Commercial lawyers are solicitors who advise companies and governments on business-related issues.This covers a vast range work, and commercial law firms are divided up into departments, known as practice areas, where the lawyers specialise in a particular type of work.
Companies must comply with both their own constitutional documents and with the law applicable to all companies, and corporate lawyers make sure their clients’ activities are in accordance with these.
They also prepare the legal documents required for corporate activities and the transactions clients undertake (such as a restructuring or an acquisition), and act as project managers on these, making sure the legal aspects run smoothly and on schedule.
Finance lawyers ensure that their clients are legally protected against the risks involved in a financing deal – lenders risk losing their money and borrowers risk problems arising from the obligations they’ll have taken on in return for the finance provided by lenders.
They draft or review the legal documents needed and make sure all legal steps required for funding have taken place, particularly that the borrower has fulfilled the conditions to the funds being granted.
Banking lawyers also advise their clients on legal issues that come up in relation to financing arrangements already in place.