Sorcerers form a great deal of the focus of the Chronicles of the Black Company. The worlds connected by the Plain of Glittering Stone give birth to individuals who are born with an innate talent for sorcery. The maximum extent of talent is inherent in the individual, meaning that wizards like Goblin and One-Eye can never be as powerful as a mighty sorceress like The Lady.
The exact capabilities of sorcery are never really detailed in the Annals, even during the Book of Lady, but it seems that the capabilities it possesses are limited primarily by the power of the caster, their inventiveness, and how long they have to prepare the spell. Even a relatively minor wizard like One-Eye was able to, given enough time, forge a weapon that was capable of wounding the demigoddess, Kina. However, a sorceress like The Lady might have been able to forge such a weapon in a mere instant instead of it becoming the obsession of many years.
Powerful sorcery includes spells that kill outright, summonings that bring terrible creatures from other worlds, and whatever spells they are which keep sorcerers alive. Perhaps the most remarkable power attributed to magic in the Black Company series is the superhuman vitality which possesses even the most minor of wizards. One-Eye is almost certainly past the two hundred year mark by the end of the chronicle, and The Lady seemed to think that living forever was a realistic goal for her when she was in the fullness of her power. It extends far beyond simply an extended life-span however, as the Limper was able to survive being literally hacked apart. Soulcatcher was able to survive being beheaded after being struck by one of the Lady's enchanted arrows, albeit this surprised even Lady.
The biggest limitations that seem to be placed on sorcerers are that word and gesture are both required for the casting of most major spells. Lady reflects that strangulation is one of the most effective ways to kill a sorcerer since it precludes the possibility of them vocalising a spell, and even the Limper is neutralised without the use of his hands to make gestures when he is captured by Croaker and Raven .