Business law is a very interesting major that covers lots of important aspects of business that includes handling financial elements, marketing, business decision-making, etc. Business law also includes various aw based modules such as the English legal system, business law, contracts and negligence and Tort, European law, etc. So, there are some basic modules as well as some hard modules available in Business law. There are a fair amount of Latin words and expressions that you have to learn which you might find difficult. Apart from that Law modules are fun and if you have a passion for legal issues then you will find business law truly enjoyable and satisfactory.
Key Takeaways
- If you become a business lawyer then you will work with various business clients and chances are you will earn a high salary
- Business formation and governance help businesses create legal entities like a new LLC, etc.
- Contract law helps businesses form legal contracts like a consulting agreement, a bill of sale, master services agreements, etc.
- Regulatory law will help you register your business with the state
Benefits Of Becoming A Business Lawyer
As a business lawyer, you will be responsible for providing legal advice to businesses. Every day, the business world is becoming complex and the demand for a business lawyer is increasing. Therefore, a career in business law is financially and intellectually rewarding. Here you will work with various business clients and chances are you will earn a high salary. Moreover, having a business law degree will allow you to work with a business or government agency. Or, you can also work as an independent lawyer and draw clients with your legal knowledge. Another benefit of becoming a business lawyer is it is much less combative than many other legal areas. Here both parties want the same thing. For example, the bank wants to lend money to collect profit and the borrower wants to borrow the money to expand his business. So, both sides will try to get the best deal and they will work toward a common goal.
Types Of Business Law
There are various types of business laws available. Among them, there are 5 business laws available that have a big impact on various businesses. They are –
1. Business Formation And Governance: Here you help businesses to create legal entities like a new LLC, etc. This type of law becomes very important when you try to sell your business or a business partner wants to part ways.
2. Contract Law: Contracts are a very important part of a business. A business needs to know how contracts are drafted and interpreted. In a business, everything needs a legal contract like a consulting agreement, a bill of sale, a master services agreement or statement of work, terms of service, or anything else. Contracts create an important relationship with a customer, supplier, vendor, etc.
3. Employment Law: Employment law is a super important part of a business. Every business needs to hire employees and team members. But, when you are hiring employees you have to make sure no one can take advantage of you or your business. The employment law is here to help you.
4. Intellectual Property Law: Nowadays, Intellectual Property or IP is very common for business. For every business, customer lists, ideas for new products or services, internal affairs, everything is IP and needs protection.
5. Regulatory Law: Every business needs a license to operate. So, if you want to start a business then you have to register your business with your state. Here, regulatory law will help you register your business with the state.
Types Of Business Law Courses
In business law, you have to study the constantly changing legal puzzles that businesses might face while they are operating. Business Law courses prepare law students for a variety of practice areas that includes business transactions, commercial litigation, tax, nonprofit law, and many more. There are various business law courses available. Some demanding business law courses are –
1. Foundational Business Courses
2. Advanced Corporate Law Courses
3. Advanced Tax Law Courses
4. Advanced Commercial (and Related) Law Courses
5. Business Law-Related Litigation Courses
Foundational Business Courses
The most fundamental business law course is Business Associations. It is an introductory course for business law students. This course taught the students various forms of business organization as well as some of the most basic business concepts. Other fundamental business law courses are Federal Income Taxation, Accounting for Lawyers, Business Basics for Attorneys, etc. The Federal Income Taxation course introduces students to basic tax concepts that are important for both business and personal tax planning.
Advanced Corporate Law Courses
As a business lawyer, you have to deal with the state law of business organizations so the advanced corporate law course will give you a clear idea about how state law works and how you can register the business. Moreover, if you want to become a corporate lawyer then the second course for you would be Securities Regulation. Securities regulation is considered as the federal corporate law and it will help you deal with transaction planning and litigation for the many businesses subject to federal securities law. Other advanced corporate law courses are Mergers & Acquisitions, Antitrust Law, Corporate Finance, etc.
Advanced Tax Law Courses
Tax is a very important part of a business therefore the demand for tax lawyers is also high. If you want to become a tax lawyer then you have to take some advanced tax law courses. Federal Income Taxation is an advanced course that will introduce key income tax concepts that are applicable for both corporate and personal taxation. Another advanced tax law course is Taxation of Business Enterprises. This course is about the federal income taxation of businesses. Other advanced tax law courses are International Taxation, Tax Clinic, Taxation of Corporations and Shareholders, Partnerships and Passive Activities, and State and Local Tax.
Advanced Commercial (and Related) Law Courses
Commercial law is also important for business. Usually, corporate law deals with the internal affairs of a corporation. On the other hand, commercial law deals with the transactions among businesses and debtor-creditor relations. There are three courses available for advanced commercial law. They are –
1. Commercial Law – Sales: Deals with sales contracts
2. Payment Systems: Focus on the law of negotiable instruments
3. Secured Transactions: Deals with security interests in property
Business Law-Related Litigation Courses
If you are interested in business or commercial litigation then you should consider taking Business Associations, Federal Income Taxation, Deposition Skills, Trial Advocacy, etc. Other recommended courses are Moot Court-Trial and Moot Court-Appellate. Other Business Law-Related Litigation Courses are Economic Justice Clinic, Tax Clinic, Applied Mediation, Community Development Clinic, Intellectual Property, etc.
Other Advanced Business Courses
Below are some other additional business courses which are also important parts of the business law curriculum. They are –
1. Advanced Real Estate Transactions
2. Banking Law and Financial Institutions
3. Commercial Real Estate Finance
4. Deals
5. Law and the Entrepreneur
6. Mutual Fund Regulation
7. Not-for-Profit Organizations
8. Real Estate Transactions
9. Trade Secrets/Unfair Practices
10. Complex Civil Litigation
11. Economic Justice Clinic
12. Employee Benefits Law
13. Employment Discrimination Law
14. Foreign Corrupt Practices Act
15. Labor and Employment Law
16. Trusts and Estates
List Of Best Law Schools For Business Law Degree
1. Columbia University
Bar passage rate: 92%
Median LSAT score: 171
2. University of Pennsylvania
Bar passage rate: 98%
Median LSAT score: 169
3. University of Chicago
Bar passage rate: 92%
Median LSAT score: 170
4. Northwestern University
Bar passage rate: 87%
Median LSAT score: 168
5. New York University
Bar passage rate: 96%
Median LSAT score: 169
6. Duke University
Bar passage rate: 94%
Median LSAT score: 169
7. Cornell University
Bar passage rate: 92%
Median LSAT score: 167
8. Harvard University
Bar passage rate: 95%
Median LSAT score: 173
9. Stanford University
Bar passage rate: 90%
Median LSAT score: 171
10. University of Virginia
Bar passage rate: 94%
Median LSAT score: 168
11. University of Michigan
Bar passage rate: 93%
Median LSAT score: 168
12. University of California at Berkeley
Bar passage rate: 88%
Median LSAT score: 166
13. Georgetown University
Bar passage rate: 88%
Median LSAT score: 167
14. Yale University
Bar passage rate: 92%
Median LSAT score: 173
15. The University of California at Los Angeles
Bar passage rate: 82%
Median LSAT score: 166
16. University of Southern California
Bar passage rate: 87%
Median LSAT score: 166
17. The University of Texas at Austin
Bar passage rate: 88%
Median LSAT score: 167
18. Vanderbilt University
Bar passage rate: 93%
Median LSAT score: 166
19. Boston University
Bar passage rate: 93%
Median LSAT score: 163
20. Boston College
Bar passage rate: 91%
Median LSAT score: 162
Final Thoughts
If you have found your passion in law practice then you should strongly consider a career as a business lawyer. A business law degree is not that hard and with proper dedication and hard work you can easily get a degree in Business law. Finally, you can take expert opinions from business lawyers and decide how hard business law will be for you.
References:
1. https://fornoob.com/is-business-law-a-hard-class-and-compared-to-what-makes-it-hard/
2. https://www.britannica.com/topic/business-law
Last Updated on November 9, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
