In 2016, the Indian insolvency system underwent a radical reform. Before then, a patchwork of legislation covered the various stages of corporate debt resolution and applied to different categories of stakeholders. This piecemeal approach made grievance redressal a cumbersome process.
Financial lawyers work in banking institutions, handling various types of legal issues. Their work involves mortgages, real estate transactions, contract, insurance and indemnity cases, foreign exchange investment, consumer issues, and taxation. Though not necessary, experience in the financial industry is an advantage. They are also able to oversee the legal activities of a bank. Public sector banks hire law officers through IBPS examinations, which give lawyers the chance to gain practical experience in the banking industry.
The Indian banking sector is one of the most important pillars of the economy, and financial institutions have become increasingly important and well regulated. This has led to a large demand for legal professionals. In addition to handling litigation, financial lawyers must also ensure that banks comply with statutory provisions and RBI guidelines.
Before becoming a financial lawyer, it is important to get a Law degree from a recognized university or college. This degree will enable you to register with the Bar Council of India, which is responsible for regulating the practice of law in India. After earning your LLB degree, you can practice law in various fields, such as banking, real estate, private equity, and project finance.
The first step to becoming a financial lawyer in India is to obtain a Law degree (LLB). Once you have completed this, you can choose to specialize in a particular area of law. However, you should also be aware of the fact that a general knowledge of finance and the legal system is necessary for a career in this field.
There are a number of different paths to this career. For instance, you can choose to pursue a postgraduate degree in Banking Law. There are several top law schools in India that offer the course. You can also complete an undergraduate degree in another field and enroll in a conversion course. Then, you can take a legal apprenticeship and eventually become a solicitor. There are also vacation schemes and work experience opportunities that you can pursue to gain valuable business and commercial awareness.
Most states require lawyers to take additional education in their fields. Finance lawyers often pursue a Master’s degree in law, which allows them to create their own curriculum. In India, the average salary for a financial lawyer is INR three to twelve lakh per year. Senior lawyers may earn more. With demonetization and other financial issues, the scope of work for financial lawyers has expanded.
Before becoming a financial lawyer, you must first complete a bachelor’s degree. You can also complete a three-year LL.B. course if you’ve completed an undergraduate degree in another discipline. Then, you can choose a law school that offers the full-time LL.B. program. You’ll be able to use the degree for state bar registration.
Financial lawyers specialize in specific areas of the law. For example, a bank may need an attorney who specializes in restructuring a business. Or, a stock brokerage that is accused of violating the Securities and Exchange Commission might seek the expertise of a securities lawyer. If a mortgage lender needs to foreclose on a property, it may need a mortgage attorney who has experience in banking procedures.
ICICI Bank recently hiked its basic pay package for fresh hires to Rs 10.5 lakh annually. Similarly, Tatva Legal has launched its first law school recruitment season with a basic package of Rs 8 lakh. These hikes mark a 16 per cent increase in the basic pay package. The hike was announced by ICICI Bank’s general counsel and top executives.
Salaries for financial lawyers vary widely depending on location. For example, in the capital, New Delhi, lawyers earn more than 60 percent more than the national average. In other cities, such as Bangalore, Mumbai, and Chennai, lawyers earn about 14-16% less than the national average. In contrast, in Pune, lawyers earn between 5,000 and 14,000 rupees per month.
The remuneration for financial lawyers in India depends on the level of experience. In the first year of practice, a financial lawyer may earn between Rs 8 lakh and Rs 12 lakh. Each subsequent year, their salary can increase by 16 to 18 per cent. The pay scale also increases significantly after seven years of experience.
For those looking for a higher salary, there are several law firms in India that pay well. Trilegal India, for example, is one of the country’s largest law firms. It has more than 300 lawyers and offices in four major cities. The firm is known for its high salary structure and great environment for analytical thinking.
In India, banks are one of the largest employers of lawyers. They hire thousands of new lawyers every year. As a result, these companies need talented financial lawyers. The banking sector is one of the fastest growing industries in the country, making it a lucrative career path. Despite its shaky past, Indian banks are a thriving industry and a good source for white-collar jobs.
Online courses available
A graduate with an interest in finance can pursue a master’s degree in finance by completing online courses. Such courses are easy to take and will save you time and money. You can also opt for integrated courses, where you complete both bachelors and masters simultaneously. The prerequisites for such courses are intermediate or equivalent law.
If you have already completed a law degree, you can enroll in an online program. There are a variety of programs available that will train you to become a financial lawyer. The Basic Banking Laws of India course covers banking operations and obligations of banks, as well as concepts related to Non-Banking Financial Companies. It is important to note that this course is non-refundable.
The other option is to study Banking Law, a specialisation of law that deals with the legal aspects of banking. This dynamic sector is characterized by frequent regulatory changes brought about by the government. These changes in banking law help regulate the industry and prevent irregularities. A graduate in Banking Law can work in the banking industry as a legal advisor, or even start a practice of their own.
A graduate in banking law may choose to continue with their studies or opt for an LLM. The latter will provide more in-depth knowledge of their chosen field. There are also several options for becoming a financial lawyer, including becoming a legal executive. If you choose to pursue a graduate degree in banking law, you must take the AIBE exam. After qualifying the AIBE exam, you can then practice law in India.
The Bar Council of India has a minimum age requirement of 45 years. However, many candidates for the field are engineers who want to change their profession. The disadvantages of this course are that you cannot choose your own subjects; you must study the prescribed subjects prescribed by the university. In addition, you get less time to learn the legal subjects than in the 5-year LLB program.
If you’re interested in studying law and human rights, you can choose a certificate course in human rights. This program teaches you the basics of human rights, the United Nations charter, and international law. This certification will equip you to make valuable contributions to the society.