An Overview of Different Areas of The Law
Law Training Contract Application Specialists
Core Knowledge for those Considering Training Contracts: An Overview of Different Areas of The Law, Focused on Commerce
There are many different legal practice areas in which you can specialise. This list provides a brief overview of the major commercial and financial areas which you might wish to investigate.
Arbitration is the technique of resolving disputes outside a court setting – which can be commercial or civil. Parties will present their case to an arbitrator, or a panel of arbitrators, who then provides a decision that the parties are bound by.
Banking & Finance Law
Banking and finance is a large and diverse area of the law. The primary focus is loan transactions, although the area covers all financial products, services and transaction types. A finance lawyer might find themselves working on complex structured finance offerings, dealing with mergers & acquisitions, or advising on an investment or loan. To succeed here, you will need to show great commercial awareness.
Competition & Antitrust
An antitrust law is designed to protect consumers from predatory business practices, and to ensure that fair competition can take place. Antitrust is the US term, whereas in the UK the term competition is normally used. Antitrust laws are applied to a range of different business activities, including market allocation, bid rigging, price fixing, and monopolies. Without antitrust laws, consumers would have less choice, would be likely to pay more, and would be at the whims of a small group or limited supply.
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Corporate law governs how companies function. This involves shareholders, directors, the company’s creditors, and any other stakeholders in the company. It will cover the company from its inception through to the services it provides today. You should be aware of the Companies Act 2006 if you are interested in this field.
Criminal law covers the punishment of those who violate laws. If you are studying Law, then you will already be aware of the basics of Criminal Law – if not, then you should ensure that you familiarise yourself with it.
Dispute resolution can be divided into adjudicative processes like litigation and arbitration, and into consensual processes like mediation, conciliation or negotiation. You will typically take at least one seat in this area as part of your training contract.
Employment law regulates the relationship between employer and employee, and sets out the rights and obligations of both parties. It is related to pension law, as employers will often have to provide access to a pension for their workers.
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Energy and Infrastructure Law (also known as Project Law)
Shipping and Maritime Law
Tax law covers the taxation of companies and individuals. It has both contentious and non-contentious work. You can work in the public or private sector as a tax lawyer – lawyers could advise individuals and companies, or could work for the government to enforce tax regulations and legislation.