Business lawyers specialize in dealing with cases related to businesses. Various issues pertaining to businesses such as taxation, business transactions, and client dealing require legal help and business lawyers are experts in handling these. Such cases require a lot of research and brainstorming. Lawyers who focus mainly on business-related cases gain expertise in the field over time. Becoming a business lawyer requires a special skill set and educational qualification. Here a look at all that you need to know about a business lawyer.
Business Lawyer – Educational Qualification and Skill Set
Becoming a business lawyer requires a thorough understanding of both business and law. Here is the educational qualification and skill set required to acquire the position of a business lawyer:
- 3 years undergraduate degree in business, economics or finance
- A degree in law
- One may even go for a joint degree program in law and business
- Should have relevant experience in the form of an internship.
- Must be skilled in understanding the nitty-gritty’s of business
- Must be proficient in assessing the direct or indirect impact of any legal decisions on the business.
- Must possess good negotiation skills as the profession demands negotiating the best possible deals on behalf of the clients.
- Should be skilled in conducting legal research
- Should have an understanding of business terminology as well as legal policies
- Must possess excellent communication skills as well as writing skills
- Should have excellent analytical skills and problem-solving ability
Business Lawyer – Role and Responsibilities
Here is a look at the role and responsibilities of the business lawyer:
- One of the main job responsibilities of business lawyers is to ensure that their client’s business complies with the law.
- Business lawyers need to advise their clients of any legal repercussions of the business transaction proposed by them.
- They assist businesses owners in striking better deals with their clients.
- Business lawyers are required to offer legal advice on various business matters including contracts, patents, and labor agreements to name a few.
- Business lawyers need to draft contracts and agreements.
- They are involved in planning and developing corporate procedures for their clients.
- Business lawyers need to work upon settling disputes, if any, with the competitors/ vendors following a proper legal course of action.
- They need to litigate cases in court.
- Business lawyers are involved in facilitating corporate mergers.
- They are required to manage budgets.
The Scope of Business Lawyers
More and more businesses are being set up in every field and with this increasing trend, the demand for business lawyers is also increasing. Though the profession requires comprehensive knowledge about both business and legal fields and thus a degree in both, business lawyers earn better than lawyers specializing in various other fields. Business lawyers with thorough knowledge about their field are welcomed by law firms. These lawyers can also fetch good business by practicing on their own. A career as a business lawyer is lucrative and booming.
Those of you planning to try hands in this profession must know that it requires years of rigorous study and experience to establish your foothold as a good business lawyer. However, the return you get is worth the efforts. Go for it only if you are willing to work hard.