Firms that tend to control the market unfairly are likewise prohibited by competition law from engaging in abusive behavior. Competition law is a type of legislation that encourages fair competition in marketplaces by prohibiting anticompetitive behavior.
Let us know about Competition Law: Scope and Career opportunities!
About Competition Lawyer
A competition lawyer is an expert in the field of competition law. It’s a type of regulation that encourages fair competition in marketplaces by limiting anticompetitive behavior. Antitrust and Merger Control are the two categories of law. The Competition Act of 2002, which went into effect in 2003, was the first piece of competition legislation. The Competition Commission of India is the judicial authority in charge of enforcing this act’s provisions. Below mentioned are the functions of competition law –
- The primary goal of this act’s passage is to promote ethical corporate practices and healthy market competitiveness.
- To avoid activities that have a negative impact on competition and to ensure trade freedom;
- By regulating operations, mergers, amalgamations, and acquisitions, it serves as a venue for complaints and disputes over competition.
Roles and responsibilities
Let’s take a look on the roles and responsibilities of this practitioner before we move towards taking insights on the preparation resources. Mentioned below are the duties of a competition law analyst.
- To maintain the functions of the company under Basic Principles of Company Law
- To lift the corporate veil
- To undertake Share and capital work
- To undertake the procedure of Formation of a Company
- To promote Pre-Incorporation Contracts provisional Contracts
- To undertake Doctrine of Ultra Vires and Doctrine of Indoor Management
- To deal with different companies for legal matters
- To meet board and general
Eligibility
Graduation requirements: Students must complete a class 10+2 examination from a recognized board and receive a minimum of 50% in the examination.
Post-graduate eligibility standards in competition law: Candidates must pass the class 10+2 test and graduate from a recognized board and university to be admitted to a postgraduate programmed. Graduates of business law with a focus on competition law are given priority over others.
To be admitted to the CL program, students must take entrance exams and achieve the minimal cut-off scores. They must also get a score of 50-55 percent on the latest qualifying exam. This proportion is lower for pupils in the reserved group.
Career prospects
There are several occupations accessible in the market after finishing a competition law degree, including competition lawyer, individual practitioner, legal adviser, legal assistant, law officer, policymaker, business lawyer, market advisor, and managers, among others. The candidates will be able to work in a variety of settings. Such as –
- Law firms in Tiers 1 and 2
- After finishing competition law courses, many persons work as solo practitioners or under the supervision of more experienced attorneys.
- For individuals seeking a reference letter to practice even overseas, working with senior advocates is a viable option.
- Colleges and universities also have faculty vacancies available.
- Individuals with competition law degrees are employed as top-level executives in large corporations, such as chief executive officers. Some even become directors on the Board of Directors.
Job Profiles
Lawyers at law firms: When a lawyer joins a tier-1 or tier-2 legal firm, he or she is in charge of acquisitions, amalgamations, mergers, and other similar activities. The team of competition attorneys determines whether deals require CCI clearance. They must file the short form or long form II, which contains the transaction information.
Independent practitioner: As an independent practitioner, one focuses on enforcement issues such as information filing, defending medium-sized businesses, and so on. They can also recruit younger lawyers with experience in both business and civil disputes.
Senior advocates: They must collaborate with several law firms as well as their competitive teams. They dispute over many issues. They also have juniors who help them prepare responses to various topics as briefed by other legal firms and do research on various ideas.
Policy researcher: They are primarily concerned in raising public awareness about a variety of social concerns, such as environmental preservation, crime prevention, and healthcare access, among others.
Research associates: They are mostly linked to India’s Competition Commission, or CCI. They write the orders that CCI issues on current issues. They must also conduct study in order to prepare the same. This provides hands-on experience with the merger review process.
Average Salary
Even freshmen who have just graduated from law school are paid well by legal firms. If engaged in a firm, lawyers specializing in certain subjects such as competition law might make about Rs.50-60K per month. When it comes to earning potential, the sky is the limit for independent lawyers. Fresher human rights attorneys might expect to earn Rs.3,00,000 each year. Judges, too, have various salary rates for different courts, ranging from Rs.12000 to Rs.1,00,000 per month.
Scope
In India and elsewhere, the scope of competition law is extensive. In the realm of law, corporate law is a highly strong and all-encompassing choice. CL degree graduates have a variety of job options in both the public and private sectors, and the need is growing by the day. A degree in this subject might pay off in the future.
The CCI (Competition Commission of India) is India’s regulatory body, and it has several job openings for persons with various degrees. Among the different disciplines of law, this field is unrestricted and offers a wide range of options. The practice of competition law is primarily focused in metropolitan cities such as Delhi and Mumbai. This is because the Directorate General (DG), NCLAT, and Supreme Court offices are all located here. However, when CCI branches emerge in Hyderabad and Bangalore in the future, these candidates will have another option.
Multinational corporations are increasingly seeking to extend their operations internationally, necessitating the hiring of competition law specialists. As a result, demand in first-world nations such as the United States, the United Kingdom, and other European countries is extremely high.
Resources for Competition Law
Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain better understanding of the domain, you can use the following tools:
- Firstly, Online Tutorials for Competition Lawyer Analyst
- Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
- In addition, Online communities
- Moreover, Blogs and study material from experts in this field and many more.
Here are some examples of how you can improve your abilities:
- Freelancing
- Internships
- Apprenticeship programs
The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.
Resources offered by Vskills
Vskills offer Competition Law Analyst certification for all those interested in working in this field or in advancing their career. This certification course covers the following objectives –
Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –
Discover the career opportunities and other prospects of Career as Competition Law Analyst. Hurry up and start preparing now with Vskills.in!
