What You Should Know About Business Lawyers

A business lawyer is a lawyer that practices law pertaining to business, such as local, national or international business law. In addition to providing assistance with starting or growing a business, a good business lawyer can help a business to prosper by providing invaluable legal advice. Here’s some more information about business lawyers, including how to become one and what they can assist with.

How Do You Become a Business Lawyer?

There are a number of steps to take in order to become a business lawyer in Australia:

  • Complete a law bachelor’s degree
  • Apply and get admitted to a law school
  • Earn a jurist doctor degree – this is where you would choose to be a business lawyer
  • Pass the bar examination to become a licensed practicing lawyer

This typically takes six years, but can vary depending on your mode of study.

To become a proficient and competent business lawyer, you need to be a critical thinker and have analytical reasoning. Good negotiation, research and writing skills are also helpful for this profession.

What Can a Business Lawyer Assist With?

Business lawyers can assist with the following:

  • Ensuring business transactions are in compliance with the law
  • Conducting legal research into how various laws affect a business
  • Advising companies on any legal issues involving stakeholders and providing the best legal strategies
  • Business restructuring and insolvency
  • Compliance – A business lawyer can interpret the law and advise a business on any issues affecting it, such as taxation. They can help minimise the risk of lawsuits and even closure of a business.
  • Corporate finance – Business lawyers can be helpful when an issue arises relating to sale or acquisition of businesses. They can share business intelligence and contacts to provide a company with a real competitive edge.
  • Intellectual property litigation – Intellectual property lawyers will advise on protection of copyrights, trademarks, designs and patents to avoid counterfeit products in the market.
  • Labour law – This involves protection and enforcement of employee rights as a company asset.
  • Preparation of legal documents – This can be necessary to represent a business in court or for a contractual arrangement.

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The Employability of Business Lawyers

Being a business lawyer is a prestigious career. Once you become licensed, you can work for the government, be employed by a law firm, or even work freelance. Private sectors often pay more and there are many job opportunities available, as all businesses – whether profit or non-profit – require business lawyers to handle their legal requirements.

Advantages

Some of the advantages business lawyers enjoy include:

  • Mental stimulation and intellectual satisfaction
  • Good financial compensation
  • Flexibility of work schedules
  • The chance to change law practices and make a difference
  • Conducive work environment

Disadvantages

The disadvantages of becoming a business lawyer include: 

  • Long working hours
  • High stress
  • Competitive job market
  • Client pressures and demands 
  • Changing legal practices to keep up with
  • Low public perception

 

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