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What is commercial law?

_{Are you inspired by real-world business but have a passion for the law and justice? You might like to consider a career as a commercial lawyer. Why commercial law? Read on to discover exactly what is commercial law, what does a commercial lawyer do, how to become a commercial lawyer and why it might be the right choice for you.}

Types of commercial law

Commercial law, also known as trade law or business law, is the area of civil law and legal policy that governs commercial dealings and the obligations of those involved. Law in commerce involves many things including contracts and business transactions, sales and trade, property dealings, the conduct of corporations, financial institutions and trade organisations, the steps that need to be taken to avoid causing harm, and how to resolve personal and commercial disputes.

Let’s look at a few specific types of commercial law:

• Contract law
  Contract law is one aspect of the law of obligations. It’s the study of legal obligations voluntarily assumed – in other words, contractual legal agreements.
• Intellectual property law
  Intellectual property law includes the law of copyright (including moral rights) and copyright infringement, intellectual property rights, registered designs, trademarks, passing off, consumer law prohibiting misleading and deceptive conduct, breach of confidence, and patents.
• Data protection law
  Data protection law involves data privacy and regulations relating to personal and private information including data security and data privacy breaches.
• Employment law
  Employment law involves individual employment relationships, workplace laws and institutional and regulatory frameworks (such as fair work rights).
• Corporate law
  Corporate law (sometimes referred to as company law) covers business laws that relate to the governance and regulation of businesses.

Careers in commercial law

Skills of a commercial lawyer

Commercial lawyers need a high ethical standard and a wide range of skills including interpersonal skills, attention to detail, communication skills, analysis and research skills and problem-solving skills. Commercial lawyers are expected to assist clients navigate issues such as globalisation, regulation, tax reform, shifting trade relationships and cross jurisdictional matters.

Salary of a commercial lawyer 

The average salary of a commercial graduate for the first 2 years is $80,000 while on a training contract, significantly increasing thereafter as an associate, senior associate, and partner. The average base salary for an associate lawyer in Australia is per year.

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