Legal Advisory is an exciting and dynamic field that has seen significant growth over the years. If you are a fresh graduate or a young professional in India looking for a challenging career path, Legal Advisory could be the right choice for you. This field offers various career opportunities that can lead you to senior management roles with attractive salaries.
In this article, we will provide you with valuable insights into Legal Advisory as a career path, including responsibilities, job roles, and upskilling options.
Who is a Legal Advisor?
Legal advisors are professionals who provide legal advice and support to individuals, businesses, and government agencies. They are experts who use their legal knowledge to help clients make informed decisions that comply with legal regulations.
To become a legal advisor, one needs a bachelor's degree in law or related fields. Additionally, one must be well informed about recent changes in laws, regulations, and legislation.
Legal advisor: Role and responsibility
As a legal advisor, you will have several key responsibilities, such as:
- Offering advice on legal matters
- Researching and analysing laws and regulations
- Drafting legal documents like contracts, agreements, and court pleadings
- Representing clients in court proceedings
- Managing relationships with clients
Skills required for legal advisors
Legal advisory roles require one to have a mix of skills, including:
- Analytical skills
- Research skills
- Critical thinking skills
- Communication skills,
- Teamwork abilities
- Problem-solving skills
- Excellent attention to detail
Legal Advisory Job Roles
Legal advisory roles span across different industries, including the government sector, the finance sector, and the corporate sector, among others.
Government Legal Advisors
- As a government legal advisor, your role involves providing expert advice on legislative issues to government agencies.
- You will be responsible for ensuring that all decisions made by the government are within the law.
- The salary range for government legal advisors is between ₹7 lakhs to ₹15 lakhs per annum.
Financial Legal Advisors
- Financial institutions such as banks require financial legal advisors whose primary responsibility is to guide various financial transactions such as acquisitions, mergers, or investments.
- They perform due diligence on transactions before closing them.
- The salary range for financial legal advisors varies between ₹5 lakhs to ₹20 lakhs per annum, depending on the employer.
Banking Legal Advisors
- Banking legal advisors work with banks to ensure that their operations comply with banking laws and regulations.
- Their work involves drafting contracts with customers of the bank and advising customers of their rights under banking laws while protecting the interests of the bank they represent.
- Salaries for banking legal advisors vary between ₹6 lakhs to ₹20 lakhs per annum.
Corporate Legal Advisors
- Corporate legal advisors work with businesses to provide legal advice on various aspects of their operations.
- They offer guidance on company policies, contracts, and agreements to ensure that the business complies with legal regulations.
- The salary range for corporate legal advisors is between ₹4 lakhs to ₹12 lakhs per annum, depending on the employer.
Contractual Legal Advisors
- Contractual legal advisors are responsible for drafting and reviewing contracts, agreements, and other documents used in transactions between individuals and organisations.
- They must possess knowledge of contractual law, commercial law, and real estate law.
- Salaries for contractual legal advisors range from ₹5 lakhs to ₹10 lakhs annually.
International Legal Advisors
- International law firms employ international legal advisors whose work involves providing expert advice on international transactions such as mergers and acquisitions.
- They are highly specialised in international laws, treaties, and regulations, among others.
- Salaries for international legal advisors are among the highest in the industry, ranging between ₹15 lakhs to ₹35 lakhs per annum.
Also read - Legal Advisor Salary in India
Career Paths in Legal Advisory
There are several career paths available for those interested in a career in Legal Advisory.
- Entry-level jobs include junior legal advisor, research analyst, paralegal assistant, or trainee consultant roles.
- Mid-level positions include senior associate lawyer roles or counsel positions.
- Senior management roles include being a partner at a law firm or general counsel at a corporation.
Entry-level jobs typically require candidates to have an undergraduate degree in law or related fields, while mid-level positions require additional education, such as master's degrees in law or business administration.
Legal Advisory Industry Growth
Over the last decade, job growth in the legal advisory industry in India has increased by over 15%.
- The sectors with the highest demand for legal advisors are banking, finance, and real estate.
- Geographically, the states with the highest demand for legal advisors are Maharashtra, Delhi, and Karnataka.
The future prospects of the legal advisory industry are promising, and candidates with expertise in international law, taxation, and intellectual property rights will be highly sought-after.
Education and Upskilling Options
To kickstart your career as a Legal Advisor, you will need an undergraduate degree in Law or related fields.
- Some popular undergraduate degree programmes for Legal Advisory include LLB, BA LLB, B.Sc. LLB, BBA LLB, and LLM.
- The duration of these courses ranges between 5-6 years, with an average cost of ₹3 lakhs to ₹15 lakhs.
In addition to undergraduate degrees, candidates can also pursue diplomas or certification courses in specialised fields such as environmental law, intellectual property law, or tax law.
Some popular courses for Legal Advisory include:
- PG Diploma in Law
- Certified Forensic Accounting Professional (CFAP)
- Intellectual Property Law Certification (IPLC)
These programmes range between 3-6 months, with an average cost of ₹30,000 to ₹1 lakh.
WIZR offers career guidance and skill assessment, along with financing options, for young professionals looking to upskill themselves in the field of Legal Advisory. Contact WIZR today to learn more!
Kickstart Your Legal Advisory Career
Legal advisory is a lucrative and dynamic career option for young professionals in India. With the right skills, education, and upskilling, you can make significant progress in this field.
Remember, WIZR can help you take your legal advisory career to the next level through its expert guidance and financing options.
FAQs
1. What is the difference between a legal advisor and a lawyer?
A legal advisor provides advice on legal matters to individuals or organisations, whereas a lawyer represents clients in court proceedings or negotiations.
2. Can legal advisors be hired independently?
Yes, individuals or organisations can hire independent legal advisors for specific projects or ongoing consultation needs.
3. Does one have to take an exam to become a legal advisor in India?
To become a legal advisor in India, one needs a Bachelor's degree in Law from a recognised university. Following that, one must pass the All India Bar Examination (AIBE) conducted by the Bar Council of India.
4. Who earns more: a legal advisor or a lawyer?
While lawyers may earn significantly higher salaries based on their years of experience and specialisation areas like litigation or corporate law, legal advisors who have honed their skills and credibility through experience may earn between ₹7 lakhs - ₹10 lakhs per annum.
