What Does a Business Lawyer Do?

A Business Lawyer specializes in the legal aspects of business transactions. In contrast to other legal areas, business law is less combative and focuses on solving problems rather than assigning blame or responsibility. Business lawyers deal with parties that have the same goal in mind. For example, a bank lawyer’s client wants to lend money and a borrower wants to get a loan.

Education required

There are different types of education required for business lawyers depending on the state in which they plan to practice. Some choose to pursue a joint JD/MBA degree, while others study business and law courses separately. Regardless of the path taken to become a business lawyer, all must pass the bar exam and demonstrate professional responsibility. The exam may include multiple-choice and essay questions and is designed to test the skills of a business lawyer.

The American Bar Association describes the skills required for business lawyers as analytical thinking, problem-solving, critical reading, oral communication, and writing. Students may also choose to take a course in business law or participate in business-related pro bono activities.

Specializations

Business lawyers can choose to specialize in different areas of law. In the European Union, for example, they may choose to focus their practice on the law governing the free movement of goods. Students pursuing this specialization will learn about the structure of the European Union, its main sources of law, and the basic principles of European Union law. In addition, students will learn about freedom of movement in the European Union and how it impacts business.

Taxation law is another area of law that is frequently practiced by business lawyers. It deals with many aspects of business law, including the treatment of debts and mergers. Business lawyers who specialize in this field are well equipped to help businesses navigate the complex issues of taxation law.

Compensation

While the cost of working for a business lawyer is usually low, there are ways to increase your pay. Business Lawyer Lancaster For example, a business lawyer who negotiates a contract discount for you might be rewarded with a higher fee. This model aligns the incentives of both the attorney and the business. You should know these compensation arrangements before you hire a lawyer.