Do you know that a lawyer charges INR 15,000-20,000 on an average for drafting a standard agreement?
Do you know for drafting a specialized agreement a lawyer can charge as much as INR 50,000?
Do you know a lawyer’s fee for reviewing and making small amendments to an agreement cost a minimum of INR 7,500?
Can you imagine the kind of money you can make by learning how to draft good contracts?
Drafting and negotiating a contract is a key skill that all lawyers irrespective of their specialization are required to possess. It is also a very rewarding legal task which has tremendous scope in terms of earning potential and career opportunities.
However, as mentioned in this article it is pivotal to note that majority of Indian lawyers lack good drafting and vetting skills. The prima facie reason for this is that most of the lawyers do not receive adequate training for it. They are either asked to follow a standard template or google some samples.
The training is almost negligible. They tend to learn these skills on the fly, trying to cope up with the clients or through trial and error if they have good seniors to review their work.
Do you want to be in such a situation?
What are the merits of effective contract drafting?
Whether you are an independent practitioner, law firm, big sized company or a law student, contracts are something that will chase you down if you are into commercial law practice. However, it is undeniable that these documents on which companies bank all their transactions on are highly rewarding and extremely profitable.
Especially in comparison to litigation, where the investment of efforts vs. return in revenue is unpredictable, contract negotiation and drafting are generally seen as more reliable, significant and profitable.
What is the best part?
The best part about contract drafting is it is not restricted to experienced professionals alone. Even if you are a law student and you have the required skills, language and expertise, you can conveniently have clients who would require your help to draft far-reaching contracts.
It is an easy way to get some extra help to enable you with clearing your bills along with practice. You can come across various lawyers who might require juniors to draft contracts as it helps them get extra revenues.
Any law firm, big or small, are involved in a lot of transactional practice. Some examples of it are corporate restructuring, banking, and finance, employment disputes, intellectual property etc. All these are areas which cannot function without effective contract drafting. This is a lucrative field which requires contract drafting.
Don’t you think your chances of making a career in a big law firm get better if you have such required skills?
So where is it that the lawyers are going wrong?
A majority of lawyers who claim to be able to draft effective contracts are either simply borrowing a template or downloading the samples from the internet. This leads to lack of any real skills when it comes to understanding the commercial aspects of drafting a contract and this results in future risks.
It is extremely possible for a client to figure out that the contract for which they paid heaps and bounds for is not good enough to have a better position or has no sustainability in law. It is very likely that the trivial yet specific clause that they were looking forward to claiming is not even addressed in the contract.
This might be catastrophic for both the company as well the credibility and integrity of the lawyer.
A lawyer with knowledge, however, would never do that. He might have several stages to follow to ensure that the contract covers a 360 degrees view of the transaction. The very first step is understanding the transaction and pointing out the hidden commercial interest, understanding the standard best policies in the specific industry, negotiating the terms with the other party and several rounds of contract drafting and review and finally assist in the execution of the contract.
What can we do to help you?
Law Sikho, an initiative of iPleaders, India largest online legal education company, created a comprehensive commercial law course with expertise from top lawyers with cutting edge experience of drafting and negotiating high-value commercial contracts in big law firms and private practice.
It is a self-paced, online course for lawyers and professionals to learn drafting and negotiation of commercial contracts. It can be accessed 24×7, from anywhere in the world, through your smartphone or any computer.
The workshop is designed in a way to cover every crucial aspect related to any joint contract drafting and negotiation. The module of this course is largely spread over the following topics:
- Creation of commercial contracts
- Remedies in case of breach/event of default
- How to draft a commercial contract?
- Operative clauses in a contract
- How to draft risk mitigation clauses
- How to draft boilerplate clauses
- Key Commercial Contracts
- How to effectively negotiate contracts
Who has created this course?
The team behind the course has experience of drafting and negotiating contracts worth billions, for top law firms, large MNCs, startups, and government projects.
What can you learn through this course?
This course is designed to give you every minute detail on drafting and negotiating a commercial contract. The course is guaranteed to provide you with enough knowledge and skills to negotiate convincingly and draft your own contracts with ease.
If you are familiar with the law, you will be able to capture commercial deals very accurately in customized contracts which are watertight and address your client’s intention very comprehensively.
FEES: INR 9,440/- (including GST)
DURATION: 3 Months
Learn on the go – get immediate access on the web, Android, and iOS on enrollment!
For any of queries, please email us at [email protected] or schedule a career counselling session by calling 011-39595032.
For further details, click HERE.