Paralegals are considered to be attorneys’ assistants since they assist them in a variety of tasks, among handling other responsibilities. The duties of a paralegal can include assisting attorneys with legal draftings, taking client interviews, and gathering evidence for cases.
Some corporate paralegals regularly assist the in-house and compliance teams on issues about their business interests.
According to the Bureau of Labor Statistics (BLS), the employment growth of paralegals is projected to increase by 12% from 2020 to 2030.
Let’s take a look at what being a corporate paralegal entails.
Read more: What is a Paralegal?
What is a corporate paralegal?
A corporate paralegal is a legal worker who is responsible for working on matters related to corporate law. They need to be familiar with concepts such as contracts, finance, bankruptcy, securities, trademarks, and patents.
According to experts, paralegals are expected to handle the paperwork for businesses and ensure that every decision made by the company is per the laws. A corporate paralegal actively works on preparing legal documents, maintaining records, and conducting research as and when required.
Also see: How to Become a Paralegal
Where do corporate paralegals work?
Corporate paralegals mainly work in companies as part of the in-house legal teams. But rather than employing paralegals as in-house counsels, businesses sometimes outsource their duties due to less availability of funds.
Other than companies, government entities and regulators employ corporate paralegals to help their internal legal teams. Corporate Paralegals are also found working in the Patent and Trademark Registration Office.
Also see: Where Do Paralegals Work
Top Skills of a Corporate Paralegal
Apart from practical work, corporate paralegals are expected to be good at communicating and are also expected to multitask.
Some of the most common skill requirements and duties of paralegals include:-
- Mergers and acquisitions
- Corporate governance
- Due diligence
- Legal documentation
- Legal research
- Contract preparation
See more: Paralegal skills
Role and Responsibilities of a Corporate Paralegal
Reviewing, tracking, and monitoring legislation that impacts the company’s products and/or processes
As a paralegal, you need to stay informed about the laws and regulations that might affect the products of your company or any other processing.
This can involve overseeing the state, local, international, and federal legislation, wherever applicable. As a corporate paralegal, you will also be expected to monitor the various obligations, compliance, and provisional requirements, in addition to sharing updates on recent regulations and laws.
Regular analysis and summaries of new legislation/regulations-
Corporate paralegals need to consistently work on analyzing different rules and regulations as per their policies and other protocols.
Paralegals identify specific provisions, obligations, deadlines, and potential risks associated with the changes.
Assists in implementing changes to contracts to comply with legislation/regulations-
Paralegals have to collaborate with different stakeholders, including contract managers, attorneys, external parties, and business teams that are involved in the contract.
Paralegals also communicate all necessary changes, elaborating on the reasons behind them, and addressing any rising questions or concerns, after having several rounds of conversations with attorneys or stakeholders.
Responsible for support related to litigation, mediation, arbitration, and responses to complaints-
Corporate paralegals often assist with the preparation of mediation and arbitration proceedings. They are also expected to compile relevant documentation, organize exhibits, and assist with the drafting of settlement agreements or arbitration submissions. During the proceedings, paralegals may also take notes and provide logistical support.
Renewing and maintaining company licensing-
While dealing with the company’s work, paralegals may be expected to compile any needed information or documentation that is required for renewals or license applications. This may involve financial statements, background checks, corporate documents, regulatory filings, insurance certificates, and other supporting materials.
Also see: Paralegal Certification
Drafting, filing, and managing various business entity documents for corporations, LLCs, and partnerships with State agencies.
Other than the above-mentioned duties, corporate paralegals consistently work on different documents, like articles of organization for limited companies (LLCs), incorporation for corporations, and partnership agreements.
Paralegals also work near attorneys and ensure that all the documents reflect the company’s structure, purpose, and compliance requirements accurately.
Drafting legal contracts, correspondence, and other documents.
Corporate paralegals often work on legal contracts, correspondences, and other types of documents that arise out of business deals and different collaborations. They are responsible for not only drafting but vetting different types of agreements as well, as and whenever required.
See more: Paralegal Specializations
Day-to-Day Duties of a Corporate Paralegal
The day-to-day duties of corporate paralegals look like this:-
- Creating organizational documents, including articles of incorporation or dissolution, stock certificates, and merger agreements.
- Drafting different types of contracts, such as employment contracts and non-compete agreements.
- Creating and distributing annual reports.
- Assisting with the paperwork needed by regulatory bodies.
- Responding to Requests for Information.
- Helping with ethics and compliance programs
- Conducting legal research as and when required.
Corporate Paralegal Salary
According to the U.S. Bureau of Labor Statistics (BLS), the national average annual salary for a standard paralegal is $56,230 or $27.03 per hour.
Corporate paralegals, on the other hand, typically earn comparatively less when they are just starting out, with their salaries around $53,993. However, these figures can significantly increase as per the experience, skills, and other necessary factors.
See more: Paralegal Salary
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