Lawyers are normally concerned with either of two things – resolving claims and misdemeanours or drafting legal documents for businesses dealings and individuals. While both are exciting branches and provide certain unique experiences for the lawyer, here we’ll focus on the latter part of legal issues – transactional law.
What Is Transactional Law?
Transactional law revolves around all matters that concern a business dealing between certain parties, whether on an individual or corporate level. It is part of the transactional lawyers’ job to ensure that all business dealings satisfy any legal requirements, as well as draft a fool-proof business document for the parties at stake.
Transactional Law Vs Litigation
Where transactional law brings together business parties to come to an understanding and give advice on business dealings, litigation involves taking strict action against an individual or organization. This may include lawsuits, fraudulent claims, criminal charges or other felonies.
A good transactional lawyer will help his client avoid litigation in the future. They work in the background and are the backbone of an organization’s effective and fluent business dealings. They must have a very good understanding of the various state laws pertaining to all business ventures and partnerships.
Types of Transactional Law
A transactional lawyer will find him or herself in a variety of different situations and will be deeply involved with all business dealings and communications. Depending on what type of business they are working for and the kind of work that is expected of them, the types of transactional law may vary.
- Corporate Law
- Business/Commercial Law
- Intellectual Property Law
- Entertainment Law
Let’s take a quick preview of each type of transactional law.
- Corporate Law: This generally focuses on the formation and successful running of the company. It includes the acquisition of resources, the guidelines for the formation of the business in compliance with all legal requirements, the employee codebook, the rules of conducting business and business transactions and compiling the company or individual’s agreements.
- Business/Commercial Law: This type of law generally comes into effect after the business has been established. Commercial lawyers guide their clients regarding all legal issues while entering into a partnership or conducting business dealings. Some examples of legal assistance provided by the business and commercial lawyers include affiliations and acquisitions agreements, employee agreements, franchise agreements, corporate finance, and corporate governance and counselling, among others.
- Intellectual Property Law: Intellectual property refers to all creative and artistic creations by an individual or company. These include new inventions, brand and product names and designs, logos, trademarks, trade secrets, and publishing and publicity rights. Intellectual property is a strong asset of any company or entrepreneur and an intellectual property lawyer protects the client’s intellectual property while ensuring that it is not infringing upon another company’s intellectual property. The most popular example of IP law is copyright licensing.
- Entertainment Law: The entertainment industry ranges from music, film, and arts to sports and social events. These may require financing and contractual agreements. As an entertainment lawyer, it is important to ensure that entertainment providers are not being exploited for their business. The most popular example of entertainment law is royalty agreements and production contracts.
Best Transactional Law Schools For 2021
Below, we provide a list of 10 best transactional law schools for the class of 2021. These rankings are a part of the US News and World Report Rankings.
- Columbia University:
Ranked #1 in Business/Corporate Law (tied)
Ranked #4 in Best Law Shools - Harvard University:
Ranked #1 in Business/Corporate Law (tied)
Ranked #3 in Best Law Schools - New York University:
Ranked #3 in Business/Corporate Law
Ranked #6 in Best Law Schools - University of California–Berkeley:
Ranked #4 in Business/Corporate Law
Ranked #9 in Best Law Schools (tied) - Stanford University:
Ranked #5 in Business/Corporate Law
Ranked #2 in Best Law Schools - University of Pennsylvania (Carey):
Ranked #6 in Business/Corporate Law
Ranked #7 in Best Law Schools - University of Chicago:
Ranked #7 in Business/Corporate Law
Ranked #4 in Best Law Schools (tied) - Georgetown University:
Ranked #8 in Business/Corporate Law (tied)
Ranked #14 in Best Law Schools - University of California–Los Angeles:
Ranked #8 in Business/Corporate Law (tied)
Ranked #15 in Best Law Schools - University of Virginia:
Ranked #8 in Business/Corporate Law (tied)
Ranked #8 in Best Law Schools
Transactional Law Jobs
Besides traditional law firms, many corporate businesses, entrepreneurial setups and not-for-profit organization are now actively hiring for an in-house transactional attorney. A transactional law job may see you working in a variety of different roles for your employer. And the employer could range anywhere from a Wall Street investor to a small town business owner. Hence the prospects for a transactional lawyer are quite bright and open.
How To Find Transactional Law Jobs
To begin with, start looking up popular firms dealing with transactional law. Apply to a lot of different firms as only a few will take the liberty of acknowledging your application. Some of the most popular and highly coveted law firms include ‘Wachtell, Lipton, Rosen & Katz’, ‘Skadden, Arps, Slate, Meagher & Flom’, ‘Sullivan & Cromwell’ and ‘Latham & Watkins’, among others. If invited to work for any law firm, be prepared to have gruelling work hours and a cut-throat environment to polish your practice in.
Secondly, look for transactional law opportunities in privately owned businesses, NGO’s, start-ups, entrepreneurial ventures, government departments and unions. You may need to be more flexible regarding your services when it comes to working directly with business set-ups as they require legal assistance in a wide array of departments.
It’s always a good idea to include a cover letter, highlighting any projects or internships you may have worked upon during your studies. Make sure to tailor your cover letter and CV so that they align with the firm’s core beliefs and values. If you’re called for an interview, do background research to try to get some understanding of the kind of work the interviewer is involved in and expectations from you regarding that.
Transactional Lawyer Skills
In addition to the hard skills that a transactional attorney is expected to possess, many employers also stress upon certain soft skills required for transactional law jobs.
For instance, creativity and diligence are a key skill to possess if one wants to shine as a transactional lawyer. Where law schools focus on the nitty-gritty of the rule book, attorneys need to learn how to navigate a problem for the client. Having a systematic approach, being aware of the tools at your disposal, superb negotiation capabilities, good communication skills and thinking outside the box can save a lot of time and money for your client – and add value to your portfolio.
Thorough research and analytical skills can save your client from a lot of legal issues down the road. A well-researched problem and a well-drafted contract help your client avoid any loopholes that may threaten their interests while making you indispensable to the company.
Transactional Attorney Salary
Transactional attorney salaries differ from state to state and firm to firm, with the national average at $120,000 per year. Entry-level positions pay up to $55,000 per year whereas experienced professionals can make up to $204,000 per year.
In conclusion, transactional law refers to providing legal assistance to small and large and public and private businesses in their professional dealings. It is less confrontational as compared to litigation and more amiable.
