Commercial Law, also known as Mercantile Law or Trade Law, is a branch of law concerned with trade, industry, and commerce. Contract violations, advertising and marketing disputes, unfair competition, consumer complaints, and intellectual property protection are some of the common legal issues regulated or resolved by Commercial Law.
We will provide you with comprehensive information about Commercial Law, including its courses, subjects, syllabus, eligibility, entrance exams, job profiles, and much more. Continue reading to learn more about Commercial Law.
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Overview of Commercial Law
Commercial law is a broad field with many subspecialties. The highlights of commercial law that every aspirant should review before applying for the course are depicted below:
|Course Name||Commercial Law|
|Programmes Offered||Undergraduate, Postgraduate, Diploma, Certificate|
|Type of Exam||Semester-wise|
|Eligibility Criteria||Depending on the programme|
|Process of Selection||Either through merit or through entrance exam|
Commercial Law: Introduction
Commercial law, as the name implies, is concerned with business law. It is a branch of law that focuses on business-related activities such as commerce and trade. Commercial law encompasses all business-related laws. The law primarily governs rules, regulations, and corporate contracts pertaining to consumer goods sales and manufacturing. Aspirants pursuing a law degree with commercial law as a specialisation will cover fundamental topics such as debtor-creditor relationships, agency, contracts, business organisations, and government regulation of business. Students gain a clear understanding of the legal principles that govern business through commercial law. They would also gain a better understanding of the businesses and trades involved in merchandising, trade, sales, and commerce.
The demand for commercial lawyers is growing in tandem with the development of the business field. Pursuing commercial law provides students with a wide range of opportunities because the specialisation allows them to develop a thorough understanding of trade and business laws. Candidates can study Commercial Law at the graduate, postgraduate, diploma, and certificate levels. Before applying to a law institute or course, law students must meet the eligibility requirements.
Types of Commercial Law Courses
Students interested in Commercial Law Courses can apply in a variety of ways. There are various levels of courses, such as certificate courses, diploma courses, etc.
|Online Course/Diploma Course||Only candidates who have previously studied law may apply for the various online certification courses.|
|Undergraduate Courses||Candidates who have completed Class 10+2 in any stream and have passed any All India Based Law Test are eligible to apply. An Intermediate Humanities background will be advantageous.|
|Postgraduate Courses||Must have LLB degree with 60% marks and cleared any law entrance test.|
Eligibility Criteria for Commercial Law
Commercial law eligibility criteria differ from college to college and programme to programme. Candidates are advised to read the separate eligibility criteria laid out by the preferred college because it simplifies the admission process. The conditions that an aspirant must meet for Commercial Law are listed below.
- A candidate must qualify or pass the class 12/intermediate final examination from a recognised board of education in order to pursue an undergraduate programme.
- If a candidate wishes to apply for the postgraduate programme, he or she must have an LLB degree (3 years LLB or 5 years integrated LLB) or its equivalent from a recognised university/college.
- Each college has its own set of qualifying examination marks that an aspirant must have obtained. It ranges from 40% to 60%, depending on the college and course.
Admission Process for Commercial Law
Each aspirant who wishes to be admitted to the desired college must go through the college’s admission process. The admission process that colleges go through before offering a seat to a student is detailed below.
- Certain colleges admit students based on their performance in common entrance exams such as CLAT, AILET, and others.
- Some colleges, such as DU and Pearl University, have a separate entrance exam for law courses.
- Candidates are also given a seat based on their merit. The higher the candidate’s marks in the qualifying examination, the better his or her chances of admission to the college.
Skills Required for Commercial Law
A Commercial Lawyer’s job is not easy, and many skills are needed from time to time to effectively discharge the duties. However, the critical skills always perplex students, so we compiled a list of skills that are very important for a Commercial Lawyer with the help of the ZIPPIA website.
- To provide legal advice on the subject matter, a Commercial Lawyer must be alert and have excellent presence of mind while performing their duties.
- A Commercial Lawyer must do a variety of tasks, such as drafting notices and handling administrative responsibilities, so the individual must be an excellent manager.
- One of the major disadvantages of being a Commercial Lawyer is that they must sometimes work under pressure and are not allowed to miss any opportunities. As a result, it is critical that they be proactive and do not make rash decisions.
Here are some of the most important Commercial Law skills that candidates seeking a career in the field should have:
- Commercial awareness
- Good project management skills
- Good analytical skills
- Good negotiation skills
- High ethical standards
- Attention to detail
- Initiative and responsibility
- Good interpersonal skills
- Good judgement skills
- Good language skills
Entrance Exams for Commercial Law
Candidates seeking admission to Commercial Law degree programmes at various universities and colleges should consider taking the following entrance exams:
- Law School Admission Test – India (LSAT India)
- Delhi University LLB Entrance Exam (DU LLB Entrance Exam)
- Common Law Admission Test (CLAT)
- All India Law Entrance Test (AILET)
Syllabus for Commercial Law Courses
The commercial law syllabus varies by programme and college. Examine the subjects that a candidate may encounter while pursuing a commercial law programme.
|Introduction to Commerical Law||Derivatives in Legal Context|
|Insurance laws||Commercial Banking|
|International Trust law||Free trade agreements|
|Philosophy of law||Procurement laws|
|Competition laws||Capital market laws|
|Economic tribunals||Research work|
|Banking and Finance Law||E-Commerce|
|Dissertation and Viva-voce||European procurement law|
|Corporate legal framework||Foreign trade policies|
Specializations of Commercial Law Courses
Commercial Law has many specialisations, which can be obtained by enrolling in the Postgraduate programme, i.e. LLM. The following information is provided for each specialisation:
- Contract law: Contract law is the study of the rules that must be followed when creating an agreement between two or more parties, as well as the future course of action in the event that either party violates any of the rules.
- Companies law: This specialisation deals with the legal requirements that companies and enterprises must follow when forming a partnership.
- Competition law: This law regulates and promotes market competition by monitoring anti-competitive behaviour by businesses.
- Consumer protection: This type of commercial law governs consumer rights against companies as well as rules to protect consumers’ interests.
- Intellectual property law: Intellectual property law governs the various aspects of inventions and discoveries in the fields of art, science, literature, music, and so on. International trade law: This commercial law contains a set of rules and regulations that govern trade between countries as well as the resolution of disputes between international entities.
Job Profiles and Carrer Opportunities in Commercial Law
After completing a degree in the specialisation of Commercial Law, a plethora of opportunities will knock on the aspirant’s door. Following completion of their commercial law specialisation, students can pursue the following career paths.
|Legal Manager||A Legal Manager is a professional tasked with reviewing, checking, drafting, and managing business contracts.|
|Contract Attorney||These people are in charge of all transactional work as well as cross-checking the various elements and aspects of legal contracts, reviewing them and making corrections.|
|Legal Advisor||These individuals must go over the issues, highlight, identify, and manage the risks involved in a specific case.|
|Legal Researcher.||These professionals are in charge of conducting all legal research for any given case.|
Top Recruiters: Commercial Law
Check out the following list of top Commercial Lawyers recruiters in India:
- Luthra & Luthra Law Offices
- Desai & Dewanji
- Sagar Associates
- Talwar Thakore & Associates
- AZB & Partners
- Anand & Anand
- Amarchand & Mangaldas & Suresh A Shroff & C
- Trilegal India
- S&R Associates
- Ahlawat & Associates
- Economic Laws Practice
- Khaitan & Co.
Scope of Commercial Law
- Commercial lawyers have a bright future because there is a high demand for them on a national and international scale.
- Another factor influencing this is the fact that new businesses are being established on a daily basis, necessitating the use of an efficient legal team.
- A candidate who enrols in the Commercial Law Course has the opportunity to learn more about the legal aspects that apply to any business or corporate sector.
- Many big names like Ahlawat & Associates, Khaitan & CoSagar Associates, Anand & Anand, Desai & Diwanji, and AZB & Partners are always in demand for efficient Commercial Lawyers in various specialisations.
- The salary outlook for the aforementioned course is also positive, with salaries typically ranging from INR 5 lakhs to INR 10 lakhs.
Frequently Asked Questions
Ans: Three-month online certificate courses in insolvency and bankruptcy laws and procedures, a certificate course in corporate law, and a certificate course in business and financial laws are examples of commercial law certification courses.
Ans. Commercial Lawyer’s role is determined by the field in which he or she specialises. A typical day in the life of a Commercial Lawyer, on the other hand, involves reading and revising contracts, drafting legal documents, reviewing mergers, etc.
Ans. The nature of commercial law and business law is very similar. While Commercial Law focuses on the sale and distribution of goods as well as the financing of specific transactions, Business Law focuses on other aspects of business such as company formation, mergers and acquisitions, shareholder rights, etc.
Ans. To become a Commercial Lawyer, you must first obtain an LLB degree. After graduating from high school, you can enrol in an LLB programme. After completing the LLB programme, you can enrol in an LLM Commercial Law degree programme. Those who are interested can also look for postgraduate Commercial Law diploma courses.
Ans: National Law University, Jodhpur, Faculty of Law Jamia Mia Islamia University, Kalinga Institute of Industrial Technology, Bhubaneswar, Symbiosis Law School, Pune, and Nalsar University of Law, Hyderabad are the top colleges offering Commercial Law Courses.