Difference between advisory, regulatory, contentious, and transactional work?

[gg332dd]

Please correct me if I'm wrong but I understand these are the 4 main types of work corporate lawyers may do.

But I am not sure if I'm correct about the tasks involved in each type.

Advisory/regulatory: essentially the same and a lawyer may update clients with legal developments, do legal research and draft advice?

Contentious: litigation and involves witness statements, preparing for court, doing legal research to come up with arguments?

Transactional: negotiating and drafting contracts? -- also do lawyers negotiate the price in M&A or is that done by IB?

 

[Alice G]

Please correct me if I'm wrong but I understand these are the 4 main types of work corporate lawyers may do.

But I am not sure if I'm correct about the tasks involved in each type.

Advisory/regulatory: essentially the same and a lawyer may update clients with legal developments, do legal research and draft advice?

Contentious: litigation and involves witness statements, preparing for court, doing legal research to come up with arguments?

Transactional: negotiating and drafting contracts? -- also do lawyers negotiate the price in M&A or is that done by IB?

Hi there, I would say that it is best to focus less on crude categorisations of work lawyers do because, taking what you have said above, contentious and transactional work can both be advisory.
There is more of a fair distinction between contentious and transactional seats because these are quite disparate but note that both will require research, drafting, advising clients, considering commercial implications etc. I don't think you need to worry about these distinctions at this stage -it is just important to know that there are contentious and transactional seats and why these differ and that lawyers are fundamentally advisers to their clients, which involves helping them navigate regulatory matters.

 

[gg332dd]

Hi there, I would say that it is best to focus less on crude categorisations of work lawyers do because, taking what you have said above, contentious and transactional work can both be advisory.
There is more of a fair distinction between contentious and transactional seats because these are quite disparate but note that both will require research, drafting, advising clients, considering commercial implications etc. I don't think you need to worry about these distinctions at this stage -it is just important to know that there are contentious and transactional seats and why these differ and that lawyers are fundamentally advisers to their clients, which involves helping them navigate regulatory matters.

Hey thanks for this!


What would you say is the fundamental difference between contentious/transactional and do you have any advice on how to approach questions on this?


I was just thinking about previous interviews I had and I was specifically asked why I want to work for a mainly transactional firm and I remember nervously blurting something about problem-solving and getting to know how different industries operate (lol).



Another time I was asked if I see myself becoming a transactional, or advisory etc lawyer, where I said I’m open-minded and keen to try all types of work.

 

[Alice G]

Hey thanks for this!


What would you say is the fundamental difference between contentious/transactional and do you have any advice on how to approach questions on this?


I was just thinking about previous interviews I had and I was specifically asked why I want to work for a mainly transactional firm and I remember nervously blurting something about problem-solving and getting to know how different industries operate (lol).



Another time I was asked if I see myself becoming a transactional, or advisory etc lawyer, where I said I’m open-minded and keen to try all types of work.

It is good to caveat that you are open minded.

Transactional is quick paced and has peaks and troughs. Contentious work can be more drawn out but steady in working hours.
Transactional is arguably more process driven and less black letter law. It is arguable it is more 'commercial' as it is more heavy in negotiation instead of an outright win or lose situation. In disputes, you need to win for your client - it is not negotiation based but more black letter in law in terms of looking at the parameters of the law and building an evidence based case for your client - strength of argument being critical.

I hope this helps

 

[gg332dd]

It is good to caveat that you are open minded.

Transactional is quick paced and has peaks and troughs. Contentious work can be more drawn out but steady in working hours.
Transactional is arguably more process driven and less black letter law. It is arguable it is more 'commercial' as it is more heavy in negotiation instead of an outright win or lose situation. In disputes, you need to win for your client - it is not negotiation based but more black letter in law in terms of looking at the parameters of the law and building an evidence based case for your client - strength of argument being critical.

I hope this helps

This helps a lot, thank you Alice!