graduates pursuing specialization as corporate law can work efficiently in distinct firms, no matter small or large. The lawyer who wishes to join the education department as a researcher or lecturer can apply for further studies in corporate law. The work associated with the corporate lawyer is to counsel clients, involved in negotiations, drafting, reviewing agreements, contracts relating to business involving mergers, acquisitions, divestment, and many more.

Courses available for pursuing career in Corporate and Business laws

These are the following number of courses available:

  • Candidates can pursue a Bachelors’ in Business Administration + a Bachelors’ of law (BBA LLB) for the undergraduate level. Others can also opt for courses such as Bachelors in Arts Bachelors in law (B.A.LLB) or Bachelors in commerce + Bachelor of law (Bcom LLB) along with specialization in business or corporate law. Specialization depends on the availability of courses in colleges and universities.
  • Candidates can also pursue Masters in Law (LLM) in corporate or business or combined business and corporate law. There are a few other master’s programs for candidates pursuing corporate law such as LLM in Commercial and corporate law, LLM in Corporate and Securities Laws, and LLM in Business and Corporate Law.
  • Different law colleges also offer masters in Arts (M.A) in Business or corporate Law and Masters in Business Administration (MBA) in business or corporate law. This includes Banking Law & insurance laws, Financial market regulations, Introduction to Corporate & Financial Law, Investment-related Laws, Trade & Investment dispute resolution, Legal Research & Writing, Competition Law, Taxation laws of Corporations & Commodities, Labour & Industrial Relations Laws, Corporate law 1 and corporate law2.
  • Some colleges and other organizations also offer a few diploma courses for 6 months available in business or corporate law or both. The subject involved in these diploma courses are Commercial Law, Corporate accounting, taxation, company law and practice, Law of Contracts, Business Law and organization, International Law, Corporate Governance, Consumer Protection Act, 1986, Competition Act, 2002, Corporate Restructure Law, Alternate Dispute Resolution Law, Laws Related to Banking and financial regulation, Intellectual Property Law, Legal Research Methodology

Appropriate skills required for pursuing corporate and business law

Candidates who wish to go for business laws or corporate law as their specialization should possess good knowledge of the substantive law Indian Penal Code (IPC) to define the liabilities of the company, employees and employers. The aspirants must be very hardworking, able to work for long hours, intellectual, and objective. He must be fluent, have the power to convince, keen interest in research work, be persuasive, and must have the ability to analyze and assimilate the facts. Other skills required for pursuing and expertise in this field are logical reasoning, knowledge of technology, ability to work in a team, good communication writing skills, clarity in speech, and good judgment making for people and organization.

Conclusion:

One can find the best suited to his career according to its skills and place of interest, by gaining great knowledge of legal field careers. Corporate and business law careers can help aspirants to grow as an employee or employer in any organisation. The professionals may work in a company as an advisor and legal counsel or a researcher. They can help in implementing what is best suited to their organization. Choosing the job profile, as a corporate attorney, employment lawyer and corporate lawyer have a great scope in this field of business and the corporate law. Moreover, one can also represent their company or organization in the courtroom.

[1] Corporate law, shiksha, (July 09,2021), https://www.shiksha.com/law/corporate-law-chp

 [2] Anjana Roy, What defines the scope of business laws, Airtract(July 06, 2021), https://www.airtract.com/question/What-defines-the-scope-of-business-law

  [3] Business Law, Shiksa(July, 09, 2021), https://www.shiksha.com/law/business-law-chp

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