Aiming at business majors has its benefits. Most business majors, including business law, offer lucrative career options. As it sounds, business law requires extensive knowledge of both business and law. Is business law hard?
Business law is a popular major for aspiring undergraduate and post-graduate students. Before understanding its value and importance, you must consider the rewards and reasons for pursuing business law.
Business law covers business elements such as marketing, finance, business decision-making, and more prime aspects. On the other hand, you must deal with in-depth laws of business, contracts, corporate law, criminal law, international law, torts, etc.
Apart from this, you have to own courtroom expertise. In other words, business law is competitive and adaptable. Let’s check out the benefits of studying business law and related scopes.
Reasons to Choose Business Law
Is business law a hard major? This major is comparatively competitive and intellectually challenging. However, you will also find business law extremely financially and analytically satisfying. After becoming a business lawyer, you can earn a high remuneration.
What will be your job role? A business lawyer must work closely with businesses or clients to help them achieve their business goals. Apart from working with reputed companies and businesses, you can transfer your skillsets and earn an in-house position with a government agency. Some business lawyers have turned into successful entrepreneurs who started their businesses.
However, this might demand leaving the practice of law behind, but they can still take advantage of their lawsuit knowledge. On the other hand, you can work to improve overall economics. Still, business law is less aggressive than other legal expertise areas.
After all, every lawyer will focus on their client’s best interests. For example, a lender will hire a lawyer to be on the financially beneficial side. On a related note, the borrower business’s lawyer will negotiate the terms and conditions. Undoubtedly, both sides’ lawyers want the best deal and work hard toward a common goal.
Indeed, business law can be the best major for you if you are interested in business and law. Additionally, the position of a business lawyer can promise you a steady income.
What are the Potential Challenges of Business Law?
Business law can seem complicated. A business law course contains a lot of information. So, memorisation is one of the main keys to success in business law. Here are a few things that you have to keep in mind before making up your mind to pursue business law:
Corporate Law
Business law is also known as corporate law. Now, what does corporate law refer to? It means the legislative body that runs the behaviour, privileges, and connections of organisations and individuals that manage a business.
However, students have to concentrate on federal laws and procedural requirements that companies use. Corporate law demands you practise how corporations use the objectives of laws in their real-life experience. In addition, it requires the application of economics, accountancy, and business administration.
Here are a few specialisations in business law or corporate law programs:
- Tax Law
- Estate Planning
- Real Estate Law
- Intellectual Property Law, and so on
Large-Scale Curriculum
Any Business Law course is a lengthy and extensive curriculum constantly changing. As a business lawyer, you will encounter dynamic legal complexities that can hit companies regardless of their sizes and types.
The curriculum contains multiple case studies that students have to examine. In addition, students must go through state regulations to hold up their conclusions. On a contrary note, business law allows students to collect extensive data and work on critical analytical skills from an international perspective.
Students with an in-depth comprehension of international business law will be in demand as companies expand. However, business law is less challenging than advanced physics or differential equations.
Competitive As Well As Versatile
One might get a Juris Doctor degree from a law school to practise business law. A few students prefer Juris Doctor with Taxation or Business Law specialisations. Besides this, some may be more comfortable with dual degrees in law and business administration.
So, you can understand how versatile and competitive business law courses can be. For example, you can pursue a Bachelor of Business Administration degree with a specific business law specialisation. Here’s what the path of your business law academics looks like:
- Complete your undergraduate degree (4 years)
- Prepare for and pass the LSAT exam
- Finish law school academics (3 years)
- Complete the board exams
You can expect these courses to be rigorous enough as they involve the following subjects:
- Civil procedures
- Constitutional Law
- Labour Laws
- Commercial Laws
- Law of Contract
- Mergers and Acquisitions
- Laws of Arbitration and International Arbitration
- Human Rights Laws, etc.
Indeed, you have to opt for courtroom practice, too, for a successful business law career. So, how hard is business law as a major? Reportedly, students find it quite difficult to cope with law school academics compared to business schools. Additionally, law schools demand more skills than just memorisation.
Students need to be independent, hard-working, and motivated to overcome such bumps and stand out in corresponding batches.
LSAT and Bar Exams to Complete
Passing the LSAT exam gives you the pass to a law school. Students must pass a licensing exam that holds the mandatory educational prerequisites for the specific law area that students want to practise.
You can prepare for the LSAT exam after or during your junior year. Once you qualify, you need to acquire a Juris Doctor degree. Next, you must aim at the state’s bar exam that the American Bar Association administers.
Training and Internships
Since business law is competitive, advanced students opt for additional training courses and internships. For instance, the following training and certifications are significant in business law courses:
- Anti-money Laundering
- Codes of Conduct
- Confidentiality Training
Furthermore, students take the responsibility to get a realistic understanding of internships. Technically speaking, internships let students observe solicitors’ drafting procedures, how clients work, counsel, and more. Handling legal issues from beginning to end with internships is a bit easy.
Besides this, students learn how to handle office assistant duties such as publishing, filing, and setting up trial notes. They also observe attorneys debate their corresponding cases in courtrooms.
What are Different Types of Business Law?
Before you commit business law, you must understand different types of business law. In general, the following 5 types of business laws are available for students:
Business Formation & Governance
This business law helps businesses create legal entities such as a new LLC. On the other hand, businesses require the support of professionals in this specialisation when they sell their businesses. Moreover, business partners may hire a lawyer specialising in Business Formation & Governance if they want to part ways.
Employment Law
Businesses need to hire or employ people to create efficient teams. Thus, businesses have to ensure nobody can take advantage of your business or you. Employment Law covers labour relations, employee contracts, the hiring process, unemployment compensation, family and medical leave, immigration, and more.
Contract Law
A business should know how contracts are drafted and brought into action. Almost everything requires a legal contract when it comes to business, for example:
- A bill of sale
- Terms of service
- A statement of work
- A consulting agreement and more
Contracts establish serious relationships with suppliers, vendors, clients, etc.
Regulatory Law
A license is a must for every business. This business law type helps a business get the required licenses. Moreover, professionals specialising in regulatory law can register a business with the corresponding state.
Intellectual Property Law
What is the intellectual property of a business? Generally, the intellectual property of a particular business refers to its products, services, customers, internal affairs, and more. Now, intellectual property needs security and intellectual property law deals with that.
Different Business Law Courses: What Should You Opt for?
Business law courses need you to solve legal problems businesses encounter while operating. So, you will earn knowledge of a wide range of practice areas, including tax, commercial litigation, business transactions, non-profit law, etc.
Here, we have mentioned some beneficial and trendy business law courses that you might want to try:
Fundamental Business Courses
Are you looking for an introductory course for business law specialisation? Then, you can go with Business Associations. Usually, this course introduces you to basic business concepts and diverse business forms.
Apart from Business Associations, you can also select from the following fundamental business courses:
- Accounting for Lawyers
- Business Basics for Attorneys
- Federal Income Taxation
Advanced Tax Law Courses
Tax calculations are very significant for businesses. Hence, tax lawyers are always in demand. You can pursue some advanced tax law courses to become a tax lawyer.
Here are some advanced tax law courses that will build you a strong foundation:
- Federal Income Taxation
- Taxation of Business Enterprises
- Taxation of Corporations
- International Taxation
- State and Local Tax
- Taxation of Partnerships, Shareholders, and Passive Activities
Advanced Corporate Law Courses
The law of business organisations might be your centre of attention as a business lawyer. You can try some advanced corporate or business law courses for an interesting career. Here are some examples of advanced corporate law courses:
- Securities Regulation
- Corporate Finance
- Anti-trust law
- Mergers and Acquisitions
Commercial Law Courses
As you might know, corporate laws assist businesses to deal with their internal affairs. Whereas commercial law handles transactions between businesses and debtor or creditor relations. 3 advanced commercial law courses are as follows:
- Commercial Law – Sales: This specialisation deals with sales contracts.
- Secured Transactions: This course manages security interests in property.
- Payment Systems: This particular course deals with the law of negotiable instruments.
Business Law-Associated Litigation Courses
Are you curious about business litigation? If yes, then you can take business law courses like
- Federal Income Taxation
- Business Associations
- Deposition Skills
- Moot Court-Trial
- Economic Justice Clinic
- Applied Mediation
- Intellectual Property
- Trial Advocacy
What’s More?
Business law offers countless opportunities to select your interest and specialisation. Besides the above-mentioned business law courses, you can consider the following courses too:
- Commercial Real Estate Finance
- Mutual Fund Regulation
- Real Estate Transactions
- Complex Civil Litigation
- Employment Discrimination Law
- Trusts and Estates
- Foreign Corrupt Practices Act
- Employee Benefits Law
However, which are the best law schools for a degree in business law in the United States? Check out New York University, Duke University, Northwestern University, Harvard University, University of Michigan, Yale University, etc., for incredible opportunities in business law.
Is Business Law Hard?
Yes, it’s comparatively more complicated than other regular business expertise. On the other hand, the overall curriculum is a lengthy journey. It takes 7 years or more to become a business lawyer. Additionally, a student requires business knowledge, law practice and combined skills to build a successful career.
Hence, you must look at all the challenges before you apply for business law courses. Otherwise, you can choose business law if you like a fascinating and intellectually challenging career.
