Most people think that money, finance and economic principles underpin every business structure but that's not quite right. Those factors play a part in every business but regulation is the most important 'science' behind any business venture. Practically every nation has laws against unsavoury, harmful and outright dangerous business practices.
Businesses are forever engineering a push-pull dynamic, testing legal boundaries as they strive to increase their market shares.
Business attorneys advise their clients on their legal requirements and how to conduct business within the framework of existing laws and regulations. Business law generally concerns itself with two main categories of business activity: transactions and the entities themselves. Antitrust, intellectual property and taxation are some of the matters business lawyers handle; they also help with labour practices and litigation.
Why Study Business Law?
Science is engineering breathtaking possibilities with new technology even as employees struggle to live on the wages they earn. Corporate power is in the economic driver's seat, leaving regulators scrambling to accommodate businesses' demands. Business lawyers are the ones writing employment contracts, arguing for subsidies and defending their clients against illicit operation accusations.
There's never been a better time to study business law. Business law jobs will keep you intellectually engaged and mentally agile. You'll litigate the most critical issues of our time: intellectual property, environmental and labour regulations.
These are just some of the answers to the "Why study business law?" question; read on to find others.
Why Study Business Law: No Law, no Business
ChatGPT is all the rage right now, both because people are raging to get their hands on it and raging against it. On one hand, this application opens up amazing and limitless possibilities, potential harms notwithstanding. On the other is the strong legal argument that this system trained on materials whose unauthorised use violates intellectual property and copyright laws.
The history books are full of instances when business interests overruled societal interests and the common good. Slavery and indentured servitude are good examples of such; child labour serves our point even better.
There were no laws against sending small children down mineshafts and into factories for 12-hour shifts. Public agitation led to regulation, one industry at a time, with the owner class fighting new laws every step of the way.
The earliest child labour laws were implemented at the height of the Industrial Revolution. That innovation explosion was a free-for-all, a time when bosses could and did mandate inhumane work hours and conditions. As the Revolution wound down, lawmakers drafted more regulations to keep businesses in check.
A sort of race ensued, with industrialists devising ever more creative ways to grow their wealth and legislators applying the brakes on some of their most obvious corporate tactics.
Even though the race to outrun regulation continues, no business today operates free of regulation or legal restriction, not even illegitimate ones. Law is so tightly woven into the business structure that Business Management university programs typically include at least one Business Law course. So whether you're searching for the best Business Law degree or contemplating a Master of Business Administration (MBA), studying business law will be a part of your program.
Protect People With Business Law Jobs
Recently, the US courts (almost) heard a case wherein one business sued another for defamation. The suit revolved around a news entity repeatedly broadcasting that the plaintiff company committed illegal acts. But the issue surrounding that lawsuit - the matter that gripped the American public and the world was the societal harm caused by broadcasting disinformation.
That lawsuit is a dramatic example of how business lawyers protect the public from harmful business practices. Admittedly, examining this case only from that perspective narrows its complexity to that single focal point.
Especially when you consider this case's legal merits drew on Constitutional law, broadcast law and business law.
But in essence, that lawsuit is no different than a group of citizens filing a class action suit after a company pollutes their water, air and soil. The complaint would be 'Illegal dumping' but the issue is 'We are no longer safe in our environment.' If employees are denied their rights or a company puts out a defective product, the complaint is narrow but the issue is broad.
The lawyer representing these plaintiffs must be well-versed in business law despite representing people who aren't business owners.
That's because it's a sure bet that opposing counsel will certainly know every contingency their client is protected by under the law. Here, we see the push-and-pull mentioned earlier, with one side possibly making concessions to avoid a greater penalty.
So if you were a lawyer on this case, no matter which party you represent, you need the education and skills to build winning arguments.
Business Law Jobs Versus Business Management
Have any of the cases mentioned so far sparked your interest in Business Law courses? Before you begin studying or even choosing your major, you might wonder if you should go for a law degree or study business management. The latter degree plan typically includes an overview course in business law. Such courses are meant for management to be aware of such laws; that education won't be enough for anyone to do any legal work.
That major only gives students an introduction to the legal framework that underpins business activity. If a student should major in corporate management, any business they work for will have lawyers on retainer. But the courses still serve business students well; they teach many skills future managers will draw on throughout their management career.
At a minimum, a Business Bachelor and/or an MBA can pave the way to a satisfying career. But if you're also interested in, say, labour rights or environmental science as it applies to industry, you need a degree in Business Law.
If a corporation has you on retainer, you'll advise them against harmful business practices and make sure management complies with all laws and regulations.
Becoming a business lawyer gives you a much broader scope of issues to address. We've mentioned plenty throughout this article that fall under the regulations side but you will also make sure business transactions are legal.
Education in business law covers mergers, antitrust and other activity common in the business world. Business law students have knowledge of all aspects of businesses' legal requirements by the time they get their degree.
Business Lawyer Salary
But your career won't skyrocket the moment you leave school with your degree in hand, so your salary won't be stellar, starting out. As an entry-level lawyer, you may not get your first case or client for a year or more.
Still, as you immerse yourself in the professional environment, you'll gain experience while learning more about the law and honing your legal skills.
Payscale reports A$53000 per annum as the entry-level salary for lawyers of all types. As your studies led to specialisation, you might expect a bit more. The more you apply your knowledge and the more experience you gain - the better you understand how the laws work, the more you stand to earn.
The median salary for lawyers in Australia is A$71000 with a top range of A$124.000 per year, not including bonuses, profit-sharing or commissions.
Is such a salary worth spending year after year in school? Salary alone isn't enough to decide. You have to consider the professional standing and security your education brings, too. Your university degree will position you well to debate some of the most pressing issues of our times. You won't be limited to litigation in Australia either, many business issues cross international boundaries.
You should ask yourself if you're pursuing a university education simply for a decent salary or also to work on matters you care deeply about. Whether employee rights or consumer protection concerns you the most, your Business Law degree will help you take action. Also, your university degree plan will likely include elective requirements; courses that you choose as part of your study program. Depending on your school, your course catalogue may include elective subjects like electronic commerce (E-commerce) and environmental law for business.
E-commerce is another international aspect of business law currently handling intriguing cases. Knock-off merchandise has long been a problem but it has ballooned into a global, billion-dollar business. Fashion houses and independent designers alike need professional legal help to halt the theft of their intellectual property. Tariffs on E-commerce are a contentious issue too so with your education in taxation, you'll have many chances to put your skills and knowledge to work for your clients.
Business law underpins every aspect of business from consumer safety to employee rights and beyond. The experience you gain representing clients, be they business owners or an injured party, adds to your professional standing and your knowledge of the law.
Should your university studies lead you to a career in business law, take pride in knowing your work will help enforce all that is morally and socially acceptable.
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