Instead of dealing with the public, corporate paralegal job responsibilities are largely limited to corporate duties where they work with corporate lawyers, shareholders, and executives. The goal of corporate paralegals is to ensure the corporation is protected in all business ventures and that all transactions comply with federal and state laws. Many of their job responsibilities deal with the business’ inner workings, including human resources, company policies, and employee benefits.
Law offices aren’t the only places you can find paralegals hard at work. Corporate paralegals can be found in almost any major corporation and many smaller ones, helping to churn out the mountain of legal research and writing that helps keep modern commerce on track and above board.
Corporate paralegals specializing in business law make some of the best money and enjoy some of the broadest responsibilities in the paralegal game.
Although there can be certain aspects of working for the man that may be boring or repetitious (you know someone is sitting in a small room in LA writing all those cease and desist letters going to YouTube, right?), the fact is that going into corporate law provides paralegals an avenue into industries and areas of the law they might never find if they were working in a law firm.
Business law is a broad canopy that covers many different legal issues.
Interested in copyright issues? Businesses produce all sorts of thorny questions about work for hire and intellectual property…
Immigration? Technology firms hire legal specialists all the time to sort out complex questions around H-1B specialty visas for overseas hires…
Finance and tax law? You better believe that big companies have hordes of legal professionals exploring cutting edge questions around the tax code and possible repatriation issues for off-shore funds considering potentially significant changes that may be coming to United States Statutes Title 26, better known as the Internal Revenue Code…
A corporate paralegal may have the opportunity to touch on all these issues and more, or specialize in only one, depending completely on the company and their own preferences. You may be one tiny cog in a big legal department, or a critical component of a small team, all depending on the organization and the industry.
Corporate Paralegals Bring Home the Bacon
According to the Robert Half 2017 Salary Guide, in-house paralegals earned more than their colleagues in law firms. Mid-level paralegals in large corporations earned between $60,000 and $77,500 in 2016; the range is expected to increase to $62,000 – $78,750 in 2017.
And a 2014 survey conducted by the National Association of Legal Assistants (NALA) found that paralegals specializing in corporate law earned an average, annual salary of $63,285, beating out paralegal salaries in banking/finance, immigration, contract, and legislation, among others.
Robert Half also found that corporations expect to increase their hiring of in-house paralegals by 25 percent, creating new openings across the country.
Becoming a Corporate Paralegal
Because corporate paralegal work is so varied, there is no one single best route into the specialty. Positions are available to experts with a great deal of specific experience as well as paralegals fresh out of school.
It never hurts to have additional education in the subject, however.
The National Federation of Paralegal Associations offers an advanced specialty certification in corporate law. To receive this specialty certification, candidates must complete a three-course sequence, with each course lasting 4 weeks:
- Advanced corporate law
- Intellectual property law
- Contract law
Fast-Paced Corporate World Makes Way for Faster-Paced Paralegals
Corporate paralegals work alongside corporate attorneys, preparing documents related to the workings and transactions of the business. They prepare audit letters, SEC filings, and other legal agreements. They also often work with the IRS to facilitate tax breaks and liabilities that relate to the business and their earnings. There are also contracts to draft and review that govern partnerships and other obligatory agreements between business entities.
One routine but often overlooked aspect of corporate paralegal work is simply the business of staying in business.
Filings with the secretary of state’s office to incorporate the business and maintain the status is routine stuff, but absolutely critical. This can include trademark and copyright filings, without which a business can quickly find itself in legal hot water…
This is something Zazu Designs, a small cosmetology outfit in Illinois, found out the hard way. The business neglected to fulfill all the requirements for establishing a trademark for “Zazu” and found cosmetics giant L’Oreal eaten alive for infringing on the trademark cosmetics giant L’Oreal owns for their “ZAZU” product line.
Compliance work is also important, both for financial and other regulatory matters, depending on the industry. The Uniform Commercial Code (UCC), which governs commercial transactions in the United States, is more than 2000 pages long, which means it is constantly being updated and amended. Who reads and keeps track of the potential impact of those amendments on a business? Paralegals, of course.
Hotmail Gets Microsoft in Hot Water
And some companies are finding that the same attention to detail that they have learned to put into matters of organization are now necessary when it comes to an Internet presence: the pedestrian matter of renewing their thousands of registered domain names.
Way back in 1999, a little tech company called Microsoft forgot to renew one of their gateway domains and put all of Hotmail out of commission. Then they forgot again in 2003 and blew up Hotmail again, although only in England that time.
Paralegals who can be trusted with such time-critical tasks, manage such renewals.
Corporate Paralegals are Always a Sound Investment
Although their job duties and responsibilities are often administrative in nature, paralegals are entrusted with preparing important documents associated with major corporate transactions, such as initial public offerings, mergers, and acquisitions.
During mergers and acquisitions, paralegals in corporate law often conduct due diligence investigations. These investigations are designed to uncover issues that could lead to lengthy and expensive court confrontations, only before they actually get to court. The process is similar to investigating and preparing for a case; digging through financials and other documentation, interviewing executives, reviewing procedures. They prepare audit letters for distribution to auditors and clients, gather litigation and billing information and prepare draft responses to auditor requests for information.
Paralegals in corporate law prepare documents related to:
- Partnerships, limited liability companies
- Amendments, withdrawals, mergers, and dissolutions of companies
- Stock certificates
- Franchise tax forms
- Closing and other corporate transactions
- Initial public offerings
- SEC filings
- Intellectual property
- Uniform Commercial Code (UCC) filings/searches
- IRS forms (SS-4, EINs)