Different Types of Lawyers in corporate department
Whether you are seeking the assistance of a lawyer or contemplating going to law school, there is a general confusion in the population as to what types of lawyers are there. Some people assume that a lawyer is a lawyer, and so any lawyer will be able to provide whatever legal services they need. While technically this is true because a lawyer is licensed to practice law (minus a few exceptions where further licensing is required), the law is so vast and all-encompassing that it is impossible for a single lawyer to effectively provide legal services across each different area of law. Much like doctors, where there is a focus on a specific area of the body, specific age groups, or specific types of ailments and diseases, lawyers typically specialize in one, or a few related types of law.
Business law is quite broad, and business lawyers will often deal with several areas of law discussed below, including employment, intellectual property, and mergers and acquisitions. Sometimes these lawyers just focus on basic business legal tasks such as forming your company, while others are more encompassing and will work on all types of business needs from employment issues to tax compliance. Also, some lawyers focus only on small businesses and startups, while others focus on large enterprises.
Keep in mind that there are business transactional lawyers and business litigation lawyers as well. The difference between these two types of business lawyers are significant, in that business transactional lawyers handle transactions (such as negotiating deals) and drafting documents (such as employment agreements), while business litigation lawyers handle your lawsuits (such as when someone sues your company for violating the terms of a contract). Most of the time, a business transactional lawyer will not do business litigation, and vice versa, although there are exceptions.
Employment & Labor Lawyer
Employment & Labor lawyers are exactly as they sound; they handle issues relating to employment. They mainly deal with making sure businesses are complying with state and federal labor laws. Much like corporate lawyers, there are both litigation and transactional employment lawyers. Employment litigators are the ones who go to court to argue when/if a business violated the terms of an employment contract or state law, while transactional employment lawyers deal more with drafting the employment documents themselves when an employee is being hired. Some employment lawyers do both litigation and transactional work.
Finance & Securities Lawyer
Finance and Securities lawyers only operate in a very specific sector of law. They tend to only deal with issues relating to banks and individuals issuing money, or to companies selling stock. They can also help defend clients if the IRS or SEC files a complaint against a person or a corporation.
Mergers & Acquisitions Lawyer (M&A)
Mergers and acquisition (M&A) lawyers deal with the buying and selling of companies. The buying and selling of major companies can be a very long and complex process which usually involves a team of lawyers. M&A lawyers tend to be very well-versed in finance and securities laws, as well as tax law, to make sure they structure the deals, aka the purchase or sale of their client’s company, correctly.
Intellectual Property Lawyer (IP)
Intellectual Property, or IP, lawyers deal with anything having to do with protecting intellectual property, that is intangible (something you can’t touch like a song or an idea) property. The three major areas of law within intellectual property are copyright, trademark, and patent. Some IP lawyers just focus on copyright and trademark issues, while others just focus on patent issues. Patent law is one area that requires further licensing than just a regular law degree and also requires a technical background (such as one in engineering, software development, chemistry, or life sciences). Since IP laws are all very technical and different from each other, lawyers don’t tend to handle all of these issues (however IP law firms will have a team of lawyers who can help you with any of them). Like most areas of law, there are normal IP lawyers and IP litigators. The normal IP lawyers help with all the filings required to protect your IP, while litigators are the ones who go to court to battle who owns what IP and how much that IP protects the individual in a given dispute.