Contract Law is an area of law that will be encountered by every student studying a qualifying law degree (QLD) as it is one of the 7 compulsory modules that are included in a QLD. An understanding of contract law is essential in order to qualify as a lawyer as contract rules and concepts are often found in many other areas of law.
What is Contract Law?
As the name suggests, this area of law looks at the regulation of contracts. This includes everything from the formation of a contract to how a contract is upheld. A contract is a type of agreement that is enforceable by law. The majority of people are unaware that we enter into contracts on a daily basis.
When we purchase clothes or buy a train ticket there is a contractual relationship that arises. It is typically only when problems occur that the basic things we do in everyday life suddenly require contractual scrutiny. In those instances, the law of contract seeks to determine fault and offer potential solutions.
Common contracts that lawyers have to deal with include:
- terms and conditions
- rent agreements, mortgages
- loan agreements
- receipts
A characteristic of working in this area of law is that you will most likely have to sift through large quantities of paperwork. Contractual agreements often involve multiple parties meaning that cases may require correspondence between the parties. This element means that contract proceedings can sometimes be lengthy, lasting many months or even years.
What Does a Contract Lawyer Do?
Lawyers in this specific area of law will usually work on cases from beginning to end.
A contract case can involve:
- Filing
- Investigation
- Pleas and motions in court
- Negotiating settlements
- Conducting a trial
It is a very sought-out area of law and there is much work around for contract lawyers, however, the working hours can be long. Aspects of contract law are also integrated into other areas of law, for example corporate law, land law and even family law.
Qualities of a Contract Lawyer
The most important trait of a contract lawyer is good attention to detail. It is paramount that contract lawyers are capable of spotting finer details in a contract as often, those are the key elements that get disputed in a case. Often contracts bind people to sums of money and to something for set periods of time; if there is a contractual mistake, or a failure to spot something in a contract, it can be very difficult to rectify the issue.
Contract Lawyer Workplace
There are a variety of workplaces that a contract lawyer may choose. Some open private practices working independently or with fellow contract lawyers. Others choose to work as in-house counsels for companies or institutions. Many work at law firms that have a wide practice area and work with the firm’s clients. When looking at firms that are famous for their contract dealings, we can consider the famous magic circle law firms that deal with commercial contracts:
- Allen & Overy
- Clifford Chance
- Freshfields Bruckhaus Deringer
- Linklaters
- Slaughter and May
By Stephanie Heringa
