Lawyers making it big in multinationals

The law has its own sense of appeal. Nowhere is this fact more evident than amongst our burgeoning young middle class population, which has grown up with American drama series and movies. Today, characters like Harvey Spectre from Suits and Alan Shore from Boston Legal are not just household names among the youth, but idols for many who want to pursue this profession.
While American media is only obsessed with the dramatic aspects of the profession, is the rising interest in this ambitious mode of career an appropriate pathway for today's fun-savvy youth? 

There is definitely a popular notion that lawyers are paid mercenaries out there to rip people off for their own selfish reasons.

Lawyers today are raking in millions by fighting for their clients and ensuring proper rule of law and justice in this society. This immense power of lawyers is most evident in the multinational firms and local conglomerates, where expensive suits learned in litigation sit in the corporate governing bodies.
There is definitely a popular notion that lawyers are paid mercenaries out there to rip people off for their own selfish reasons. But what lawyers are interested in, is justice. Sameera Mahmud Reza, Associate at Sadat Sarwar and Associates, confirms exactly that, "Everybody accepts remuneration for some kind of service or the other. What we actually are paid for is for defending people, and helping them resolve their disputes; and guiding people to stay within the legal framework of our constitution.”

Corporate citizenship
Today's organizations don't just grow by maximizing profit. They live by being good corporate citizens who abide by the rule of law and give back to the community in which they operate. But as an organization grows, so do the complexities surrounding the functioning of such an organization. Particularly for a multinational firm, this is even more problematic. A bad marketing campaign can lower market share not just in the target country but also in other nations where people feel offended by a wrong move.
Organizations can often face problems due to improper assessment of the law. As most of the individuals in an organization are not well-versed in law, it is essential for such large organizations to rely on law firms for handling any sort of legal problems. Large organizations usually go for the more renowned firms as they want experienced, adept lawyers to handle their clandestine issues. But they also employ in-house counsel from whom they seek legal advice at all times. With the corporate conglomerates and gigantic MNCs spreading their tentacles all over this country, lawyers are now hotly demanded by corporations.

An ideal lawyer
But what sort of attributes will lawyers in this industry need to succeed and progress forward?
We return to Sameera, "An ideal lawyer would be someone who is disciplined, routine, diligent, and someone who is able to voice out everything confidently and is able to stand his ground in a courtroom. Becoming a lawyer may not be very difficult but it is very difficult to become a successful lawyer. The sector is obviously highly competitive, but if you can stand out and prove your worth, it is a very rewarding profession." This is why we firmly advise only capable individuals of venturing out into this career. If you are able to give your fullest and are one of the ambitious ones, you are definitely the right person for this career.
Things definitely won't happen in a day. You have to be patient and diligent till you reach the position you aspire to accomplish, but once you are finally there it is safe to say that there will hardly be any looking back.

Where to start
The success that corporate lawyers can thus attain is virtually limitless. On the one hand is a secured, well-compensated job, and on the other is the valuable experience one can have for an independent career growth in the near future. Even if new lawyers want to set up their independent practice, corporate law should be their primary choice of a career because this pathway allows them to gain valuable experience and to form a network with prospective clients.
Corporate lawyers generally begin by working for large law firms, many of which are multinational corporations. These corporations may have firms in major cities across the world. The legal profession refers to these firms as “large firms” or “big law.” Examples of such firms in Bangladesh would include Doulah & Doulah Inc. Some corporate lawyers also work directly for one company and are referred to as their "in-house counsel."

The corporate pyramid
The structure of such firms resembles that of a pyramid. A few partners sit at the top of the pyramid, followed by several senior associates sitting in the middle of the pyramid. Many junior associates make up the base of this pyramid. Large law firms follow the set lock-step system of base compensation for their associates. That means each associate hired in the same year makes the same salary. Remunerations however, increase each year. This set lock-step system cuts down competition among the associates. It also cuts down on associate attrition once the law firms have invested time and money in training their associates. In addition to base compensation, associates may receive bonuses based on merit thus further augmenting and progressing one's career.
While it can be tricky and discombobulating at times, there is no doubt that the efforts are well worth the fruits of labor. Considering the significantly higher compensation structure, career progression, benefits and position in the hierarchy of a multinational firm, it can be assured that corporate lawyers making it big in multinational firms is quite an ideal scenario and can be very true in most

Ishaqur Rahman is an Associate, Content & Analytics for GradInsights, the career intelligence service of GradConnect. Nakibul Hoq is the Lead Manager of Content & Analytics at GradInsights. Visit www.grad-insights.com for more articles