All you need to know when Pursuing a career in law
What do the famous writer John Grisham and the new Duchess of Sussex, Meghan Markle have in common? Both owe their careers to courtroom dramas of the business world. The thriller novelist, John Grisham’s staple theme is the world of corporate law and the new princess of the British royal family, Meghan is known for her role as a corporate lawyer in the American TV show ‘Suits.’
If you are intrigued by courtroom dramas and aspire to have an exciting work life filled with nail-biting challenges, the job of a business lawyer can be the right fit for you. However, to prepare for this labour-intensive profession, you need to know as much as you can about business law.
If you are interested in the idea of studying business law, this article can be helpful. It explains different aspects of business law, benefits of pursuing LLM in business law and the career possibilities in this domain.
What is business law?
Business law refers to the set of legislature governing business and commerce. Business law has many categories and often overlaps the branches of civil, criminal and public law. The various categories of business law are:
- Contractual law
- Securities law
- Corporate law
- Intellectual property rights legislature
- Antitrust legislation
- Labour law
- Trust and estates legislature
- Bankruptcy law
- Employment law
- Secured transactions law
Why should you pursue business law?
Here are the benefits of pursuing a degree in business law:
- All businesses are bound by strict legislature: Every country has an extensive legal framework of regulations for the corporate set-up. All businesses are bound to operate according to various domestic and international laws to be in compliance with the regulatory authorities. As a business lawyer, you can help your organisation make better legal decisions and avoid any expenditure on penalties or legal fines.
- Laws are present to protect businesses and people: In absence of established legal regulations, there will be chaos in the market as laws are made to protect your organisation from various ill-effects of violations. Your extensive knowledge of business law can protect your organisation from major frauds.
- Laws can guide the course of action in ethical dilemmas: In many cases, it is difficult to take a decision in favour of or against something when both sides have equal merit, especially in the absence of defining legal guidelines. As a business lawyer, you can easily navigate through legal or ethical dilemmas to take the right decision on behalf of your client.
Career possibilities in business law
Armed with a business law degree, you can transform the business world in any of the following career roles.
- Corporate lawyers: As a corporate lawyer, you can pick up any specialisation and incorporate law across various fields i.e. real estate, entertainment, environmental sustainability, trade and the scientific field.
- Financial analysts: Financial analysts are responsible for studying the economic trends to guide businesses with investment decisions. As a financial analyst, you need to develop extensive knowledge in securities law, anti-trust legislature and bankruptcy.
- Compliance officers: These officers advise their companies in upholding their licensing requirements, evaluating and reporting on policies and procedures, monitoring avenues for compliance issues and establishing ethical culture.
- Administrative law judges: These judges preside over corporate cases that pertain to labour and employment issues. With years of corporate law practice, a spotless career record and conflict resolution skills, it is possible to build a successful career in this field.
Whether you are a new business recruit, a manager in a fortune 500 company or a new entrepreneur, having a business law degree under your belt can better prepare you for a successful career in the business domain. Join a business law course today to kick-start your legal career.