Business law as a field studies rules and regulations observed in a business enterprise. This entails formation, selling, buying, management, legal aspects such as contractual obligations with employees and other service providers, and even the winding up of a business. It is also known as commercial law, and it falls under the civil law branch. An experienced business law attorney says that it’s important for any business to ensure all contracts are reviewed by in-house counsel or any contracted lawyer to minimize risks. Below, we look at what you should know about business law.
What Topics Are Covered In Business Law
Business law mainly examines topics related to business operations such as entity formation, mergers and acquisitions, agreements, business disputes, and regulations. Some of the covered areas include intellectual property, contracts, commercial paper, pensions and benefits, labor laws, bankruptcy, and employment law. Other areas include corporate taxation, international trade law, industrial relations, insolvency, commercial crimes, arbitration, consumer protection law, trusts and estates, and antitrust, among other areas.
Most Common Areas In Business Law
Unless you are very familiar with legal terminologies, you may not understand the terms used in contracts, and this may bring complications in the future after contracts are signed. An attorney’s work is to ensure they accurately interpret contracts to the minute details.
The modern workplace requires an organization to be well versed with laws regarding employment. With most companies facing financial liabilities after being sued by employees and other entities, this is one of the key areas in business law. This involves aspects such as labor laws, industrial relations, and statutory requirements. This ensures an organization is well protected in case of litigation.
Business Law As A Career
If you are the type of person who pays attention to details, you can thrive in this business law. Some of the engagements include drafting company policies, compliance, handling contractual obligations, and other important documents. You will be engaged in arbitration where there are cases that need to be settled out of court, present the business in court if need be, and interpret documents to ensure terms and conditions are adhered to.
As a business lawyer, much of your work happens outside courtrooms and mainly in boardrooms and other committees in case it’s a high-powered business environment. In case there is conflict, you may prefer to hire a litigator who has years of experience in the courtroom. This means you can limit the number of sessions spent in a courtroom.
Business Law Work Set Up
As a business attorney, you can opt for the various options, which include.
Large corporations prefer hiring their attorneys on a full-time basis. These companies prefer having a legal team with diverse areas of specialization, otherwise known as in-house counsels. You are required to assist the organization in all aspects as a legal expert hence putting off the need to hire external litigators. You offer expertise in case the organization is setting up a new branch, relocating, merging with another organization, and other general in-house operations. In case there are litigation and court proceedings, your services are also required. As an in-house counsel, your duties will be to serve the interest of the company and protect it from litigation and other legal actions.
You may also decide to have your law firm. This way, you assist businesses that do not have an in-house legal team. You may decide to specialize in specific areas such as arbitration, intellectual property needs or decide to be a generalist where you handle all aspects. This option is usually viable in a partnership where several attorneys come together to form a law firm and offer different services as one entity. This decision depends on many factors. Some areas are more lucrative than others due to the high-end clients you may be required to work with. Areas dealing with contracts, setting up new businesses, and arbitration are many business attorneys’ preferences since they are bound to happen.
Business law is one of the most common branches of the legal field besides criminal and family law. The area of specialization requires attention to detail due to the nature of work that you are required to handle, which mainly entails sensitive company documents and dealings.