Commercial Law

Commercial law, also known as Mercantile Law or Trade Law, is the body of law that governs the rights, interactions, and behavior of people and organizations involved in trade, business, and sales. Due to the fact that it addresses both private and public legal issues, it is generally seen as a subdivision of civil law.

The many legal issues that Commercial Law governs or resolves include contract infringement, advertising and marketing disputes, unfair competition, consumer complaints, and intellectual property protection.

Those who want to study the commercial law subject can enroll in undergraduate, graduate, or postgraduate commercial law courses. Candidates may choose to pursue the 5-year integrated LLB after Class 12 (such as a BA LLB, BBA LLB, or BSc LLB), 3-year LLB after graduation, or LLM after earning an LLB degree. Candidates have the option of pursuing both degree and certificate programmes in commercial law. The following are some of the major areas of commercial law where candidates can choose to specialize:

• Property Law
• Intellectual Property Law
• Consumer Protection Law
• Contract Law
• Corporate Law
• Tax Law
• Business Regulations

Here, we'll give you all the information you need to know about commercial law, including its courses, subjects, syllabus, eligibility requirements, entrance exams, job titles, and more. Read on to discover more about commercial law.

Candidates who are interested in the commercial aspects of a business, how to protect a company’s security, insolvency, solving other corporate legal issues, etc. may pursue the commercial law course.

Candidates who have completed their class 12th and want to build a career in commercial law can do so by joining a 5-year integrated LLB degree course providing commercial law specialization to them.

Candidates who have completed their graduation in any stream and now they want to pursue a career in commercial law can do so by joining a 3-year LLB degree programme that includes commercial law specializations/ subjects. Candidates are reminded that there are only a select few law institutions that entail commercial law as a subject or specializations of commercial law like corporate law, tax law, property law, etc.

Candidates who would want to gain an in-depth knowledge in commercial law subject can also join LLM in Commercial Law to gain the desired knowledge and expertise in the subject and be able to work in lucrative jobs and have a solid career in this field. 

According to the nature of their operations, all firms are in fact commercial enterprises subject to national and international regulations. Business law is a general word that typically includes corporate law, commercial law, and security laws. It provides subject enthusiasts with a thorough understanding of many legal issues related to a business setting. Students can fully understand the regulations that, among other things, control a company's financial and commercial operations with the aid of an LLM in commercial law.

Let's look at a few factors that could influence why any student should take up this course.

• Law cannot be avoided in company operations. Aspirants who want to work in business must be familiar with the laws that control commercial settings. When entering the corporate world, business students will eventually need to brush up on their knowledge of the various laws that are in force in order to execute their tasks more successfully as they rise through the ranks. Aspirants who specialize in business and commercial law can learn the legal facets of managing a business, both domestically and abroad.
• As regulations become increasingly complicated and severe, the relevance of legal practitioners in the commercial world is growing. The Commercial Law course can help lawyers and law students sharpen their understanding of various business difficulties, expanding their job prospects in the business sector.
• Students who take this course, regardless of whether they have a background in business or law, will be able to fully understand the legal requirements of a business as well as the influence of these regulations (both positive and negative) on how the business operates. Students will inevitably become skilled at foreseeing legal demands and appropriately addressing them when given the obligation in the actual world.
• Knowledge of business and commercial law will make it easier for lawyers to communicate with one another in their native tongues, eliminating the possibility of misunderstandings when dealing with business concerns. When going through employment interviews and on the job as well, the ability to comprehend business problems and work toward appropriate legal answers will prove to be a solid benefit.
• Corporate entities must abide by a wide range of regulations, including but not limited to those relating to labor, international law, intellectual property, and trademarks. Based on their skills, interests, or preferred career path, students may decide to specialize in any of these specializations. The Commercial Law programme may serve as a springboard for a number of difficult employment options in the business and legal fields.
• Any young person entering the competitive business climate will undoubtedly benefit from having both business acumen and legal proficiency. The Commercial Law course will provide candidates with all the lowdown about various legal aspects of the business related to corporate law, tax law, intellectual property rights law, etc.

Once a candidate chooses the postgraduate programme i.e. LLM, they can take advantage of the many specializations available in commercial law. Below is a list where each specialization's specifications are listed:

Corporate Law: The principles, procedures, and laws governing the establishment and management of corporate businesses are referred to as corporate law. So, to put it simply, corporate laws deal with creating, acquiring, running, and managing corporations. Candidates for the legal specialization generally learn about the relationships between businesses, financiers, shareholders, workers, directors, creditors, and other stakeholders like the public, consumers, and the environment.

A corporate attorney may work for a big or small firm. A corporate lawyer typically provides legal advice to clients and manages commercial transactions, such as mergers, acquisitions, divestitures, etc., which involve the negotiation, drafting, and evaluation of contracts and other agreements.

Contract Law: A contract is a formal agreement that imposes legal obligations on the parties to it. In a variety of situations, including purchasing real estate, signing employment-related documents, applying for a vehicle loan, prenuptial agreements, etc., the parties involved sign a legal contract. When either party refuses to fulfill a written legal commitment or when there is another legal disagreement about the legal responsibility, contracts serve as documented proof. A course in contract law is a wise choice for students to take because there are thousands of legal disputes involving contracts that are pending in the courts.

Every area of law practiced in India, including IPR, family law, civil law, criminal law, commercial law, corporate law, etc., includes contract law as a fundamental component of legal writing. As a result, during the course, all law students will learn about the Law of Contracts, including its definition, guiding principles, and different kinds of contracts. However, applicants should submit their applications to law schools that provide contract law as their primary area of specialization if they intend to pursue a career in that field.

Competition Law: By policing businesses' anti-competitive behavior, the field of law known as "competition law" tries to maintain or foster market competition. The enforcement of competition legislation takes place on both a public and private level. It is sometimes referred to as trade practices law, antitrust law, and simply antitrust law.

Laws governing market access deregulation, state aid and subsidies, the privatization of state-owned assets, the development of independent sector regulators, and other supply-side market-oriented policies are all covered in the competitive law domain. Competition law has been seen as a tool to improve public services in recent decades.

Consumer Protection Law: The Consumer Protection Law provides quick and simple reimbursement for consumer complaints. It defends clients and encourages them to complain about shortcomings and flaws in goods and services. If retailers and producers commit fraud, this law protects customers' rights. This law’s main goal is to help both parties and do away with drawn-out legal battles.

Any goods and services from all public, private, or cooperative sectors are covered by the Consumer Protection Law, with the exception of those that are exempted by the government. The law gives consumers a place to lodge their complaints and take action against the offending supplier while compensating them for the inconvenience they experienced.

Property Law: Real property (land) and personal property are both governed by the field of law known as property law. Property refers to legally recognised rights to resources, such as real estate and tangible items like intellectual property. Property can be exchanged under contract law, and it can also be protected from violations under tort law.

Property law might be a fantastic alternative for a legal practice for attorneys who appreciate technical writing and pay close attention to detail. Reading and writing in detail are required for property law. In the field of property law, a single phrase can mean a lot. The foundation of a steady legal career for solo practitioners, small firms, and large companies equally might be the practice of property law because lawyers frequently form lifelong relationships with their clients.

Property attorneys give their clients the peace of mind that comes from knowing they are using language they can grasp to acquire the real and personal property they desire. Property attorneys assist clients with property ownership transfers. To assist their clients in the purchase, usage, and transfer of property, they are knowledgeable about the subtleties of both state and local laws.

Taxation Law: Law specialization that deals with direct or indirect taxes the government imposes on goods or services is known as tax law or taxation law. It covers laws, regulations, policies, and amendments that benefit or support the tax-paying class's fundamental rights as well as the authority of the government to control taxes. At the undergraduate level, law specialization is offered as a subject. At the postgraduate level, the course is offered as a full-fledged specialization

Even though universities and law schools still need to enhance their instruction in this area and emphasize studying the fundamentals of tax law, students are still very interested in it as a possible area of specialization. Taxation law courses are available at the diploma, undergraduate, and graduate levels. It offers candidates a wide range of professional opportunities and well-paying jobs. An applicant just needs to have a reasonable degree of intellectual capacity, knowledge of recent tax laws, and awareness of industry trends, contrary to a prevalent misconception, to pursue a career in tax law.

Intellectual Property Law: In the area of law known as intellectual property, creative work that can be commercially successful is safeguarded. It is a branch of law that deals with the legal protection of original works of art and innovations. The usage of innovative products, creative works, and designs is governed by laws relating to intellectual property. In order to enable those who create or invent items to really profit from their labor, intellectual property rules were created.

Copyright, patents, trademarks, industrial design rights, plant variety rights, trade dress, trade secrets, and similar items are some common areas where intellectual property laws are relevant.

Both undergraduate and graduate-level programmes are available for aspirants in the area of intellectual property law. Applicants for UG level courses must enroll in integrated law programmes that allow them to specialize in intellectual property law after passing class 12th, but candidates for PG level law programmes can specialize in intellectual property law right away. LLM in Intellectual and Industrial Property Law, LLM in Intellectual Property Rights, LLM in Intellectual Property and Business Law, and similar programmes are some of the more well-known PG level courses in intellectual property law.

Candidates may choose to pursue diploma or certificate programmes in intellectual property law in addition to degree programmes. Some of the more well-known courses include the Certificate in Intellectual Property Law, Post Graduate Certificate in Intellectual Property Law and Practice, Certificate in Intellectual Property Law, Diploma in Intellectual Property Laws, Certificate in Intellectual Property Law and Procedure, Post Graduate Diploma in Intellectual Property Law and Labour Laws, Certificate in Intellectual Property Law and Patents Law, etc.

International Trade Law: The regulations and practices that control international trade are included in international trade law. International trade attorneys may concentrate on applying domestic laws to commerce and treaty-based international trade law. Due in large part to the fact that most states have joined or are affiliated with the World Trade Organization, international trade law has now established itself as a distinct subject of study (WTO). Because transactions between the private sectors of various nations play a significant role in WTO activities, international trade law has recently become a very popular and significant legal speciality.

Depending on the nature of the international commercial ties, international trade law can be split into four categories: unilateral actions, bilateral agreements, plurilateral agreements, and multilateral agreements.

The majority of universities and colleges provide undergraduate and graduate-level programmes in the area of international trade law. Some of the well-liked PG level programmes offered in this legal specialisation include LLM in International Trade Law, LLM in International Commercial Laws, LLM in International Business Transactions and Trade Law, LLM in International and Comparative Law, LLM in International Trade and Economic Law, and other similar courses.

Candidates may choose to pursue diploma programmes in international trade law in addition to degree programmes. Examples include the Diploma in International Business Laws and Corporate Laws in India, Post Graduate Diploma in International Relations, International Law and Strategic Studies, and Certificate in International Trade Law.

It is imperative for candidates to fulfill all the eligibility criteria prescribed by the college/ university of their choice in order to be able to apply for the Commercial Law programme. Any candidate who is ineligible for the programme will not be able to apply for it and even if they apply despite being ineligible then their application will be rejected by the concerned authorities.

Therefore, it is always advised that candidates must check all the eligibility requirements on the official website of their preferred college/ university to get to know their eligibility for the course.

Candidates can study commercial law at both the UG and PG levels, as was previously mentioned. The general eligibility requirements for the Commercial Law course for both levels are listed below:

At UG Level

• Candidates must complete class 12 or equivalent in any stream (Science, Commerce, or Humanities) from a recognised board with a minimum cumulative GPA of 45 to 50 percent in order to enroll in an integrated LLB programme that offers the varied commercial law specializations.
• After receiving a degree from any discipline from an accredited university/ college, those who are interested may also continue on to the LLB programme that entails the commercial law subject or one of its specializations.

At PG Level

• Candidates who hold an LLB degree from an accredited college or university with a minimum cumulative GPA of 50 - 55% are eligible to pursue an LLM in Commercial Law.

Other eligibility requirements include the following:

• Candidates must be 18 years of age or above.
• Candidates must be citizens of India.

Note: Candidates must note that the prescribed minimum aggregate percentage may differ from institution to institution.

The following popular entrance exams may be taken by applicants seeking admission to Commercial Law degree programmes offered by various universities and colleges:

• CLAT UG and PG
• AILET PG
• CUET PG
• IPU CET
• LSAT India

To get admission to a Commercial Law course, candidates can opt for either a 5-year LLB programme that can provide them with Commercial Law specialization/ subject OR candidates, especially LLB graduates, can opt for one of the most sought after Commercial Law courses available in India i.e. LLM in Commercial Law.

To get into any one of the above-mentioned courses, candidates must first clear the law entrance exams like CLAT, AILET, CUET PG, LSAT India, etc. If candidates’ names are present in the merit list which is released after the exam result is announced, they then can attend the counselling process after receiving the online invitation for the same. Candidates must note to provide their course preference and institute preference while filling out the online counselling form. It is during the counselling process that candidates must confirm their admission to their desired course and college by paying the admission fee to lock their seats in the college and course of their choice.

There are also Commercial Law diploma and certificate courses available online as well as offline to working professionals and fresh graduates from any stream to gain an insight into the programme and learn about its varied facets. For these diploma and certificate courses, candidates are not required to clear any entrance examination as such, however, they must fulfill all the other eligibility criteria prescribed by the institution of their choice in order to enroll in the above-mentioned courses.

One of the most crucial elements of the commercial law field is the syllabus, which outlines the key subjects and areas that a candidate must study during the duration of the programme. Although the Commercial Law curriculum varies from college to university, the following are some of the major subjects and their topics covered under the Commercial Law syllabus:

The Commercial Law course fees for various top colleges and universities are mentioned in the table below:

Students who are interested in Commercial Law courses can apply in a variety of ways. There are several levels of courses, such as undergraduate, postgraduate, certificate, and diploma programmes. However, the eligibility requirements that apply determine whether a candidate can enroll in a specific course.

The various types of Commercial Law courses and their eligibility criteria are mentioned in the table below:

Commercial law businesses are always explicit about the qualities they seek in potential hires. While a candidate's consistent academic performance and relevant experience are important factors in hiring decisions, law firms often look for a variety of other abilities and characteristics that distinguish a candidate from other applicants. Those who want to work in the field of commercial law should have the following key skills and talents:

Providing legal counsel on the subject requires exceptional presence of mind and alertness while carrying out one's obligations as a commercial lawyer.
A commercial lawyer must be an effective manager because they are responsible for a variety of tasks, including drafting notices and conducting administrative duties.
One of the biggest drawbacks of being a commercial lawyer is that sometimes you have to work under pressure and you can't miss any opportunities. Therefore, it is crucial that people take initiative and avoid making rash decisions.

Other prime skills required to pursue a Commercial Law course are mentioned below:

By understanding the differences between corporate law and commercial law, business owners can avoid breaking the law and cut down on unnecessary expenses and hassles. Although these two categories of law have quite different characteristics, they both have a substantial impact on how businesses run.

There are eclectic top law institutes across India that provide commercial law courses at various levels like: undergraduate, diploma, and postgraduate levels. A few of them are listed below:

There are a plethora of excellent law institutions across India that provide Commercial Law courses at undergraduate, diploma and postgraduate levels. In this section, you will get to know the city-wise top colleges/ universities providing Commercial Law courses for interested students.

Commercial Law Colleges in Mumbai

Commercial Law Colleges in Delhi

Commercial Law Colleges in Kolkata

Commercial Law Colleges in Pune

Commercial Law Colleges in Bangalore

Commercial Law Colleges in Chennai

One of the professions that will never cease and continue to expand is commercial law. There are numerous career prospects in this industry after successfully completing this course. Following are a few job titles that are available in the field of commercial law:

Legal Advisor: To pursue legal action, they need the legal advisor's attention and guidance. In addition to creating paperwork, they must also offer legal assistance. They must also take care of the contract between the buyer and the suppliers.

Commercial Lawyer: Commercial lawyers are responsible for handling both business and commercial concerns. They must help with transactions, paperwork, etc.

Legal Officer: A legal officer's primary duty is to monitor cases and take appropriate action. He or she must make sure that the legal action conducted is in the client's best interest. They are also accountable for keeping an eye on and advising their clients.

Contract Attorney: Contract attorneys maintain continuous communication with clients and offer all necessary commercial and transactional support. Additionally, they are in charge of developing, scrutinizing, and negotiating various contracts and commercial agreements.

Legal Researcher: The management of the legal research is the responsibility of a legal researcher. He or she must take on the legal facets and conduct in-depth research on them. Learning about particular areas of law is the major goal.

Legal Assistant: The legal assistant is in charge of helping the senior attorney with documentation, information collection, etc. They assist the attorneys in the courtroom as well.

A few of the key employment areas in the field of Commercial Law are mentioned below:

• Legal Consultancies
• Tribunals 
• KPO
• LPO
• Corporate Firms
• Businesses
• Law Firms, etc.

According to the job role, kind of organization, and work experience, the beginning salaries for freshers and experienced candidates in the field of commercial law vary. The compensation package is also based on how well the candidate performs overall during the course of their work in the company.

Mentioned below are the salaries offered to a few of the top job profiles in the Commercial Law field.