Introduction to the Business Law Degree
A business law degree goes beyond teaching common business concepts, such as accounting and finance. Myriad regulations are in place to ensure that business theory translates into relevant law and practice. Not only does one learn the ins-and-outs of the businesses they represent, but how those business practices translate into legal terms, conditions, and legislation. First-year students gain a traditional background in contracts, commercial law, constitutional law, and other fundamental topics. From there, discussions expand to federal taxation and relevant agency regulations, such as those from the IRS. Students emerge from this foundation with an understanding of corporate formation and the requirements therein. More advanced coursework teaches students about developing corporate laws and litigation. For those who are interested , students may pursue studies into ethics, security, and the globalization of commerce and trade to further enhance their understanding of their field. Primarily, business law deals with how businesses deal with the government, both at the municipal and national levels. This includes regional taxation, purchasing of goods, establishing a customer service policy, dealing with human resources, and resolving labor disputes. Further, those who study business law may pursue additional coursework in intellectual property, anti-trust law, consumer protection, or financial law. With these elements in place, business law is an especially versatile major for students looking to enter the business world when they graduate.
Opportunities as a Corporate Counsel
Corporate counsel are responsible for educating company leadership and the board of directors on legislation and regulations which relate to business activities. Essentially, they ensure that the company remains compliant with federal, state and local laws and meets its business obligations. The bulk of their work in-house is spent advising on business transactions such as real estate purchases, licensing and intellectual property. When the company faces a lawsuit, corporate counsel is responsible for helping to resolve the issue. Corporate counsel develop and maintain systems of policies, training manuals and internal audits, which help the company stay in compliance with all applicable laws. Many corporate counsels have experience working with corporate lawyers, which may gain them valuable insights into the inner workings of the organization.
Entrepreneurs, or in-house corporate counsels, are essential to the overall welfare of the company. They can save the company time, energy and expenses due to their knowledge of the laws and regulations. A business degree is particularly helpful to a corporate counsel, as they need to be familiar with numerous regulations and best practices.
Employment as a Compliance Officer
Most large companies have a corporate compliance officer, and a business law graduate entering the workforce may be asked to assume this role. While regulatory compliance was once the purview of the chief financial officer, many organizations now delegate this function to the legal department. Although there’s no defined set of job duties for a compliance officer, much of the position involves ensuring that the organization’s directors and executives are adhering to the regulatory and ethical principles that govern the industry. Compliance officers frequently monitor day-to-day operations, identify areas of potential risk and collaborate with senior management on effective compliance strategies. In addition to monitoring, you’ll also be responsible for developing internal policies that govern compliance with industry regulations.
A business law degree will help you meet these demands and more. The knowledge of commercial laws, bankruptcy procedures, professional liability and corporate tax codes will help you understand the regulatory landscape in your industry. You’ll also have a grounding in policy design, ethics and corporate governance. You’ll learn how to investigate possible regulatory violations and how to communicate your findings in a constructive manner. Although compliance officers don’t necessarily need a law degree, a strong background in commercial and regulatory law will be an asset in the job market.
Obtaining Work as a Contract Manager
In today’s business world, contracts are everywhere and with almost every commercial transaction. They serve as the foundation of agreements between companies, individuals, and other entities. Businesses would not function properly without the enforcement of these contracts. This is where the contract manager comes in.
What does a contract manager do? Contract managers are responsible for the initiation, negotiation, execution, and administration of contracts. These managers must become experts in the legal and practical applications of the agreements governing their employment. As new issues arise, not mentioned in the contract, the contract manager must provide advice on how to address these issues. Contract managers manage risk, which is a critical aspect of their job, and serves as the focal point when called upon by attorneys, executives, senior management, and sales teams to truly understand and explain the contract.
Contract managers must have exceptional organizational skills, be proficient multi-taskers, promote harmony within the workplace, and be responsive to internal and external personalities.
How can a career in contract management suit business law graduates? As an integral part of every deal, contract managers can learn more about the business and how its actions affect risk exposure over time. In contrast to many traditional transactional practice areas that focus on risk avoidance techniques, the contract manager’s primary objective is to overall manage risk. They must master the fine art of negotiation, confidentiality, ethics, and litigation strategy.
Contract management positions offer potential professionals a range of options. Positions may follow a corporate hierarchy, yet they also may be available as independent consulting opportunities. Contract managers can become senior vice presidents, senior directors, directors, managers, or consultants. With experience and successful outcomes, they can work their way up the ladder through several companies. Novice contract managers can expect to earn anywhere from $70,000 – $90,000, while contract managers at Fortune 500 companies can earn from $120,000 to $160,000 a year.
While contract management is a legal position, contract managers require knowledge of legal practices/cases, gain valuable information through professional development programs, and through interaction with experienced lawyers. Business law graduates are groomed for successful careers in contract management. Their education includes core courses in contract theory and contract law. Furthermore, these students work with professors experienced in contract management to obtain a well-rounded perspective and insight into the profession.
Working for Government Agencies
Other options that are available to graduates with business law degrees is working for various government agencies. Many large government institutions like the U.S. Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and tax agencies like the Internal Revenue Service (IRS) all require employees with backgrounds in business law. One focus of the SEC is enforcement of the Foreign Corrupt Practices Act which relates to bribery and corruption issues in foreign businesses. Investigations by the SEC have often revealed problems that indicate violations of the FCPA. However, not all of the cases that the SEC staff initially suspects are violations eventually turn out to be violations. There are many regulations involved in investigations and interpretations of those regulations with can be a daunting task for an agent of the SEC. Daniel E. Stoller who is of counsel in the Dallas office of Haynes and Boone, L.L.P. has met professionals that deal with these types of regulations. Including individuals with an LL.M. in international business transactions that worked in the Division of Enforcement in the SEC. This type of work is another avenue for individuals with business law education.
Starting a Career in Advisory and Consulting
They can take on the role of trusted advisors to government bodies, non-profit organizations, trade associations, and for-profit businesses. Within non-profit settings, they may aid in compliance with systemic regulations and advocate for the interests of the communities that the organizations serve. In all settings, their expertise helps improve the function of organizations while also assuring that legal guidelines are met. Business law graduates may also work as business consultants. They may be self-employed or part of a consulting firm , and assist other organizations through a variety of means. For instance, they may help corporations draft corporate contracts and organizational documents or establish additional policies and procedures. They may write grant proposals for non-profit organizations or provide consulting and training on labor and workplace issues. Business law graduates working as advisors and consultants make excellent use of their training by helping people navigate the legal complexities that can affect individuals, businesses, and even entire communities.
Embarking on Entrepreneurial Ventures
Finally, business law graduates can themselves go into business. They can leverage their business law knowledge and expertise to build their own consultancy firms or start their own companies. After law school, some graduates choose to become consultants. They help small businesses with their various legal concerns and guide them through the challenges of growing a business. For example, a business law graduate can work as a consultant for businesses in the technology or finance sector. They provide such companies with guidance relating to industry-specific issues, such as licensing and intellectual property registration. Business law graduates can qualify as Tax and Law consultants to help potential business owners with their tax planning needs and assess the overall tax impact of their corporate structures. For a person who has a passion for retail, they can help a new venture with its incorporation process and negotiate any commercial leases needed for the lease of retail space.
Alternatively, graduates can take the entrepreneurial route by starting their companies. Those who are still torn between a career in private practice and self-employment can start their own law practice. Some business law graduates who desire flexibility in their careers start their own firms and work out of their homes or remotely. Business law graduates have an edge over many other law school graduates who start their own firms because they can provide their clients with business and law advice.
Career Trends for Business Law
Part of the increase in the demand for business lawyers and business law graduates can be attributed to the emergence of new and exciting areas of specialization in the field. In particular, the rise of high-tech industries and fields has significantly increased the need for professionals that have the requisite skills and knowledge to help these companies grow while simultaneously protecting themselves from legal pitfalls. In particular, entrepreneurship is a burgeoning field for professionals equipped with a background in business law. Small startups and entrepreneurs looking for investment must contend with an increasingly complicated web of regulations, protecting their intellectual property, attracting investors, and financing their companies. Business law graduates with the proper academics and experience will take on a premium in the job search marketplace as they provide access to the knowledge and skills to navigate these new waters.
In addition to overhauls of business and bankruptcy law, regulation, and taxes, new fields such as technology due diligence, new financial instruments, and securities regulations have opened up a host of opportunities for graduates. Even long standing fields now offer practitioners opportunities to expand and grow their companies.
How to Prepare for a Rewarding Career
While studying for a formal degree is crucial, aspiring professionals must also adopt a proactive approach throughout their education that will separate them from the competition. One way to do this is by applying for internships in reputable firms or soliciting work experience through other legal avenues. Many law schools now require internships as part of the graduation process, but for those that don’t, securing your own placements will pay dividends for your future career. It’s also important to attend legal and business conventions in addition to continuing education programs. A constant rate of knowledge transfer will ensure that you are always up to date with not only your own field of expertise, but also with related disciplines. Building valuable connections within and beyond your industry is another key step towards achieving a fulfilling and successful business law career .
A career in business law often requires hours of hard work and dedication. However, a proactive student can maximize their education by making the decision to apply for internships or solicit other work experience opportunities throughout their period of formal study. As many law schools now require an internship for graduation, for those who do not, it is essential to seek one out independently. It’s also vital to continue one’s education. Whether that is through attendance at periodic legal or business conventions or ongoing legal and business education programs, continual learning ensures that an individual is fully familiar with their own area, as well as other related fields. Attending such events and programs is also a great way to build a network of significant contacts, another essential facet of a business law career.
