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Aspiring Lawyers - Applications & General Advice
Applications Discussion
difference between legal sectors and practices
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<blockquote data-quote="Andrei Radu" data-source="post: 186203" data-attributes="member: 36777"><p>Essentially, 'practice areas' are categories used to divide the <strong>different types of work lawyers do</strong>, while sectors refer to the <strong>different types of economic activity </strong>the work of law firm relates to. </p><p></p><p>Thus, practice areas are separated between:</p><ul> <li data-xf-list-type="ul"><strong>Transactional </strong>practice areas (like corporate M&A, PE, finance, capital markets) - where the type of legal services offered by a firm are the ones required to complete a commercial deal. </li> <li data-xf-list-type="ul"><strong>Advisory</strong> practice areas (like competition, IP, tax, employment) - where the type of legal service is advice on compliance with a particular (and normally quite complex) legal field .</li> <li data-xf-list-type="ul"><strong>Contentious</strong> practice areas (like commercial litigation, ADR, international arbitration, white-collar crime) - where the type of legal service is what relates to the resolution of a dispute. </li> </ul><p>While sectors include:</p><ul> <li data-xf-list-type="ul">Technology </li> <li data-xf-list-type="ul">Pharmaceuticals </li> <li data-xf-list-type="ul">Energy</li> <li data-xf-list-type="ul">Entertainment </li> <li data-xf-list-type="ul">Telecommunications </li> <li data-xf-list-type="ul">Transportation </li> <li data-xf-list-type="ul">Retail </li> </ul><p>In practice, any practice area at a big law firm will include working for clients operating in multiple sectors of the economy. However, some firms choose to pursue a sector-expertise oriented strategy, in that they will construct their teams and build up their practices with a view to being very well-placed to service a particular class of clients (such as V&E has done for energy clients, or Bird & Bird for tech clients).</p></blockquote><p></p>
[QUOTE="Andrei Radu, post: 186203, member: 36777"] Essentially, 'practice areas' are categories used to divide the [B]different types of work lawyers do[/B], while sectors refer to the [B]different types of economic activity [/B]the work of law firm relates to. Thus, practice areas are separated between: [LIST] [*][B]Transactional [/B]practice areas (like corporate M&A, PE, finance, capital markets) - where the type of legal services offered by a firm are the ones required to complete a commercial deal. [*][B]Advisory[/B] practice areas (like competition, IP, tax, employment) - where the type of legal service is advice on compliance with a particular (and normally quite complex) legal field . [*][B]Contentious[/B] practice areas (like commercial litigation, ADR, international arbitration, white-collar crime) - where the type of legal service is what relates to the resolution of a dispute. [/LIST] While sectors include: [LIST] [*]Technology [*]Pharmaceuticals [*]Energy [*]Entertainment [*]Telecommunications [*]Transportation [*]Retail [/LIST] In practice, any practice area at a big law firm will include working for clients operating in multiple sectors of the economy. However, some firms choose to pursue a sector-expertise oriented strategy, in that they will construct their teams and build up their practices with a view to being very well-placed to service a particular class of clients (such as V&E has done for energy clients, or Bird & Bird for tech clients). [/QUOTE]
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difference between legal sectors and practices
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