An Overview of Careers in Business Law
Business law, a branch of the broad field of legal practice, pertains particularly to commercial and business transactions. From the hiring of workers to the negotiation and drafting of contracts to the resolution of disputes through litigation or other legal proceedings, business law impacts companies of all sizes in a variety of ways. One reason why a career in business law may be right for you is that the field has always been, and continues to be, a promising choice of specialization among law students . Even during recessions, business law is an in-demand field with plenty of opportunities for those who would like to specialize in it. Whether you plan to work in-house, for a law firm or privately, or with the government, there is no shortage of opportunities to utilize your business law expertise. The business law profession has a promising outlook in the coming years.
Different Business Law Positions
Fortunately, the spectrum of business law jobs does not stop with corporate lawyer. A compliance officer is an important part of those holding business law careers. This professional is responsible for ensuring the company to which he or she is attached is complying with local, state and federal laws in regards to its policies, practices and ethics. Compliance officers may also determine if the business should be taking action to comply. In addition, compliance officers are responsible for developing policies that ensure the company is following strict guidelines, dictating training programs and directing audits.
A contract manager negotiates agreements between various entities, including clients, suppliers, vendors and others. This professional must be familiar with contract law, consumer and tax law, international business and licensing laws. Contract managers also see to it that clients follow the terms of the contract, which requires them to continually monitor clients.
A labor lawyer handles cases involving business law, the law governing the relationship between employers and employees. This professional provides advice to businesses and individuals regarding issues such as unionization, wages, work conditions and collective bargaining. Labor lawyers can litigate on behalf of clients in court, or they can represent clients before government agencies.
Skills Needed for Business Law Careers
A deep understanding of the law is obviously needed to be a successful business attorney. Prospective lawyers must possess solid analytical skills to digest and interpret complex legal arguments and rules. Strong communication skills, both spoken and written, are necessary to convey arguments, present ideas, and persuade judges and juries to rule in your favor. Companies like business attorneys with a strong academic record that has been bolstered by internships and externships. Both private sector employers and government lawyers require analytical and project management skills to plan and organize cases and prepare arguments. Additional skills to help you succeed in a business law career include negotiation and critical thinking.
Education for Business Law Professionals
A prospective career in business law typically requires a J.D. degree from an American Bar Association-accredited law school and the passage of an exam to obtain licensure with the state bar. Additional certification as a Business Law Specialist in some states, such as California, may be sought to better distinguish oneself as a practitioner. Future legal or business professionals may want to consider a business-related undergraduate or graduate degree, such as a business or accounting major, in addition to their law education. Internships or fellowships in a legal setting, as well as clerkships, can provide invaluable experience. Separate certifications, such as that offered by the Chartered Institute of Arbitrators, are available to those who want to focus on arbitration or mediation, or specialized areas of international business law. MBA programs are also commonly pursued by business law practitioners.
Success in a Business Law Career
Navigating the job market for business law positions can be a complex and daunting task, yet there are several strategies that can ease the process. A common approach is to leverage the power of networking. In this digital era, while traditional face-to-face interactions remain vital, online networking platforms have become increasingly effective. Joining professional groups on LinkedIn or other social media, connecting with fellow alumni, and attending local and national legal conferences can all contribute to expanding your professional network. Often, having someone within the field who can refer you to potential employers is more valuable than any other job application strategy.
In addition, job search platforms, including specialized legal job boards and general job listing websites , are useful tools in searching for job opportunities. These resources range from those focusing solely on the legal industry to generalized sites listing openings in various sectors including business law. It’s recommended to utilize several of these platforms for a more comprehensive view of available business law opportunities.
When submitting an application for a business law position, it’s crucial to ensure that your resume and cover letter stand out. Your resume should be tailored to highlight your relevant experience, education, and skills that specifically relate to the business law sector. Instead of listing generic tasks, focus on achievements and describe how you contributed to your previous roles. Similarly, your cover letter must be personalized for the job you’re applying for. Use your cover letter as an opportunity to show your enthusiasm for the field, and your understanding of the employer’s requirements.
While the job market can be highly competitive, those armed with the right knowledge and strategies can navigate the process more effectively and ultimately secure the desired position in business law.
Current Issues in Business Law
While the practice of business law changes slowly in some respects, it can change rapidly in others. Business law practice areas are a great example of this. Any lawyer practicing business law must keep up with changing trends in the field. Keeping up is critical because a solid working knowledge of the industry trends can indicate the type of positions that are more or less likely to be in demand. We have seen the following trends emerge this year.
E-commerce/Internet. There can be no question that the use of the internet by businesses for advertising and marketing their products and services has exploded over the last couple of years and shows no signs of abating. While smart lawyers have long realized that the internet serves as a low-cost, easily updated advertising tool, many merchants have just now begun to recognize the market power to be gained by pushing their business onto the Internet. In response to this trend, new e-commerce "practice areas" have emerged, such as website contracts and privacy policies.
Startups. Perhaps driven by the dot.com boom, despite talk of recession and depression, companies, including law firms, continue to clamor for bright, young high technology, internet and software developers. As a result, Companies now seem to seek startups on whom they can rely to bring them early adopters. Startups are in demand to round out businesses’ offerings.
Class Actions/Aviation Mass Torts/Agencies/Contracts. In February of 2009, the Advisory Committee on Civil Rules proposed the consolidation of all class action law suits into one court; the panel also suggested that the burden of proof be shifted to the plaintiffs. If enacted, this legislation could prove to be a setback for consumer advocates and plaintiff lawyers alike. We can expect that if Representative Scott Garrett’s (R-NJ) bill to curb class actions passes this year, the rules package proposed by the committee will be shelved. We can also expect that the recent crash of Airbus A320 that was allegedly caused by birds will cause very significant litigation. While many companies look to government contracts for income during this economic downturn, we have seen layoffs in members of and attorneys in government contracts practice groups.
Real Estate. Despite some reversal in the plummeting real estate markets, the real estate industry lags behind most industries in the recovery because there is always a lag from the time building or renovation is planned until it is finished and generating business. Many lenders are simply unwilling to lend money for building projects and will continue to be so for at least another year. No significant real estate industry recovery is forecast until 2010 at the earliest.
Advancing in a Business Law Career
Advancing in the world of business law often means seizing opportunities to move up the corporate hierarchy, but it can also entail shifting into adjoining areas of specialization or transitioning into other areas of the sector. Again, networking and relationship-building must be maintained in all of these pursuits, but there are several unique pathways through which people can explore career advancement opportunities in the field.
One of the best ways for a corporate or business lawyer to move up the ladder is to become indispensable to a company, whether it is a private one or a publicly-traded firm. Business law professionals who strive to understand the organization in which they work and become intimately involved with all of its operations are more likely to be viewed as indispensable. This in turn will help them establish strong relationships with people at all levels of the company, leading them to either executive-level positions or key legal positions that oversee major projects or important subsidiaries within the organization.
Transitioning into other roles, such as becoming a contract manager or a compliance officer, is also a viable option for business law professionals. This can be an especially rewarding career move for those who are looking for a new challenge or who simply want to expand their roles with a given company. However, this type of advancement may have its limits, as leadership positions in organizations are often reserved for those who have earned their corporate law credentials rather than those who are in adjacent roles.
An increasing number of business law professionals have explored the possibility of transitioning into the field of compliance or moving into full-time corporate training roles. This is particularly true of those who have earned advanced degrees in human resources or teaching, as it allows them to merge their practical background with their theoretical knowledge of the field in order to serve as trusted advisors and mentors to other company leaders. As compliance becomes a more pressing issue for many businesses in a ?post-Enron age,? business law professionals have successfully transitioned to this role, gaining a voice in shaping a company’s development as they become responsible for guiding organizations through various corporate sensitivity issues.
As the business aspect of corporate law becomes more internationalized, many business law professionals may have opportunities to practice law abroad. Some legal professionals decide to take this path themselves, signing on with major firms that have international operations, while others become in-house counsel for major companies. This is also an option for those who aspire to become diplomats with law degrees, managing sensitive foreign assignments and overseeing negotiations with representatives from other countries.
Final Thoughts on Business Law Careers
The outlook for business law jobs is bright, even when considering the effects of automation and globalization. Although some traditional roles may decline, new avenues of opportunity are expected to emerge. As businesses continue to expand their reach internationally, the demand for legal professionals who can navigate complex cross-border transactions and regulatory issues will increase. The rise of digital currencies and blockchain technology also offers the potential for new legal challenges and opportunities. As such, those with the expertise to advise on emerging technologies will be in high demand.
Another area getting more attention from corporate counsel is risk management and compliance. As regulations and compliance requirements become ever more complex , businesses are looking for lawyers who can help them stay ahead of potential legal issues. Professional development in this area is important for those interested in the corporate law practice.
To prepare for the future of business law jobs, aspiring professionals can focus on developing cross-disciplinary skills that are likely to be in demand. As technology continues to change and grow, those with an understanding of programming, internet privacy, and data security will have a competitive edge. Staying informed about changes in technology and the law is crucial to being effective in this dynamic field.
In conclusion, business law offers a wide range of opportunities and is expected to continue growing for the foreseeable future. However, those seeking to get ahead must remain vigilant about changes in technology and industry practice to stay one step ahead.
