If you have ever seen the TV Show ‘Suits’, then you may think you have an inclination of what commercial law is all about: glamorous cases, amazing outfits and incredible excitement. Whilst this may sometimes be true, the realities of the day to day life of a commercial law practitioner may be far more mundane.
What is Commercial Law?
Commercial law is an extremely important component of the legal system. It is what governs much of the society that we live in today. It provides a system of rules which businesses must abide by, to regulate the market, and to ensure that the mechanics of the business world operate smoothly. It encapsulates a wide array of circumstances: from mergers and acquisitions, to the formation and modification of contracts, to the competition of businesses, to the way businesses must interact with society.
Inevitably, the cases involving the most significant sums of money are likely to fall into the realm of commercial law, because of the size of some businesses and the wealth that they have. However, this does not mean that all commercial law cases involve vast sums of money.
A commercial practitioner with little experience in a smaller law firm may find themselves working mainly on insolvency cases or liquidation cases- where a business is having financial difficulties and wishes to cease to be in operation.
Commercial law is essentially always a form of civil law. This means it involves cases whereby a dispute between two private entities is taken to court to be resolved. A common form of a commercial dispute is a contractual dispute.
For example, two businesses may enter a contract. Business A is contracted to deliver 100kg of building supplies per week to Business B, for 1 year, for a fixed upfront fee of £1,000. Twenty weeks into the contract, Business A fails to deliver the building supplies to Business B. As a result, Business B loses profits. Business A then refuses to compensate Business B for their losses. In such circumstances, a commercial dispute has arisen, and Business B may wish to take legal action, in order to obtain his losses through a form of compensation called damages.
What Does a Commercial Lawyer Do?
This question has a plethora of answers. A barrister in a high-end commercial chamber with 25 years of experience may find themselves in the Court of Appeal and the Supreme Court every few weeks, advocating for their wealthy client on uber-complex points of law.
Conversely, a solicitor in a smaller city firm with 3 years of experience may be preparing documents and analysing financial reports of a small business who wishes to liquidise (no longer exist). No matter where one practices commercial law, there are a few things which are certain.
Firstly, you will be dealing with an intellectually stimulating area of work. There is no denying that commercial law is challenging. The laws which you will be dealing with are complex and technical. You will need to have an eye for detail, and some intellectual prowess. Secondly, commercial lawyers work long hours. Whether you are a solicitor in a Magic Circle law firm in London, or a barrister in a smaller chambers in Manchester, you will work 50 to 60 to even 70 hour weeks when working on a particularly big case. You will need to have a good work ethic to become one of the best.
Commercial Law Jobs
The variety of work in commercial law is reflected within the number of jobs the area offers. The most obvious and stimulating job would be to be a commercial solicitor in a large city law firm. These firms deal with the highest quality of cases, and handle the most exciting work.
However, jobs such as these are notoriously hard to come by for law graduates. They are incredibly competitive and oversubscribed. However, they are not impossible. If your application is attractive enough, you could become a big-city commercial lawyer. Large city firms include:
- DWF
- Linklaters
- Clifford Chance
- Slaughter & May
- Allen & Overy
- Herbert Smith Freehills
- Burges Salmon
There is also a variety of work at the commercial bar. Lower level barristers outside of London may find themselves in the smaller courts, advocating on smaller cases, such as insolvencies. In London they may be helping a more senior barrister on a more significant case. Commercial law chambers include:
- Kings Chambers
- Brick Court Chambers
- Twenty Essex Chambers
- Exchange Chambers
- Fountain Court Chambers
By Josh Parsons
