This article is written by Suman Chatterjee, Team LawSikho.

In the Hindu religion, we have a mythology that explains the origin of the world. 

There are three greatest gods of all – Tridev.

One is the creator of the universe – Brahma.

Another is Vishnu – the nurturer. Palankarta. 

Finally, you have Shiva, the destroyer. When the time comes, he destroys the universe and then Brahma will create another universe. 

It is a fascinating story. 

And it is a great analogy for what lawyers do in the world of business. If someone wants to understand what corporate lawyers do, you can use this analogy.

You have corporate lawyers who specialize in the creation of business, like Brahma. 

Then you have the ones who specialize in the nurturing phase of the business. 

And finally, you have those lawyers who bring an end to unviable or sick businesses and free up resources of the economy for better and more efficient allocation. 

And just like the cycles of creation of the universe or destruction of it, there is a cycle for businesses too – and different lawyers play the lead role at different points of time. 

Especially in these times when many lawyers are panicking about lack of work, we need to remember, that there are different lawyers that take the lead role at different times.

So which lawyers are the Brahmas, Vishnus, and Maheshwaras of the corporate world? 

Brahma: The Deal Lawyers

The Brahma of the corporate legal world is the deal lawyer. 

They get investments, they get the capital whether debt or equity to get the business off the ground. They help to negotiate JV agreements or mergers that create new powerful entities.

They have to incorporate businesses, do the necessary structuring, put ground rules in place so that finance can be reliably brought in. 

Deal lawyers structure deals, conduct due diligence, prepare documentation and negotiate the deal to the finishing line. They may even do the compliances necessary to bless the newborn entity.

In recessions, the work of Brahma may slow down, as Shiva takes over as the central character. But when winter is here, can spring be far behind?

When prices of a lot of assets and businesses crash during a recession, they have to become active to make new deals happen. The job of rebuilding begins with a capital infusion into the economy in the form of debt and equity capital. 

And the Brahmas will be busy soon.

Also, Lord Brahma is a great advisor to all the other gods. He is often consulted in times of trouble. 

So are the corporate legal Brahmas, they often tend to become the friend, philosopher and guide to many top business leaders. 

Interested in cutting billion-dollar deals for breakfast? Does the work of corporate legal Brahma fascinate you? Check out this LawSikho course now which has all the practical training you will need to succeed as a deal lawyer.

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BTW, one of our students enrolled for a second course just 15 days after he bought the first one! I bet you can’t guess why. Watch the video below:

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Vishnu: The In-house Counsels

Like Lord Vishnu, in-house counsels exist to preserve order and aid in the sustenance of the business ecosystem. 

Corporate Governance, therefore, is a top skill of the best in-house counsels.

Professor Eunice Kim, Director of Law and Gender, of Ewha Woman’s University in Seoul, says:

“In-house counsels are valuable and strategic business partners. They are trusted and respected, and they live and breathe the business and understand its legal issues, sometimes even better than the front office.”

In-house lawyers are the specialized generalists in a business organization. 

They are involved in every legal aspect of a business, ranging from compliance to litigation. They may seek outside help from specialists sometimes, but they are usually responsible for the outcome and therefore managing all outside resources related to a matter.

It must be noted that the role of an in-house counsel has gone a massive change in the last few years. No more paper pushing and cushy working hours, or working just as a conduit between businessmen and outside law firms. 

Today’s in-house lawyers are business-savvy, highly trusted legal advisors who often sit in the boardroom along with other senior executives or advise various business functions depending on their level of seniority.

From solving labour disputes to figuring out the right taxation structure for the joint venture or coordinating with government and third-party authorities for approval of the new project or anticipating government policy, it all falls in the ambit of an in-house counsel’s job.

They closely gauge every step the business owner and everyone else in the business takes, and watch out for early signs of trouble, smoothen any bumps on the road ahead and tie up loose ends. 

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If you are interested in working as an in-house lawyer, here is a course that will give you the specialized training you will need. 

Maheshwara: The Insolvency & Bankruptcy/Recovery Lawyers

You must have guessed it by now, Maheshwaras of the corporate legal world are the ones who specialize in insolvency and bankruptcy matters. When a commercial life is about to end or transform into ashes, these Maheshwaras get to the action. 

We can also increase the ambit by including the other recovery lawyers – mostly working for banks and NBFCs. A majority of commercial litigation in India is engaged by banks and NBFCs for money recovery. 

These lawyers have to fight hard in courts, NCLT, DRT and other platforms to recover their client’s money or as much as possible of it, from businesses that are not able to service their debts. 

Sometimes the problem is only temporary, and the business can get back to its feet given time and resources. This is called insolvency. And finally, there are businesses that are bankrupt, and the problem is rather permanent than temporary. 

Interestingly, many insolvency and bankruptcy matters generate new deals – where other cash-rich companies or investors buy out parts of a business, or valuable assets, or even the entire company at times. 

If you are interested in joining the ranks of Shivas in the legal fraternity, it’s time to rejoice now.

As per Insolvency and Bankruptcy Board of India, the number of new cases admitted to insolvency courts has gone up by 30.29 per cent to 3,312 in the three months till December 2019. The number of cases rose by 123 per cent in 2019. 

And this COVID-19 crisis is probably going to affect this even further as well. More and more companies are going to end up insolvent and might have to file for bankruptcy in the near future. 

Great time for lawyers at NCLT when the forum will start functioning again after the lockdown. 

The amount for which a company can be dragged to insolvency court has been increased to Rs 1 cr from Rs 1 lakh. This means many of the matters will have to go to other courts as well – including DRT and civil court. 

Plenty of criminal complaints about siphoning off of funds by promoters and hiding assets would also be lodged inevitably. 

Lots of new jobs can be expected to be created in this environment when it comes to IBC and banking and finance recovery matters.

Being an insolvency or recovery lawyer is also an extremely well-paid career. 

Well, these Maheshwaras do earn a lot of money, unlike the one who loves to meditate, do yoga and occasionally dance when he gets too excited. (Hara Hara Mahadev!)

If you are aiming to work in this area, you must check out our courses on IBC, NCLT Litigation, and Banking and Finance Law (to be launched today). 

So which of the characters describe you most closely? 

Please do comment below and let us know which character is closest to your own and whether you enjoyed this email. 

And don’t worry too much about the COVID crisis, economic cycles will come and go, but you will always have work in one place or the other.

The only challenge is how you are going to learn new kinds of work very fast. And that is where we are available to help at LawSikho.com. 

Need help with deciding what to do next in your career? Get on-call with us at 011 4804 5203 or comment below stating what you are looking for. We will get back to you as soon as possible.

Also, note that all our premium courses are covered by an iron-clad 30-days full money-back guarantee. No question asked.

We bear the full risk. You DO NOT.

If you feel like any of our courses are not meeting your expectations, or providing you with as much value as we promised it would, get in touch with us. We will refund every rupee you paid for it. 

Cool?

Looking forward to your reply.

To your success.

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