When it comes to making the difference between corporate and commercial law, there are several important notes that need to be taken into consideration. Even though both law practices include a wider range of areas, they have similarities and essential differences. In order to make a clear and concise differentiation between the two and in order to help you figure out whether you need services from commercial lawyers or corporate lawyers, we will dwell into the details about corporate and commercial law separately.
Commercial Law and Services
The commercial law encompasses contract and or tort laws. It deals with problems that arise from the process of running a business during the stage of its commercial cycle. This is the law that is conducted before the court when arbitration or mediation have failed to provide a solution acceptable to all interested parties. The importance of the commercial law is of major value as commerce places itself at the very core of the democratic society. This is because of the fact that commerce has to be attractive to businesses in order to be strong in an economic sense.
Hence, having a strong set of laws and regulations will protect the businesses that are to enter into agreements with other businesses and will provide them with solutions when issues arise. The commercial lawyers bring these commercial disputes in the Commercial Court or in county business courts if the disagreement relates to that specific jurisdiction.
The work of commercial lawyers includes getting the necessary instructions and all information and documents needed from the clients. Once all the documentation is collected, the most important facts and data are picked out and the focus is turned on them. The next step in the process is researching the case law and former precedents, working on pleadings and arguments and attendance to regular briefing meetings with clients.
The key factor in the whole process is a thorough understanding of the clients’ needs as well as negotiating skills, commercial awareness and successful management of time and people. Among the services that the commercial lawyers provide are negotiation, drafting and review of projects; negotiation and enforcement of guarantees and promissory notes, confession of judgment, payment plans and debt workout, all three regarding debt collection; bankruptcy; fraud, deceptive trade practices, abuses of trust, tortuous interference with contractual relations, business dissolution etc.
Corporate Law and Services
Corporate lawyers deal with general corporate matters including incorporations of companies, rights of directors and shareholders, articles of association, board meetings, secretarial matters and public listing or delisting of companies. The range of work done within the limits of corporate law is vast therefore each corporate transaction or deal is unique. What makes them different are factors such as the type of industry, the size of the companies that are involved in the process and whether it involves single or multimarket businesses.
The profiles of the clients are different as well. Here the list of clients includes multinational corporations, investment banks and privately-held businesses as well as regulatory bodies and governments.
The corporate lawyers help list clients on stock exchanges worldwide and in addition, they secure finance from private equity players and venture capitalists. Furthermore, corporate lawyers work on preparing draft documentation relating to the clients’ accountants, financial advisors and managers. The list of services includes procurement of finances from banks or private investors, securing guarantees and other assets and completing due-diligence reports and checking on debts, employees, ownership details and existing liabilities.