Open Doors to a Variety of Business Law Career Tracks
What You Need to Know About Jobs in the Corporate Counsel Field
As an alternative to working in a law firm or having your own practice, many businesses employ corporate counsel who take care of their internal legal matters. They negotiate contracts, give legal advice, examine and draft documents, represent the business before administrative bodies or government agencies, oversee purchases and sales of land and personal property, and offer assistance in affairs that are related to the business itself. A diverse range of businesses hires corporate counsel: from construction companies to health care providers , from finance firms to real estate companies, and lots of others in between.
A business law degree prepares graduates for work as corporate counsel. The curriculum covers contracts, employment matters, commercial paper, business associations, real estate transactions, wills, estates and trusts, liability, finance and secured transactions, foreclosures and bankruptcy. In addition, law graduates are prepared to handle federal laws regarding environmental issues, business regulations, intellectual property, taxation, and antitrust laws.
Cultivating a Career in Compliance
In an increasingly regulated business environment, the role of compliance officers has become paramount in organizations of all sizes. The responsibilities of a compliance officer encompass the oversight, management, and coordination of corporate compliance, regulatory frameworks, and ethical policies in the organization. This underscores the need for a professional drugged in multiple dimensions of the company: business operations and culture, as well as federal, state, and international laws. A business law degree provides the knowledge on legal frameworks, regulatory authority structures and processes, and risk management concepts to prepare graduates to excel as compliance officers. A business law program will also focus on building the analytical and critical thinking skills that allow for independent research and analysis of company operations as they relate to regulatory and ethical policy. With a solid academic foundation in business law, graduates are well prepared to lead companies in establishing and upholding ethical standards and comply with legal requirements.
How a Business Law Degree Can Be Beneficial for Entrepreneurs
For those who are just getting started on their legal journey, a business law degree could provide an excellent foundation for a career in entrepreneurship. Those who have a business law degree possess the legal knowledge required to complete the daunting task of starting and running one’s own business. This means that those with a business law degree have the legal information needed to engage in many aspects of business beyond the average entrepreneur’s understanding.
Of course, most entrepreneurs know that starting up one’s own business is often a process that requires significant negotiation between involved parties. This is true starting even before a new enterprise has been started and includes discussions with banks regarding financing, investors, partners, vendors, or even negotiating deals with the government. It is not only important for future entrepreneurs to understand the legal language involved in a contract or lease, but to be able to spot issues that could arise down the line such as agreements for non-compete clauses, confidentiality agreements, governing law and dispute resolution, fees, penalties, and methodologies for re-negotiation.
Moreover, a business law degree allows individuals to plan for likely problems. The vast majority of business contracts anticipate certain problems that may arise such as events over which parties have no control. For example, natural disasters, riots, strikes, health epidemics, and other forces of nature. In order to redress against these problems, many businesses use force majeure clauses and a business law degree will help identify whether this will help one’s company or if the contract anticipates similar difficulties.
Those with a business law degree will also be better equipped to deal with the legal obligations of running a business. Having a basic understanding of business law can save the time and money associated with hiring outside counsel to review matters. Additionally, it allows individuals to identify potential legal problems and run them by other legal experts which will likely save time and money and could possibly save a venture from crippling difficulties.
Career Possibilities in Financial Services
Along with healthcare, one of the major foundations of the economy is the financial services sector. Careers in this arena are both diverse, highly rewarding, and a very viable path for those with a business law degree. In legal and business consulting roles, business law professionals can serve as advisors for corporate and institutional banking. In addition, substantial legal expertise and knowledge of securities laws and regulations places business law professionals in lucrative roles with investment banking firms and financial institutions. Knowledge of tax regulation and compliance, along with a general understanding of corporate law and M&A agreements, will also open doors into other sectors of the corporate world. A business law degree is therefore, a natural segue into roles with private equity and hedge funds. Academic knowledge of contract law and theory can also be applied to the structuring of financial deals. With the jump in popularity of venture capital and crowd funding investment structures, business law professionals are needed to draft and negotiate term sheets and investment agreements. In addition, business law professionals can help to structure loan agreements and assess the capital needs of commercial and corporate entities.
Consulting: Where Law Meets Business Development Strategy
As the nexus of business and law becomes increasingly apparent, the role of a consultant is one where legal education can provide immense value. Lawyers who specialize in how businesses run, from the mechanics of running a business to its compliance with legal obligations to how a business can best navigate a business dispute, such as litigation, find opportunities to make things work even better for an organization . Legal consultants advise companies on legal matters while integrating business strategy and drive growth by implementation of new processes and procedures.
Academic and Policy Development Careers
Beyond the commercial sphere, there are also many opportunities within academic and policy development roles. A law degree provides a foundational understanding of the law and is often deemed to be desirable for research roles within various organisations. This may be within a think tank or non-governmental organisation or an entrepreneurship centre at a university.
In addition, a law degree can open up a number of opportunities within law reform and policy departments in government departments or industry bodies. Further, the legal knowledge possessed by those with a law background is sought after in lobbyist roles.
While there may not be the same degree of client interaction, roles in academic and policy development will require many of the same core skills as those working in practice. In particular, research skills and the ability to draft a range of legal documents are very valuable. Additionally, teaching skills may be necessary if you are to lecture law at a university or to provide training to other professionals.
Impacts in the Human Resources Management Sector
For those who choose to work in Human Resources Administration, the increasing importance of employment law will also have an impact on their careers. More business organizations are requiring that their human resources professionals have some level of legal training which can help the company with matters involving employee contracts, wages, benefits packages, and many other HR related issues. In addition to helping the company be more successful, it is also a good idea for HR to keep some sort of legal compliance checklist to assure the company management and staff that all aspects of employment laws are being followed. And while in the past HR was required to have a basic understanding of most aspects of the law as they affected the company, by having a better understanding of the deeper, legal implications, they are more likely to be able to recognize potential future problems, and hopefully resolve them before they escalate.
Entering the Field of International Business Law
As businesses continue to grow across the global economy, the demand for business legal specialists who can help them with international aspects of the law rises as well. International businesses face a plethora of unique challenges such as cross-border transactions and various global trade laws. These specialists are sought by both American-based and international companies who seek to purchase goods and services from other countries for an ever-expanding customer base. To develop a career in international business law requires the same qualifications as those who plan to focus their career path in domestic business law. A Juris Doctor degree and license to practice from a state bar association is needed. For this track , degrees in foreign languages and international studies along with a strong understanding of the customs, cultures and societies of other countries are necessary. More so than other business specialties, international business law requires extensive travel, due to the need to meet with clients and government officials abroad. They must be proficient in global trade laws and have a firm grasp on how to handle disputes. To contend with other legal fields, these professionals should have a strong understanding of real property law, contracts, tax, labor, immigration, environmental and major regulations of other countries. While not strictly a necessity, it can be useful to have professional internships and experience studying abroad.