What is a Business Lawyer? Learn What It Takes to Become One  

Starting and running a business is an enormously complex task. Although there is much a business owner can learn, the one department where they need to rely on the expertise of others is business law. Navigating business law without a law degree is nearly impossible and, if done incorrectly, can leave you in real legal trouble. To avoid these consequences, they often hire a business lawyer. They oversee key business transactions, and contracts, and offer advice when companies are restructuring or undergoing mergers. The post will examine what a business lawyer is, including their job function, benefits, and growth opportunity. 

WHAT IS A BUSINESS LAWYER? 

A business lawyer is an attorney who specializes in assisting companies and businesses in dealing with any and all legal matters. They have a key role in ensuring that the company follows all regulations to avoid any potential lawsuits. 

A corporate lawyer also plays a key role during acquisitions and mergers or when the company is facing bankruptcy.  

JOB FUNCTIONS 

A business lawyer’s responsibility includes providing companies with legal advice in matters concerning intellectual property rights, regulatory processes, taxation, contracts, and patents. Some of the key responsibilities of a business lawyer include: 

• Ensuring that the business fully comprehends pertinent laws, including the potential outcomes if the laws are broken. 

• Helping businesses during the development of policies, procedures, objectives, and structures that are essential for optimum operation. 

• Assisting corporations in resolving, navigating, and preventing any potential legal issues. 

• Reporting qualifying legal issues to the authorities 

• Helping in the resolution of legal conflicts that affect the company through in-depth research and collection of relevant evidence. 

• Taking a key role in the negotiation of settlements, contracts, and transactions. 

• Reviewing and understanding the business strategies and processes to ensure that they abide by the pertinent federal, state, international, and local laws. 

WHAT ARE THE TYPES OF LAW DEGREES 

It is important to note that the type of law degree that one chooses to pursue depends on the type of career aspirations they have. Each degree prepares the students for a particular segment of the legal world and each one requires a different type of training. Some of the common types of law degrees include: 

–    Master of Laws degree  

–    Juris Doctor Law degree 

–    Master of Legal Studies degree 

–    Master of Dispute Resolution Law degree 

–    Doctor of Judicial Science degree 

WHY IS BUSINESS LAW IMPORTANT? 

Business law is a key field for all companies and helps them in ensuring that their practices abide by the relevant regulations. Below are some of the reasons why studying business law is vital to any company.  

IMPROVING UNDERSTANDING OF COMPANY REGULATIONS 

Studying business law helps one to have a better grasp of the key regulations and laws governing business processes. Understanding these regulations helps corporations to avoid facing any potential legal ramifications. 

UNDERSTANDING LEGAL AGREEMENTS AND CONTRACTS 

Legal contracts and agreements are essential in business operations and help companies ensure that operations run smoothly without any major hiccups. By having a strong understanding of the laws underlying these mechanisms, business leaders can make better, more efficient decisions.   

HOW CAN ONE BECOME A BUSINESS LAWYER? 

Business law is a complicated field that requires a fair bit of schooling. Becoming a business lawyer involves commitment and hard work. Below are the key steps that are necessary for one to become a business lawyer. 

EARNING A BACHELOR’S DEGREE 

The first step to becoming a business lawyer is enrolling in school to pursue a bachelor’s degree. What major you choose at the bachelor’s level is not important in this journey; there are no compulsions. However, any program that aids your knowledge of Finance, Economics, and Business can be an added advantage.  

A business degree is a good option as it assists you in preparing for your career as a lawyer in the corporate world and helps you in learning some of the relevant principles of strategic planning, management, statistics, and economics. Learning these fundamental principles will help in providing you with the important foundation that you need to start your career in corporate law. 

COMPLETING LAW SCHOOL 

Before you become a lawyer, it is essential to complete approximately three years in a certified law school. You will also need to complete a Law School Admission Test (LSAT) before admission to these schools. 

Law school will teach you key fundamentals and principles linked to corporate law, labor, and tax. Understanding these key principles will provide you with the foundation you need to start your career as a corporate lawyer. 

PASSING THE BAR EXAM 

The final step to becoming a business lawyer is passing the bar exams so that you become licensed. Passing the bar exam is a necessary requirement, especially if you want to practice law in multiple states. You will also be required to sit and pass a state bar exam, and only then will you begin your career as a business lawyer. 

Conclusion 

Corporate law does offer some lucrative opportunities if you have the right set of skills, education, and experience. Many business organizations today are looking for legal experts who have an in-depth understanding of corporate law to assist them in strategy creation and navigation of key regulations. Keep in mind, there is no one path to get to your professional goals. The best path for you might be different from someone else’s and is a very personalized decision. Make sure to explore all your options. 

If you’re set on your career path to be a business or corporate lawyer and wish to first earn a business degree, consider studying business administration at University of the People. Our tuition-free degrees and non-degree/certificate programs will nurture and develop your academic ability along with providing you an in-depth understanding of the business world. The curriculum at UoPeople is specially crafted by top-notch industry leaders to prepare you for real-world success.  

Apply now.