Finance, compliance, litigation – they’re all necessary for any business, small or large.
The importance of having a good business lawyer is clear:
Every aspect of your work is regulated by local, state, federal, and international laws that companies are expected to navigate.
Regulating business practices is similar to regulating other areas – it’s a foundation that provides predictability, safety, and stability, along with the mechanisms for resolving issues and disputes.
The other side of it is:
Business law jobs are always in high demand, and they pay very well. So, if you were wondering why study business law, there’s your answer.
At The High Court, we’ll take you through some of the popular business law degree jobs out there and familiarize you with some of the responsibilities and requirements that go with them, as well as the skills you will need to develop to find the job you want.
Here, you will also find the salary information and the various job titles available on the business law jobs market.
Popular Business Law Jobs in 2021
There are plenty of occupations to choose from if you’re looking into careers in business law aside from actively practicing it. You might follow a career path in human resources or compliance, for instance, or focus on teaching and international business law. What’s more, many administrative judges start out as business lawyers.
Let’s take a look at the education requirements, future responsibilities, key skills, and salary averages in the business law field.
Business Lawyer
Job Description
As a business lawyer, you’ll provide legal advice to the company and handle transactions, partnerships, mergers, compliance issues, projects, or lawsuits. The primary goal will be to assure compliance with all relevant laws and regulations by researching and navigating potential legal risks or violations. In commercial law jobs, you might be involved in negotiating deals, developing corporate procedures, and drafting contracts and budgets. You might also have to research cases and advise on taxation, patents, intellectual property rights, and codes of conduct.
The average salary for a business lawyer in the US is around $85,510, depending on experience and location.
What does a business law job description look like?
Some of the responsibilities of a business lawyer are:
- Legal representation
- Researching and resolving disputes
- Being familiar with all relevant local, state, federal, and international laws
- Making sure relevant laws are clearly implemented and followed by the company in all business processes, strategies, and actions
- Preventing, navigating, and resolving legal issues, advising on risks
- Collecting evidence and developing arguments
- Negotiating terms of corporate contracts and making deals
- Negotiating transactions and settlements
- Drafting, creating, and filing legal paperwork
- Bringing potential legal issues to the attention of superiors
- Preparing legal documents for trials or court proceedings
- Evaluating new clients, vendors, or subcontractors
Key Skills and Competencies
Most business law requirements follow a similar education path. Those for practicing and teaching law are the most demanding and competitive ones.
If you’re looking into business and corporate transactional law jobs, you’ll need to meet the following requirements:
- Bachelor’s degree
- Juris Doctor in Law
- Passed Bar exam
- Valid state license
- Advanced critical thinking
- Ability to work under pressure
- Good time management, ability to meet deadlines
- Good negotiation skills
- Strong research skills, analytical approach, and attention to detail
- Excellent verbal and written communication skills
- Strong leadership
- Organized and able to multitask
- Strong sense of discretion
Job Titles Available on the Market
Business Lawyer jobs can often be found listed as business law associate jobs or as one of the following:
- Commercial Lawyer
- Trial Lawyer
- Litigation Associate
- Transactional Lawyer
- Business Transactions Associate
- In-house Lawyer
- Labor and Employment Lawyer
- Security and Finance Lawyer
- Intellectual Property Lawyer
- Tax Lawyer
- Digital Media and Internet Lawyer
- Commercial Litigation Associate Attorney
- Business Associate Attorney
- Associate General Counsel
- Business Law Associate
- Junior Business Law Associate
- Business Legal Associate Counsel
- Associate General Counsel
- Associate Employment Attorney
Compliance Officer
Job Description
Compliance officers are charged with making sure the company is aware of relevant laws and regulations and complies with them. They keep up with the changes and offer legal advice to employees and management while maintaining the company’s ethical integrity and enforcing industry policies. Compliance officers are needed in many industries, especially financial services, healthcare, medicine, biotech, pharmaceuticals, food preparation and delivery, welfare services, and governmental agencies.
The salary of a Compliance Officer or Compliance Director starts at $57,722 and goes up to $159,122. The average is around $99,734 a year.
Key Skills and Competencies
Although there are no firmly set criteria for compliance officers in general, some guidelines apply.
Here’s what you’ll usually need to become a Compliance Officer or Compliance Director:
- Degree in Law (engineering, chemistry, economics, finance, or management)
- Certification in relevant field
- Knowledge of ethical practices in your chosen industry
- Understanding of standards and regulations
- Risk management skills
- An analytical and investigative mind
- Good decision-making skills
- Attention to detail
- Good time management skills
Job Titles Available on the Market
- Chief Compliance Officer (CCO)
- Financial Compliance Officer
- Healthcare Compliance Officer
- AML/OFAC Compliance Officer
- COVID-19 Compliance Officer
- Safety and Environmental Compliance Officer
Financial Analyst
Job Description
Financial analysts gather and handle financial data in order to follow market trends and make projections and forecasts for current and future investments. They help management or their clients make financial decisions based on their observations and predictions.
According to the Bureau of Labor Statistics, the median annual salary for financial analysts is $85,660 for all levels of experience.
Financial analysts usually have the following responsibilities:
- Financial analysis of the data
- Forecasting
- Tracking of operational metrics
- Providing forecasting support to management
- Reporting on financial results and preparing for reviews
- Research and projections creation
- Portfolio analyses and actions recommendations
- Investments analysis and recommendations
- Keeping up to date with new business trends
- Staying informed on the state of the economy and the markets
- Collaborating with the accounting team
Key Skills and Competencies
- Bachelor’s degree in statistics, mathematics, engineering, or physics
- Master’s degree (typically required for permanent and advanced roles)
- License from the Financial Industry Regulatory Authority (FINRA)
- Chartered Financial Analyst Certification (CFA, expected by many employers)
- Knowledge of statistics, mathematics, and finance
- Accounting knowledge or qualification
- Experience using financial software tools
- Excel formulas and functions fluency
- Excellent analytical skills
- Financial reporting skills
- Excellent research skills
- Financial Modeling and planning
- Reconciling
- Great attention to detail
- Problem-solving skills
- Good writing skills
- Great interpersonal skills
- Showing initiative, leadership, and decision-making skills
- Strong presentation skills, good at communication with executive management
Job Titles Available on the Market
Financial analyst jobs as well as other business analyst law firm jobs or Bachelor of Commerce business law jobs sometimes appear under these titles, among others:
- Financial Advisor
- Credit Analyst
- Disclosure Analyst
- Financial Intelligence Unit (FIU) Analyst
- Research Analyst
- Quant Analyst
- FP&A Analyst
- Equity Research Analyst
Administrative Law Judge
Job Description
Administrative judges are federal agency employees who conduct hearings and preside over informal administrative proceedings. They determine liability and sanctions, set penalties, and recommend the outcomes of claims and settlements.
The average salary for administrative law judges, adjudicators, and hearing officers is $101,210 per year.
Some of the responsibilities of administrative law judges are:
- Conducting hearings
- Obtaining case information needed to determine liability
- Determining the existence and amount of liability in cases according to laws, regulations, and evidence
- Reviewing and deciding claims in matters of social program eligibility, environmental protection, and enforcement of health and safety regulations.
- Explaining appeal possibilities
- Issuing subpoenas
- Resolving agency disputes
- Administering oaths in preparation for formal hearings
- Authorizing payments and determining methods of payments
- Researching and analyzing laws, regulations, and policies
- Evaluating government programs and regulations
- Studying law precedents and keeping up to date with changes in law regulations and procedures
- Assessing and improving court procedure
Key Skills and Competencies
To become an Administrative Law Judge, you need to have:
- Bachelor’s degree
- J.D. degree
- Pass the Bar exam
- License and authorization to practice law
- Seven years of experience in litigation or administrative law as a licensed attorney
- Excellent critical thinking and decision making skills
- Ability to work under pressure
- Excellent listening skills and social perceptiveness
- Excellent reading comprehension and writing skills
- Good analytical and problem-solving skills
- Ability to relate information well
- Good time management skills
- Excellent negotiation skills
- Solid coordination and management skills
- Good clerical and administrative knowledge
- Integrity, self-control, and dependability
- Resilience and persistence
- Leadership and independence skills
If you have all these skills, you have to apply directly to a posting on the Office of Personnel Management’s USAJOBS website.
Job Titles Available on the Market
- Claims Administrative Professional
- Hearing Officer
- Hearing examiner
- Adjudicator
- Admin Law Judge I-II
- Administrative Magistrate
- Magisterial District Judge
International Business Law Jobs
Job Description
International law can be divided into two categories, public and private.
Public international law deals with laws, rules, and principles that regulate the conduct of countries and international organizations, as well as relationships between countries, institutions, government organizations, and individuals. We’ve examined these in greater depth elsewhere.
Private international law focuses on legal issues that deal with businesses and corporations.
Most international business transactions law jobs practitioners fall into this category. They deal with clients and transactions rather than court proceedings. They interpret laws and regulations and represent clients in business deals while negotiating contracts and deals.
Some international law practice areas are international arbitration, trade transactions, intellectual property and competition law, corporate governance, mergers and acquisitions, taxation law, financial securities, and banking business arbitration.
The median international business lawyer salary in the US is around $108,000.
Some of the responsibilities of an international business lawyer are the following:
- Legal counseling and representing clients
- Analyzing the laws and legal regulations of countries of interest
- Preventing, navigating, and resolving legal issues, advising clients on risks
- Petitioning on behalf of clients
- Negotiating contracts
- Protection of intellectual property
- Preparing legal documentation
- Ensuring laws and regulations are followed by the company
Key Skills and Competencies
International business law careers require the following from the candidates:
- Bachelor’s degree in pre-law or related
- J.D.
- LL.M. degree for international business
- Bar exam
- Strong base in US law knowledge
- Excellent critical thinking
- Excellent analytical and reasoning skills
- Good negotiating skills
- Excellent research skills and attention to detail
- Project management skills
- Familiarity with financial software
- Excellent writing skills
Job Titles Available on the Market
- International Trade Analyst
- International Financial Control Associate
- Foreign Lawyer
- International Attorney
- International Trade Associate
- General Corporate Associate
Business Law Professor
Job Description
Business law professors teach courses in business administration and management. Some of the courses are accounting, finance, human resources, labor and industrial relations, marketing, and operations research. Business law professors can focus on teaching and research or do both.
Those working in business law teaching jobs make an average salary of $107,547 per year. The salary ranges from $65,000 for junior faculty to over $175,000 per year for senior faculty.
Adjunct faculty business law jobs practitioners earn an average of $24 per hour. However, many have to work at more than one university to make ends meet because they’re typically given only one or two courses per semester and no benefits.
Some of the responsibilities you’ll have in business law professor jobs are:
- Preparing and giving lectures
- Planning and creating teaching materials and course content
- Initiating and facilitating classroom activities
- Moderating discussions
- Planning and revising the curriculum
- Preparing assignments
- Keeping up with the current literature
- Networking and attending conferences
- Advising and assisting students
- Participating in faculty and campus events
- Maintaining student attendance records
- Grading papers and tests and keeping records
- Collaborating with colleagues
- Conducting research
- Publishing books and papers in relevant professional media
- Participating in the admissions process
- Performing various administrative duties
Key Skills and Competencies
If you’re looking to become a business law professor, you have a very competitive road ahead of you, which usually starts with Law School.
To become a business law professor, you’ll need:
- Bachelor’s degree, Master’s degree or a Doctorate in Law or other the relevant fields (Legal Research and Advanced Professional Studies, Finance, Business)
- Previous career experience as an attorney law clerk, law professor, criminal justice professor, instructor, or hearing officer
- Excellent public speaking skills
- Excellent writing and critical thinking skills
- Classroom management skills
- Good interpersonal skills
- Resilience and leadership skills
- Motivational skills
- Good listening and comprehension
- The ability to relay complex information in an understandable manner
- Good time management skills
Job Titles Available on the Market
You may find teaching and business law research jobs listed under these titles, among others:
- Business Law Professor
- Assistant Professor of Business Law
- Associate Professor of Business Law
- Adjunct Instructor of Business Law
- Graduate Adjunct Professor
What Is Business Law?
The body of laws governing business and commerce is called commercial law or business law.
It represents a branch of civil law regulating both private and public law, including corporate contracts, hiring and labor practices, goods manufacture, and goods sales.
The Uniform Commercial Code is the result of the effort to create a unified body of commercial law in the United States. All commerce is regulated by both Congress and the individual states on matters of merchandising trade and sales. It represents the consistent set of rules of conduct that apply to all business activity within the states.
While the two are often conflated, business law and corporate law are separate fields. Corporate law focuses on the establishment and functioning of corporations on a larger scale. In contrast, business law focuses on the selling and distribution of goods and services. That’s why we’ve examined corporate law jobs elsewhere.
What Can You Do with a Business Law Degree?
There’s a plethora of opportunities and job openings for those with a degree in business law. The first thing to consider is whether you want to be a lawyer or not, and whether you wish to pursue practicing or nonpracticing commercial law jobs.
There are plenty of business development law firm jobs or corporate law clerk jobs out there if you don’t want to be in litigation.
When looking for jobs for a business law degree, you should consider The National Association for Law Placement. NALP is an association of legal career professionals that might help. Its goal is to advise and offer guidance in finding new business opportunities for law students, lawyers, law offices, and law schools in North America.
How to Become a Business Lawyer
Here are the steps you need to take to get a job in business law:
Get an undergraduate degree. Choose a course that will develop the skills you’ll need for practicing law. Political science is a popular pre-law option. While you’re studying, consider an internship in a local company or a part-time job in a law firm.
Then, take the Law School Admission Test (LSAT). Finish Juris Doctor (J.D.) degree studies at law schools approved by the American Bar Association.
Pass the bar exam. If you wish, get the Masters of Laws (L.L.Mm) degree, an advanced law qualification for specific law areas recognized worldwide.
In Conclusion
The best argument for going into business law is the variety of career paths available. These professions’ outlook is excellent, with more and more business law jobs opening daily across all industries and fields.
What’s more:
Practicing business law can be a stepping stone to a brilliant career in finance and international trade, and it can also lead to a fulfilling academic future.
Whichever path you chose, if you’re going into business law careers, you can look forward to a dynamic workplace and plenty of room for growth and advancement. Whether you go into litigation or trade or simply stay in administration, the money is quite good.
FAQ
Q: What jobs can I do with a masters in legal studies with an emphasis on business law?
A master’s in legal studies will give you the skills needed to do legal research and be familiar with law terminology and procedures without going to law school and becoming a lawyer.
Some of the jobs you can do with a master’s in legal studies with an emphasis on business law and undergraduate business law jobs are:
- HR Manager
- Police Officer/Detective
- Arbitrator
- Medical and Health Services Manager
- Compliance Officer/Compliance Director
- Legal Consultant
- Federal Regulatory Agent
- Private Investigator
- Court Administrator
Q: Is business law a good major?
A law degree in business law is a good choice for a number of reasons. To begin with, there’s a constant need for business lawyers in every corporation, agency, or business entity. This, more or less, guarantees you will be able to find a job that suits you. The average salary of around $100,000, with that number usually going up with experience, is a solid incentive for pursuing a career in business law.
Besides acquiring excellent communication, negotiation, and presentation skills, you will become an expert in problem-solving. You can often switch from one field of commercial law to another, which opens a lot of opportunities for a dynamic career that can evolve over the years.
Q: How much do business lawyers make?
Business lawyers’ salaries range from $60,000 to $205,000, with the average is around $110,000 a year depending on experience, location, and the company’s size. After five to nine years, you can expect to be earning around $114,000. In your second decade of employment, you will be making around $140,000. Those with more than 20 years of experience can expect their business law jobs salary to be over $160,000 a year.
Partners in big law firms usually make more than those running their own practices. Intellectual property lawyers and medical attorneys are among the top earners in business law jobs, followed by litigators and corporate attorneys.