Running a business is a huge task, and even the most prepared owner will need help from time to time. Business lawyers work at the point where the world of business and the world of law meet, overseeing key business transactions and contracts for their clients. They also provide counsel for businesses that are restructuring or undergoing mergers. For those interested in becoming a business lawyer, an undergraduate degree in business management is ideal to prepare for the legal rigors of law school.
Many of the same topics that are covered in a business management program can be found in a standard law degree, which includes courses like Commercial Transactions, Securities Regulation, and Property Law. In addition to these core classes, you can further specialize in an area that interests you, like employment law, banking law, or even real estate law. While specialized degrees are a good way to hone your skills, it is important that you complete the full law degree program.
After graduating from law school, you will likely spend several years working at a large law firm, getting the hands-on experience that will give you the foundation needed to succeed in business law. Then, you can either move on to a private practice or go in-house with a larger company. Some large companies, such as retail stores, banks, oil companies, medical equipment manufacturers, biotechnology firms and big technology corporations have a full-time corporate lawyer on staff.
The duties of a business lawyer are as diverse as the companies they serve. Some of these duties include:
Starting a business
A business attorney can guide small business owners through the process of establishing their business entity type, which can be a sole proprietorship, an LLC, partnership, or a corporation. It is important that this step is taken properly to avoid expensive problems down the road. A business lawyer can also advise on tax issues, which can save money come filing season.
Drafting and negotiating contracts
When it comes to a business, contracts are everywhere. From employee agreements to supply contracts, the right lawyer can make sure that these documents are enforceable. If not, a lawsuit could result.
Protecting intellectual property
Many small businesses rely on their unique products or services to generate income. A business lawyer can assist with trademarking, copyrighting, and patenting to ensure that these assets are protected. This will not only keep competitors at bay, but it can also add value to the brand.
A good business lawyer can be a valuable asset to any business, no matter the size. The best ones have a wide range of knowledge in multiple areas, and can serve as a full-service outside general counsel for businesses that do not need or cannot afford to hire their own full-time corporate lawyer. The key is to find a business lawyer that has experience in your industry and understands the types of issues that can arise. Once you find the right fit, your business will thrive under their guidance.