The commercial law field provides a range of different career opportunities for graduates interested in working in law and business. While commercial law is quite popularly represented in media, it can be difficult to distinguish between what is a real and accurate representation and what is merely drama. This article provides a comprehensive guide to working in commercial law, including information about what the field actually is, pathways to working in it, and the skills necessary to succeed. 

What is commercial law?

Commercial law is often also known as corporate law or business law. It relates to a subset of civil law. Civil law deals with complaints between two individual parties. Comparatively, the other broad category of law - criminal law - deals with complaints brought by the state against a party. The types of civil law that commercial law encompassess is legal issues related to commerce, trade, and business. While this is a relatively broad description, in essence, commercial law relates to the conduct of individuals, businesses or organisations that are associated with commercial activities and business dealings. A graduate working in commercial law is responsible for ensuring that there is compliance with government and industry regulations, advising clients on their legal obligations and rights, as well as resolving disputes that arise while engaging in commercial activity. 

What are the pathways to working in commercial law?

You will be required to have tertiary qualifications to have a career in commercial law. This is essential. However, there are a range of pathways that you can take to seek your qualifications:

Undergraduate degree

The first step to working in commercial law is to complete an undergraduate degree in a related area of study. The area of study you do your degree in will depend on the role you wish to have in the commercial law field. For example, if you wish to be a commercial lawyer upon graduation, you should aim to complete a Bachelors of Law degree (LLB). A person cannot work as a legal practitioner in Australia without first completing a formal and recognised legal degree. Alternatively, you may choose to complete a Bachelor’s degree in business, economics, finance, commerce or another relevant area if you wish to work in a non-law related field in commercial law. 

Postgraduate degree

You may need to do a postgraduate degree if you wish to work in commercial law. This will be essential if, for example, you wish to work as a commercial lawyer but did not complete a law degree in your undergraduate studies. Failing to do a LLB does not mean that you cannot pursue a career as a commercial lawyer! Instead, you can complete the postgraduate Juris Doctor program (JD). This will qualify you for legal practice. Aspiring lawyers are also required to complete a Graduate Diploma in Practical Legal Training (PLT). This is usually a 6 to 12 month long course that provides graduates with practical workplace experience. 

Specialisation

You may also choose to complete a higher education degree in your particular area of specialisation within commercial law. This can provide you with the opportunity to learn new skills, enhance your knowledge, and make yourself a more attractive candidate for graduate recruitment. Graduates often complete a Masters of Laws degree (LLM) for further specialisation. Some universities also allow law students to complete a specialisation in their LLB degree. This usually involves students choosing electives from the list of a particular topic that they wish to receive a specialisation. Having a specialisation in corporate or commercial law will mean that your knowledge and expertise with the subject matter of the industry is more intimate than another graduate candidate who lacks that qualification. 

What skills do you need to work in commercial law?

There are a range of skills that you need to have to work in commercial law. These skills relate to your legal knowledge and your ability to succeed in a high stakes business environment. Some skills that you might need to possess include:

Legal research

Legal research skills relate to your ability to research legal issues, refer to and interpret legislation, and solve complex legal issues. This is a key skill to have in commercial law as you will often be responsible for providing clients with legal advice. It is very normal to not have the answer to a legal problem or issue at the top of your head, so legal research can be a great help in devising an efficient solution. 

Negotiation

In both legal and non-legal roles within commercial law, negotiation is an important skill for employees to possess. Employees are often responsible for representing the best interests of their clients, which requires the ability to settle disputes and come to terms on matters of importance.

Communication

You will need to be able to effectively communicate with your colleagues, other industry professionals and, most importantly, clients. Effective communication means being able to relay information about complex legal matters to other parties without a formal legal obligation. They should be able to understand what is occurring without being stumped by technical language. Effective communication also requires the ability to draft official documents, like contracts, and participate in active listening so that clients feel that they are being well represented.

Attention to Detail

Working in commercial law will often involve drafting legal documents, like contracts, agreements, and policies. That is why attention to detail is an important skill to possess so that your work is free of errors and of ambiguities that might cast doubt on the legality of otherwise agreed upon terms. 

Problem solving

Problem solving involves the ability to identify issues and brainstorm strategic and creative solutions to mitigate risks without the least amount of interruption to a company’s business practices. As commercial law can be a high stakes and fast paced industry, problem solving is a crucial skill to have.