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Case study
Corporate law has taken legal practice from the mustiness of courtrooms to the airconditioned sophistication of boardrooms, writes
Usha Albuquerque
Along
with engineering, medicine and civil services, the legal profession, that third wing of the democratic system, is one of the better-known and more sought-after careers. Law is one of the most basic social institutions. It establishes the rules that define how society will live, and each individual's rights and obligations. It also determines how the state will enforce the rules to maintain law and order, and prescribes penalties for those who break these laws. It is one of the oldest professions known to man. But more often than not, young people associate law with those who wear black coats and hang around musty civil courts waiting for work. Today, lawyers are not only making news, they are also making more money than ever before. As the legal system covers and regulates practically all aspects of our social, political and economic inter-actions, lawyers can specialise in specific areas of legal interest. And besides the areas of work that lawyers traditionally specialised in, like civil cases, criminal cases, taxation law, labour law, and constitutional law, today's lawyers can choose the sophistication of corporate boardrooms. Corporate law, human rights law, international law, environment law, patents law, cyber law, intellectual property law and so on are making law fashionable once again.
Jobs galore
ARGUMENTATIVE INDIANS
Some prominent institutions for training lawyers:
n
Indian Law School (ILS), University of Pune, Ganeshkhind, Pune 411007
(Mah): www.unipune.ernet.in Every business organization, big or small, working in a global marketplace requires lawyers to define the rules, advise business houses, work out mergers and acquisitions, and generally enable companies to work within the parameters of the law. A large number of business enterprises are involved in foreign transactions of some kind, and so require the services of corporate lawyers who are well-versed with international law. Every acquisition, merger, joint venture deal, foreign collaboration, public listing or de-listing requires dozens of lawyers for drawing up contracts and interpreting statutes and statutory provisions. Moreover, with businesses growing in size and new business enterprises opening up every year, which compete fiercely for customers' favours, often treading on each other's toes, contravening agreements, side stepping contracts, overlooking patents, ignoring trademarks, etc. there is a growing need for lawyers to advise their clients, draw up contracts, argue cases in court. As the stock market fluctuates with bull and bear phases, securities and banking laws are also gaining importance and there is also a demand for lawyers with experience in securities, and transactions and with a knowledge of e-commerce. There are also many law firms that specialise in intellectual property management services, where they manage and monitor the property rights of their global customers. Corporate law deals with all such aspects of law and the legal entity known as the company. Today, every company has a strong legal department, and following the economic boom, corporate law has become one of the most lucrative of legal practices
Work profile
As most other lawyers, corporate lawyers working in private law firms or in the legal department of companies usually work for long and irregular hours meeting clients, researching and reading about new developments, drafting contracts and agreements or preparing briefs. Most corporate lawyers never see the inside of a courtroom, as much of corporate and civil law is paperwork, reading up case studies, listening and noting briefs, counselling, negotiating and writing/drafting are absolutely vital for a successful lawyer. With the computer and the Internet, much of the background work is easier. While lawyers had to previously pore through huge legal books looking for precedents, there are now many websites that one can subscribe to which will give you a citation in a matter of seconds.
Lawful entry
You can study law after Class XII with any subject, and take up the integrated 5 year BA LLB programme, or opt for a 3-year LLB course after graduation in any subject. Almost all universities offer the three-year full-time/part-time LLB course for graduates. Eligibility is based on marks obtained in graduation, although some universities also hold entrance tests. The integrated 5-year law course (BA LLB) is now offered at over 50 universities in India. For a 5-year course candidates need to have completed plus two with a minimum of 55 per cent and appear for an entrance exam conducted by the university or institute. There is an All-India entrance test for admission to the five-year degree course which comprises of a test in English, numerical aptitude, general knowledge and aptitude for legal studies. The full-time five-year course incorporates a lot of practical training, which includes court attendance, legal research projects as well as assistance in legal aid centres. The course curriculum usually includes not just lectures, but also discussions and case studies and an internship in the final year. The case study method helps students understand and discover the principles underlying court rulings. While there is no specialisation at the BALLB level, those interested in entering corporate law can take up internships with a corporate house or law firm and pick up experience in corporate law. Some law graduates specialise in corporate law with a postgraduate degree or diploma.
Placements
After graduating, a lawyer has several professional options. Those looking for a career in corporate law can take up assignments with the corporate sector, with financial institutions, in a law firm, consultancies or private practice. As a trained lawyer you can work directly with companies. Besides large corporate houses, some of the big
accounting firms like PWC and KPMG have opened their own legal departments. Many of the larger companies, in management consulting and financial services also hire lawyers straight out of college through campus placements. You can also become the 'junior' of an established lawyer and start as an assistant to a more experienced lawyer making drafts and doing routine research and paperwork leaving the senior to come up with arguments and appear in court This period lasts for 4-5 years during which you pick up the required knowledge, skills and contacts required to later on, start your own private practice. You can also join a law firm which is essentially made of partners, senior lawyers working together as one entity, offering a full range of legal expertise. Most of them bring in the clients and also get a share of the profits, much as it is portrayed in the popular Grisham novels. While the number of law firms in India is still relatively small - this trend is growing, as more and more corporate clients prefer to deal with legal firms rather than individual lawyers. In India, while it is not very easy to make partner, since few partners retire and even then, mostly hand over their partnership to their children, salary packages offered with law firms, is normally higher than working with an individual lawyer. Moreover, with the opening of the market and the entry of international law firms career growth in this area is bound to increase considerably.
Skill set
How you fare as a lawyer depends greatly on your ability to deliver results and on the reputation you build. While this is a profession where networking and family connections still matter, your credibility and reputation is what clients go by, and this has to be earned. While older and more experienced lawyers can make a lot of money very easily, it's quite difficult for those starting out. Most fresh lawyers are paid Rs 5000 -8000 and start work as assistants. Some companies recruit the best students straight out of a reputed law college and can pay them as much as Rs 7 - Rs 10 lakh pa. In three years, you could be earning Rs 15 - 16 lakh and within five to seven years, depending on your merit, you could make around Rs 20 – 25 lakh. Senior lawyers and partners earn huge amounts – calculated according to the percentage of the deal worked out on behalf of clients. While you still have to work 12-14 hours a day at law firms, the early years can be an investment for the future. Corporate law has definitely bought more glamour and money into the legal profession, and the large salary package promised to students passing out of the top law colleges puts law on par with the best MBAs. But if you want to make it big as a lawyer you need hard work, a practical approach, common sense, honesty towards your profession, and willingness to work long hours. You also need to have a strong reasoning ability, analytical and memorizing skills, and excellent communication skills and articulation. For those with abilities there are growing opportunities in the corporate sector, particularly with the entry of international law firms which will provide greater opportunities for lawyers to work in India and abroad. In a globally extending economy where outsourcing IT and BPO work is being done on a large scale and companies are coming to establish business in India, there is a growing need for lawyers. So, before you dismiss the thought of putting on black robes, remember John Grisham’s very popular ‘Rainmaker’, if you think you can also become one, then the law is on your side.
Indian law firm Asia's 4th for M&A deals
Helped by some high-profile deals like the sale of mobile phone player Hutch to British giant Vodafone, Khaitan and Co had role in completed M&A deals worth about $ 17.41 billion last year. This is the fourth highest for any law firm in the Asia-Pacific region, according to the latest issue of M&A Asia, published by Hong Kong-based Asian Venture Capital Journal. The Indian law firm had a role in a total 17 announced M&A deals worth about $ 17.82 billion during the year, including 13 completed deals worth $ 17.41 billion. The M&A Asia list of legal advisers has been topped by US-based law firm Paul Weiss with completed deals worth $ 29.54 billion. It is followed by Europe's Freshfileds Bruckhaus with $ 29.4 billion worth completed deals and Sullivan & Cromwell at third place ($ 24.5 billion). Rabindra
Jhunjhunwala, Partner and M&A division head at Khaitan and Company, said, "Time and again, we have been leading from the front with several leading transactions under our belt. We have been helping several Indian companies become multinationals."
— PTI
The writer is a noted career expert
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Loan survivor
The recent fee hike by the IIMs and others may push up the demand for education loans by over 25 pc, writes
S.C. Dhall
The State Bank of India and its seven associate banks – leaders in education loans – have recently upgraded their products portfolio to expand their market share. Almost all the branches have been authorised to disburse education loans. According to official reports, the revamp of the educational loan product has resulted in a nearly 30 to 40 per cent growth during the financial year 2007-08. The SBI and its associate banks now expect the demand for education loans to further go up with the hike in fees by IIMs and IITs across the country and other B-schools also overhauling their fee structure. Banks expect the loan portfolio to go up by 50 per cent. They give students a moratorium of course period plus six months, while the repayment period is 7 to 10 years. Further, the ICICI Bank already has a student banking service called ‘bank @ campus’ and with the introduction of its education loan product, it aims to fulfil all financial needs of the students. It has always been easier for students at premier institutes like the IITs and IIMs to access bank loans, but for students in other institutions loans are often linked to collaterals. Education loans are now popular across all segments of society, according to A.S. Oberoi a director of the Guru Nanak Educational Institutes and Management, Yamunanagar. In the absence of a collateral, it is the parent’s financial status that determines a loan. Now even bureaucrats who are going abroad for one-year management study take education loans but before taking loans, they have to first take clearance from the government. Education loans are extended to those students who have confirmed admission. Almost all banks have started setting their targets for the current financial year. Even smaller banks are finding that this credit avenue is looking up. All the banks across the country have now decided to process the loans applications online. It is to be noted that – according to the Finance Bill, 2005 – for the repayment of loans with effect from April, 2005, the deduction interest paid on the amount shall be available without any limit but the repayments of the principal would no longer qualify for a deduction. For example, if there is a repayment of Rs 1 lakh a year consisting of Rs 60,000 as interest and Rs 40,000 as the principal, then under the existing rules the amount of benefit will be available up to Rs 60,000. Once the student understands the position clearly he can plan in such a way that when he takes a loan for education, there is a tax benefit accruing to him too. Although the banks have loosened their purse strings for education loans, they are not going to let student sdefault so easily. The goverment is considering a host of measures, including a bar code or even radio frequency identification on passports, put forward by banks, so that students availing such loans can be tracked. The HDFC bank also offer loans to students joining any of the two dozen institutes across the country that it has tie-ups with. The ICICI Bank has tied up with high-profile institutions offering professional courses like medicine, engineering and business management. However, despite the developments, education loans still largely remain the domain of public sector banks. Going by the data compiled by the IBA, education loans outstanding to public sector banks were to the tune of Rs 25,000 crore against Rs 6713 crore in March, 2005. The average size of about 70 per cent of loans were up to Rs 4 lakh without security. This has been a growing sector and is bound to expand further. Banks are also looking for opportunities to introduce demand-based schemes. Study loans in India are seeing a strong growth in the current fiscal, the demand is robust with private colleges offering courses such as engineering and management. The average size of the domestic education loan is Rs 2 to 8 lakh, while that for overseas education is around Rs 5 to 15 lakh. The number of Indian students traveling abroad for higher studies has almost doubled over the past two years. Correspondingly, the banks have seen a similar trend in the quantum of education loans. The main emphasis of banks is that no deserving meritorious students should be denied the opportunity to pursue higher studies for want of financial assistance.
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Small towns big on talent
The key findings of The Ernst & Young's report on “The Great Indian Retail Story” revealed the following trends, according to a Press release: n
An economic growth on a monumental scale is offered by the Indian retail sector, which in turn will be a huge source of employment. The Indian retail sector would come up with 2 million employment opportunities till the year 2010. The present employment in the retail business is nearly 4 crore and around Rs 20 crore depend on this sector. There is a scope of better exposure to the international standards with the entry of transnational companies, which in turn is encouraging more and more retail management programmes to open up. There is also an increase in the number of retail management programmes and institutes in the semi-urban areas. The key findings of an internal report from TeamLease Service's point to the following: n
Employment in India has largely been limited to the Tier-I and Tier-II cities. The shortage of talent still prevails and in order to overcome this, organisations are now favouring small towns in far flung areas of the country as hunting grounds to find talent and manage this crunch. The National Employment Outlook Survey projects the hiring trends for the coming quarter: According to the Indian chapter of the Employment Outlook Survey by Manpower, an HR services firm, Indian employers remain buoyant about an increase in hiring in the first quarter of 2008. The representative sample for the survey consisted of 5,163 employers, who were asked how they anticipated the total employment to change in the first quarter of 2008 as compared to the current quarter. As many as 43 per cent expect an increase in employment, 1 per cent foresee a decrease, while 45 per cent anticipate no change. The remaining said they didn't know this brings the net employment outlook for the first quarter of 2008 to 42 per cent, 3 percentage points higher than 2007. The sectors shown have registered an increase in hiring in the current year as compared to the previous years. The survey shows the change in the mindset among the applicants. However, the net employment outlook this quarter has decreased by 5 percentage points from the last quarter is part of the trend, corresponding decreases were 3 percentage points in 2006-07 and 13 ine 2005-06.
— TNS
Net employment outlook (%)
Sectors
2006
2007
2008
Manufacturing
25
38
38
Wholesale & Retail Trade
25
33
41
Services
30
43
45
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Career Hotline
Q. Our son is very good with computers. He has been designing small programmes ever since he was a kid. He is at present studying in a boarding school. What can we do to sustain his interest? — Pamela Singh The Computing Olympiad is open to all school students across the country, from any school board. It is conducted at two levels for students of class 8-12: 1) the Zonal Informatics Olympiad 2) the Indian National Olympiad in Informatics. The ZIO is a written test that does not require any actual computer programming. About 200 students will qualify for INOI to be held in January. INOI involves programming using any one of three languages: C, C++ or Pascal. The final team will be selected after a residential camp in June, 2007, where 25 students will be trained by computer scientists from leading academic institutions such as the IITs, IISc, TIFR, CMI and IMSc. The four finalists are sent for the International Olympiad. For up-to-date news about the contest, log onto the official Indian Computing Olympiad, log onto the following websites: www.iarcs.org.in/inoi and www.cbse.nic.in. India won one silver and two bronze medals at IOI-2007. Raghav Seth, a Class XII student of DPS RK Puram, secured the World rank-2 and Delhi rank-1 in the International Informatics Olympiad 2007. He also ranked 4th in the National Science Olympiad.
Relevance of civil services
Q. In your opinion is the IAS still a good option - particularly when the intake is so limited? And despite the many attractive options in the private sector and in industry today? — Karan Dev A.
Why not! And you don’t merely have to take my word for it. Despite murmurs of falling standards and relatively lower salary, the Indian Administrative Services continue to be the preferred option for the majority of Indian youth as they provide visible as well as invisible perks, social status and benefits with 100 per cent job security, something lacking in the private sector, according to a study conducted not long back by the ASSOCHAM. 80 per cent of 300 young corporate executives who were interviewed, agreed that the IAS, IFS, IPS continue to draw the best available talent contrary to surfacing impressions that flight of talent has shifted towards private sector with fast advancing liberalisation. Over 70 per cent agreed that the private sector does offer handsome package to bright young executives but minus job security whereas there is no element of uncertainty befalling a civil servant. Fiftyfive per cent of respondents blamed the oft-reported interventions of politicians in the day-to-day working of bureaucrats for discouraging bright people from joining the services. Sure there are plenty of other options. And there have always been but many bright and idealistic young people across the country would give anything to get into the coveted bureaucratic enclaves often described as the ‘permanent government’. Moreover, there is reason for Civil Services Aspirants to rejoice: The Govt is doubling the IAS intake to 110 this year. UPSC has notified a total of 671 vacancies for the Civil Services exams this year, sharply increasing the number of entrants to the service. In the past few years, the total annual intake was around 500 with an average of 65 IAS posts up for grabs. The other vacancies were for Indian Police Service, Indian Foreign Service and a range of Group A and Group B jobs. Of course, the spurt in vacancies is marginally due to attrition as some civil servants, mostly from the revenue-related services, have been moving to “greener” pastures.
Apparel avenue
Q. I am doing a course in fashion design. After joining a fashion house or garment export firm as a trainee, where can I hope to be in the next 5-7 years? — Meera Suri No longer is the “Made in India” tag looked down upon as a low quality product. India is now everywhere on the global fashion radar. The India label now signifies good quality and high fashion. We are now even giving the Chinese competition. Lots of foreign fashion houses are making their presence in India and many international designers are working in conjunction with Indian designers. Once you’ve learnt the ropes and worked as a designer for a few years, you can hope to move up to the level of Senior Designer. In this position, you will lead and instruct a team of designers. You will “direct” their creativity by guiding them to deliver the customer’s specific style requirements. You will monitor their output try to ensure that your team complies with the technical specifications and quality parameters. You will analyse global trends while keeping a close eye on the market in general, and the competition in particular, in order to develop new designs. As the Head/Principle Designer, you will plan the entire collection for forecasting next season and oversee production plus organise trade/fashion shows. Having mastered the ropes, you could even consider starting your own export or fabrication business. The retail market for readymades is booming, and you could supply your own line of fashionwear to the domestic market. Or start your own boutique… the possibilities are endless
Institute menu
Q. When it comes to ticking the institutes of one’s choice in the NCHMCT form, on what basis should one decide? What is the approximate fees? Can I take the exam in Hindi? My English is okay, but not very good. — Jeet Mehra A. Although the National Council for Hotel Management & Catering Technology has 26 affiliated institutes, it may be wise to opt for those with the best infrastructure and faculty. Be that as it may, the IHMs based in metros like Delhi, Mumbai, Bangalore, Chennai or Ahmedabad are popular simply because opportunities for on-campus placement are better in cities that have plenty of hotels and restaurants and fast-food joints catering to a large domestic as well as international tourist inflow. Most of the big hotel chains have their presence in these cities, which makes for excellent exposure and better compensation packages at the end of the day. Besides, students from smaller towns also prefer to opt for IHMs in these metros because the reputation of the institute and exposure to working in a big city gives them an edge over the local pass-outs if they decide to work in their home town. Roughly, the fee for the course is Rs 2.5 lakh (the private institutes charge higher). Selection is on the basis of an all-India Joint Entrance Exam (JEE). Placement is expected to touch 90% this year thanks to the boom in the hospitality sector. Trainees get approx. Rs 5000/- at start. Incidentally, all the institutes falling under NCHMCT offer a B.Sc degree in Hospitality & Hotel Administration from IGNOU. This will also open up future avenues for students who wish to go in for higher education and further specialisation abroad. It will also prevent students from enrolling in dubious institutions merely for the sake of a degree. For details, log on to www.nchmct.org. Now, NCHMCT also offers a Master’s degree in Hotel Management. The NCHMCT is considering affiliating of some private institutes of hotel management as well as government- sponsored institutes, including IHM (Kurukshetra). The list of these institutes will be displayed on their website: www.nchmct.org by April-end. Besides these IHMs, there are over 300 registered and autonomous institutes offering degree and diploma programmes in hotel management, besides the burgeoning number of foreign players who have also entered the fray through their affiliates. The Question Paper for the JEE (3-hour) which will be held on 10 May ‘08 is bilingual i.e. in English and Hindi (except for English Language Paper). The writer is a noted career consultant
Please send in your query, preferably on a postcard, along with your full name, complete address and academic qualifications to: Editor, Jobs and Careers, The Tribune, Sector 29, Chandigarh-160030, or at
careers@tribunemail.com
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Bits & Bytes
The Institute of Cost and Works Accountants of India recently said it is launching a 'Certificate Course in Accounting Technician' to cater to junior accounting job requirements in rural areas. The course is being introduced in both English as well as Hindi languages and the fee is Rs 8,600, the institute said in a statement. The course has a duration of one year and would have six papers, practical training, orientation programme and computer training. It is divided into two parts. In the first part, called the Entry Level, a student has to appear for four papers and in the second part -- Competency Level -- a student has to take two papers. The first entry level examination will be held in December, 2008, it said. Any student who has completed plus two will be eligible for examination at entry level. Commerce graduated would be exempted from entry level.
— PTI
Online mock exams for SRMEEE
ATTEST, the assessment and certification arm of Aptech Limited, the Global Learning Solutions Company is offering mock online tests to the aspiring students appearing for SRMEEE-2008, which is being conducted by SRM University, Chennai, on May 4, 2008, across the country, according to a Press release. Under the scheme, Aptech will host 3 sets of mock online question paper sets on its website for the aspiring students who wish to join the premium SRM University. The students can just log in and take a mock test. Says Uday Kulkarni, executive vice-president, Aptech Ltd, “ This facility would be a great opportunity for the students to practice and prepare for the entrance examination, thus increasing their success rate in scoring high marks in SRMEEE and to further get a seat in the SRM University” Each student may take all the 3 tests, although not mandatory, for a fee. Students are required to pay test fees by way of payment gateway on the ATTEST site.
Taj hotel staff to wear Varanasi saris as uniform
The Taj hotels recently said it has entered into an agreement with 25 master-weavers in Varanasi to use latter's handloom products for the uniforms of its staff. "We have identified three villages in Varanasi and have started work with 25 master-weavers there. We plan to use handloom sarees for uniforms across 10 Taj Luxury properties," Taj Hotels' Executive Director (operations), Abhijit Mukherji, told newsmen in Mumbai. Weavers can deliver the finished sarees at Taj Ganges where it is weighed, checked and paid for immediately, Mukherji said. Taj Hotels have also tied-up with Paramparik Karigar, a pioneering rural arts organisation to source material.
— PTI
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IIM-K to have facilities for post-doctoral studies
The Indian Institute of Management-Kozhikode(IIM-K) is working on a plan to create physical and academic infrastructure to play a major role in post-doctoral studies in management in the country,its Director Krishnakumar said recently. The “IIM-K is gearing up to play major role in post-doctoral research in the field of management to become an institute offering world-class infrastructure”, Krishnakumar said. Immediate expansion plans of IIM-K include raising the student strength from 180 to 240 from 2008-09 academic year. “Our vision is to gain excellence in leadership position in management education to become a worldclass learning resource centre in the Asia-Pacific region,” he said. Besides graduate and postgraduate courses, the short-duration training programmes offered by the institute has received encouraging response from working executives. Starting with 42 students on the NIT campus at Chathamangalam about 20 km from here in 1997, the IIM-K had achieved the fastest growth in 10 years, he said. The institute has since then been shifted to its own campus at nearby Kunnamangalam. The IIM-K had sought the state government’s help in solving some of the problems faced by it, including the drinking water scarcity on the campus, he
said.— PTI
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Youth not keen on career in sports
With exception of the money-spinning game of cricket, a majority of India's urban youth is disinclined toward taking up sports as a career and prefer jobs in sectors like finance, retail and IT, according to an Assocham study. "Sports has failed to lure urban youth as a career prospect, with only 30 per cent youth from Delhi, Maharashtra, Karnataka, Punjab, Haryana and Uttar Pradesh opting for a career in sports, preferably in cricket," the study said. The rural youth are also likely to follow suit as cricket is perceived as a sport of "quick and high earning as against hockey, football and archery", it added. Over 65 per cent youth in Delhi, Bangalore, Mumbai, Haryana and Jaipur take up jobs in sectors like FMCG, finance, retail, IT, BPO, aviation and hospitality, lured by high salaries and incentives. "Factors for this negative response among youth from major states include lack of corporate sponsorships for games like boxing, athletics, hockey, football, archery, failure of Urban Sports Programmes, promoted by Ministry of Youth Affairs and Sports, lack of marketing and awareness campaign and huge corporate money garnered by cricket and golf players," Assocham president Venugopal Dhoot said. However, rural and tribal youth from Orissa, Punjab, Chhattisgarh, Haryana, Jharkhand, Kerala, Goa, north-Eastern states and Uttarakhand opt for a career in sports as it leads to jobs in the railways, state government departments, public sector undertakings and corporate houses.
— PTI
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After billionaires and billion-dollar firms, it is the turn of an Indian law firm to reap accolades on international arena with Khaitan and Co being ranked as Asia's fourth biggest legal advisor for merger and acquisition deals during 2007.
There is a growing market in small towns and many companies are setting up base in Tier-II and III cities, as revealed by the surveys below:
A. I would strongly urge you to encourage him to participate in the Indian Computing Olympiad which is jointly organised by the CBSE & the Indian Association for Research in Computing Science.
A.
The fashion industry in India is set to touch Rs 1, 30,000 crore this year (Rs 1,11,000 last year), according to ASSOCHAM. The domestic market is huge and exports are booming. So the opportunities are tremendous regardless of whether you are working with export houses, design studios, retail outlets or running your own show.