Benefits of Getting a Business and Law Degree
A business and law degree, or a joint JD/MBA, is a dual degree which uniquely combines the study of contemporary business practices with essential legal principles. This specialized curriculum option is designed to provide a unique educational experience while preparing graduates to step into high-level positions in corporate America in areas such as business management and development, investment banking, private equity and venture capital funds, and legal positions in various industries.
Because of the need for an increasingly broad and complex knowledge base, MBAs (Master of Business Administration) and JDs (Juris Doctor) are some of the most sought-after degrees available in today’s modern job market. A standard full-time MBA degree program typically takes two years to complete and covers areas such as business strategy, marketing, finance, and operations. Similarly, a traditional law degree requires three years of intensive study in order to cover the core subjects, which include contracts, torts, civil procedure, family law, and property law, among others.
For those who obtain this highly prestigious double degree through a dual degree program , it is possible to earn a JD/MBA in as little as four years. Some JD/MBA programs include an extra year of graduate school so that students need only invest an additional year after earning their bachelor’s degree in order to complete the requirements needed to obtain both degrees. This gives them a significant advantage over other applicants with only an MBA or only a JD.
Individuals who pursue a dual degree in law and business benefit both personally and professionally from their studies. They gain a unique skill set that helps them stand apart from their competition and learn to utilize their existing talents in a more productive way. For example, a law degree is an invaluable asset for a career in business and is perhaps the most useful degree one can have if they are pursuing a career in business management. It equips graduates with in-depth knowledge in areas such as negotiation strategies, management techniques, and financial, risk, human resource, and technology issues. At the same time, a law degree allows a future business executive the ability to become more aware of the legal implications of domestic and foreign business in order to better protect the interests of their company or organization.
Overall, a combined business and law degree offers graduates a number of career opportunities that allow them to take advantage of their advanced education and training. With this exciting career – and almost limitless potential – it is easy to see why so many individuals choose to study beyond a bachelor’s to pursue an MBA or a JD. It is a great deal of effort, but the potential rewards make it well worth it.
Most Popular Jobs for Business and Law Degree Holders
The following are a few high-demand career options with strong potential for business and law graduates:
Corporate lawyer
Corporate lawyers handle a range of legal matters for businesses. These attorneys work for clients from various sectors, including private companies, members of the public sector and non-profit corporations. Common duties among corporate lawyers include researching legal issues, negotiating and creating contracts, managing disputes and understanding local, state and federal laws and regulations.
Small law firm or corporate department attorney
Many small law firms hire business and law graduates (J.D./MBA) for in-house legal counsel. Lawyers work in tandem with business managers and financial coordinators to solve problems, resolve conflicts and implement solutions. This type of role may require travel and long hours.
Insurance industry
The insurance industry has several roles that corporate and financial law graduates may pursue. Careers in the insurance space that align well with a degree in business and law include legal compliance specialists, corporate compliance officers and claims managers. Individuals wishing to fill these types of roles must have strong research and writing skills.
Consulting firms
Many consulting firms serve large and small businesses with a range of strategic needs for law, finance and administration. Because of the vast needs of clients, specialized firms can be found in virtually all areas of business. Consulting roles are different from those in law firms and corporations, which often tend to be more specialized in nature. The consultative approach of a consulting firm requires a flexible staff and a creative mindset.
Public sector work
Government law is an excellent opportunity for those with business and law degrees. Federal, state and local government agencies need employees to fill administrative and legal assistant positions, paralegal roles, senior management roles, public affairs officer positions and other specialized positions. In many cases, graduate students with business and law degrees apply for law clerk positions in their local or state courts.
Becoming a Corporate Lawyer
Pursuing a career in corporate law typically involves obtaining several key educational and professional credentials. A bachelor’s degree in business management provides future corporate lawyers with a diverse fundamental background in accounting, social sciences, management, and her related business disciplines. Many of the core business courses taken in an undergraduate program are directly applicable in a corporate law career.
While pursuing a bachelor’s degree in business management, a student may benefit from getting involved in relevant practical experience, such as an internship in the corporate department of a law firm or legal clinic. This type of experience may better prepare an individual for the corporate bar exam, for example.
Subsequently, the next step necessary to becoming a corporate lawyer is to earn a Juris Doctorate (JD) at an accredited law school. Law school is typically rigorous and requires many hours of study and focus on coursework, as well as higher-level courses that may be beneficial in the corporate law field, such as business formations and taxation. Further, a graduate student should develop interpersonal skills, such as writing styles and oratory techniques, prior to taking the corporate bar exam. For example, individuals seeking careers in corporate law may benefit from moot court, mock trial or legal writing courses if they are available.
Corporate lawyers are also required to take the corporate bar exam and pass it to practice in this field. Passing corporate bar exams in different states may require additional courses and efforts, including potentially taking and passing the Uniform Bar Exam, and/or taking and passing the Multistate Professional Responsibility Examination (MPRE). Ultimately, a superior understanding of corporate finance concepts is also particularly useful when seeking a career in corporate law, as corporate lawyers are also skilled at advising clients regarding corporate transactions and issues involving the relevant business entities including corporations, partnerships, limited partnerships, limited liability companies ("LLCs"), limited liability partnerships and professional corporations, financing, and the sale and distribution of securities.
Becoming a Legal Consultant
With a foundation in business and law, a career in legal consulting can be a natural fit. These professionals are typically employed by a consulting firm, serving as litigation support for lawyers, law firms, government agencies or companies who want to avoid the courtroom. They often work on complex cases to manage discovery (requests for documents, electronically stored information such as emails, non-party subpoenas, depositions of witnesses and experts and trial prep), build research-based reports and organize analyses for efficacy or economics. In many cases, legal consultants are hired to help companies with compliance issues related to government regulations or to strengthen their position in an evolving industry. As a legal consultant, a person may be called to testify as an expert witness in court.
Legal consultants can be employed by:
Industries that hire legal consultants include healthcare; utilities; financial services; telecommunications; entertainment, broadcasting and media; education; intellectual property; insurance; pharmaceutical and bio-tech; forced technology; real estate and land use; and products and services liability.
Legal consulting can be a great career choice for someone with a business and law degree if they have a sound grasp of complex case strategies, technical arguments, jury trial presentations, industry practices, discovery and report writing, as well as foundational marketing insights for professional services. They also need the ability to communicate complicated ideas in easily understood narratives.
For example, an accounting firm may seek legal consultants for forensic accountants who can trace, recover, interpret and communicate findings to attorneys and other professionals through forensic accounting expert reports, spreadsheets, visual exhibits and graphics.
Becoming a Business Analyst
The role of a business analyst has become commonplace in Asia as firms and agencies need someone who can both understand the finer points of law and how it impacts the business side of things. While many lawyers will naturally progress to the top slots in the corporate world, there are often opportunities from within within those corporations for business analysts with a law degree.
In general, a business analyst has the responsibility of evaluating the legal points behind a business decision. They must conduct research on the corporation’s behalf for both finance and legal issues and be able to analyze the amount of risk involved . Even though they must maintain a separation between management and legal issues, business analysts must also work as a communication bridge between the two departments so that everyone is on the same page regarding the potential risks and rewards of each financial decision.
A business analyst with a business and law degree typically comes into play once something goes wrong. They will determine why something occurred and how best to mitigate the damage while keeping heads above water. Through their legal qualification, they have the power and knowledge to give opinions on how the company can proceed after an event such as litigation.
Skills Employers Seek in Business and Law Degree Holders
Employers value critical thinking skills in business and law graduates. Many businesses prefer to hire those who hold both degrees, as they are better equipped to think analytically and thoroughly. Although general skills such as time management and organization have a place here, a business and law graduate is more likely to be a good negotiator and show strength in all other business-related practices.
Employers often test potential employees in ways that measure their critical thinking. The tests can vary by business or even by position within the same business, but the basic premise is the same: Determine how the applicant can think on his feet and make strong business and legal decisions. These types of tests do not automatically come in the form of a pop quiz at the interview, but the employer may simulate a situation that mimics the actual atmosphere of the company.
Good negotiators are more valuable now than ever. The ability to navigate through negotiation and settle a deal is important for all businesses, even those not directly related to the law. Academic courses on negotiation can help assure employers that a candidate is adept in negotiating. In most cases, a good negotiator has experience, but courses can provide further insight into the nuances of industry. The ability to network is another basic skill that most employers are looking for, regardless of degree level. Business and law graduates usually have the resourcefulness and tenacity to network in a range of industries, boosting their value as candidates.
Networking and Professional Development
With the acute intellectual nexus that business law requires, law and business degree holders are often in high demand. But it’s not just the academic pedigree that will make a business lawyer attractive to a prospective employer. Personal characteristics and commitment to his or her profession will also pay dividends.
What goes hand-in-hand with such personal qualities and curiosity to one’s profession is networking. Building a strong brand within the legal community is a key factor in one’s visibility and marketability. Organizations such as the Association for Corporate Counsel (ACC) provides an environment for attorneys of all levels to come together to re-enforce their commitment to the legal profession. ACC and other corporate organizations are ideal platforms to meet with fellow attorneys across the country and even internationally. Throughout a year, these organizations could host regional, national and/or global meetings that will provide you with plenty of opportunities to make new acquaintances and potentially business contacts.
Another avenue for legal networking is through bar associations. Many bar associations are comprised of professional committees (e.g. Courts Committee, Committee on Corporations and Associations Law, etc.) that are focused on certain areas of the law. These groups present a great opportunity to interact with fellow industry law practitioners that are looking to make new contacts in pursuit of new legal work. A key takeaway is that the networking and intimate familiarity with one’s profession is critical to increase one’s skills, brand and bottom-line.
Future Trends
As we look forward to the next decade, the landscape of business and law careers for graduates with both a business and law degree is steadily evolving. With the accelerating pace of technological advancement, changing economic conditions, and the increasing complexities of business transactions and legal issues, the demand for professionals who can navigate both realms simultaneously is on the rise. In particular, areas such as intellectual property law, corporate transactions, financial regulation, and privacy law are creating new opportunities for cross-disciplinary graduates.
Moreover, as businesses increasingly operate on a global scale, there is a growing need for professionals who understand both the legal and regulatory implications of international business. Cross-border transactions, international trade laws, and the impact of multinational institutions such as the World Trade Organization are just a few examples of the complexities that require the expertise of individuals with strong business acumen and legal knowledge .
Technology will continue to shape the future of business and law careers. The use of artificial intelligence, big data, and analytics in legal research, contract analysis, and legal compliance will likely become more sophisticated, necessitating professionals who not only understand the legal aspects of these technologies but also their commercial applications. Similarly, the emergence of cryptocurrencies and blockchain technologies will present new legal and regulatory challenges in the financial sector, requiring expertise in both law and finance.
Finally, as companies place greater emphasis on compliance and risk management, the role of corporate counsel is evolving. Businesses are seeking professionals who can monitor and reduce risk, ensure legal compliance, and implement sound corporate governance. This presents an opportunity for those with both business and legal training to play a integral role in shaping the strategic direction of companies and industries.