Business law majors focus on the law as it pertains to the operation of and commercial transactions between organizations. This major provides a foundation for careers in law, finance and industries subject to significant government regulation. Prospective students may want to carefully review business law programs to select one that best suits their career objectives.
Business law deals with the creation of new businesses and the issues that arise as existing businesses interact with the public, other companies, and the government. This area of the law draws on a variety of legal disciplines, including tax law, intellectual property, real estate, sales, employment law, bankruptcy, and others. Business law attorneys specialize in transactional work, meaning they do not represent clients in court. In fact, business lawyers are often hired for the purpose of avoiding future litigation.
To understand the role of business law within the legal system, it helps to view businesses as entities separate from their owners and employees. Just like individuals living together in society, business entities are subject to legal rules designed to give every participant in the marketplace a fair opportunity to succeed.
Requirements for Business Law Majors
Students majoring in business law acquire a basic understanding of the legal system and how it impacts the successful operation of a business. They also learn ways to analytically approach business problems. Ultimately, business law majors develop the ability to make viable business decisions informed by their knowledge of the law. Some issues that such majors examine include governmental relationships and basic business structures. The curriculum incorporates other topics, such as international business, securities law and environmental law.
Certain bachelor's degree programs focus on different aspects of business law. Some business law programs, such as a Bachelor's of Business Administration in Legal Studies, are designed as a pre-law course of study, specializing exclusively in law. Courses offered in these programs could include marketing law, intellectual property law and commercial transactions. Graduates may work in consulting, public administration, risk management, business or law, among other industries.
Since the Uniform Certified Public Accountant (CPA) Examination covers issues in business law, some states require applicants to have taken a minimum number of business courses. Many colleges and universities offer bachelor's degree programs that combine accounting and business law. The curriculums may incorporate business law into accounting classes or require students to take separate business law classes to fulfill degree requirements. A Bachelor of Science in Accounting with a minor in business law qualifies graduates to not only work in public accounting, but real estate, insurance and government organizations.
Business law majors can find employment in industries heavily regulated by the government, such as banking, not-for-profits, insurance, real estate and auditing. Other possible areas include health care, marketing, human resources and additional law-related industries. Business law majors are also well prepared for positions in risk management and corporate compliance. Their training in analysis and critical thinking advantageously positions business law majors for jobs requiring financial analysis. Some positions, such as Certified Public Accountants, require licensing.