Emerging specialisations for careers in corporate law

When we think of lawyers, one vision that often comes to the mind is that of clever and passionate arguments being presented in courts to win difficult cases. Legal serials and courtroom dramas have established this picture in our minds.

Today, law is a profession of choice for many young people. There are excellent institutions in the country preparing students for legal careers. For many of these aspiring lawyers, corporate law is a preferred area of specialisation.

But exactly what kind of careers are possible within corporate law?

The most familiar work in corporate law is the complex legal manoeuvring that comes into play during mergers, acquisitions, fundraising and other corporate actions. But as the world of business keeps evolving, there are many specialised disciplines within the broader ambit of a legal career. These are finding increased demand and have specific skill set requirements.

Rachika Agrawal Sahay, Partner at Argus Partners (Solicitors & Advocates), lists two of these emerging areas as ESG and forensics.

"The world and its leaders, for sometime now, have started emphatically supporting serious ESG measures. Corporates and investors too lay a lot of emphasis on following strict ESG policies and making regular reporting. As a result, lawyers have assumed quintessential positions in ensuring compliances and building adequate regulatory framework around ESG,” she says.

As an energy lawyer, Sahay often gets to speak about reduction of carbon footprint and embracing of new technologies for that. ESG compliance forms an integral part of this. “There have been many instances where courts have also intervened into the building of these projects,” she says.

Similarly, forensics has become an important area due to rising concern over governance and corruption issues. Big corporations and the government often engage lawyers for assistance in this field, says Sahay. So financial forensics is an emerging area in this respect.

“Corporates are these days most inclined to frame ESG, whistleblower and business integrity policies both from the standpoint of regulatory compulsion and investor insistence. Therefore, both ESG and forensics are two areas that would see more and more involvement of seasoned lawyers and an influx of the new generation,” she says.

Anupam Shukla, Partner, Pioneer Legal, sees emerging tech and space law as two areas that are becoming more prominent.

“Emerging technology deals with new-age technologies like AI and ML, blockchain, IoT, VR, autonomous driving, etc. This is a very interesting sector with new developments each day. Not only do lawyers have to think outside the box to evaluate novel solutions for unprecedented issues that come up, they also have to keep themselves updated with the latest technological developments.” Shukla says.

On the space side, he says India does not have a specific law. But the government is definitely keen on promoting private sector involvement in areas like launch vehicles, satellite development, communication systems and debris management. Indian startups are also doing some cutting edge work in this space. “This has been acknowledged by investors looking to participate in their growth story. A lawyer working in this sector will be able to assist this burgeoning field with very interesting contractual and advisory work for years to come,” he adds.

These emerging options can definitely give rise to more interesting legal career options and specialisations in the days to come.