Business Lawyer Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a business lawyer. Feel free to use our business lawyer job description template to produce your own. We also provide you with information about the salary you can earn as a business lawyer.
Who is a Business Lawyer?
A business lawyer—alternatively referred to as a corporate attorney, or commercial lawyer—is a type of lawyer who focuses on business-related legal issues, such as taxation, business transactions, and intellectual property. These professionals may negotiate settlement terms, draft legal documents, or testify in court on their clients’ behalf. The majority of business lawyers work full-time from an office and may extend their legal services in certain circumstances.
Business lawyers assist organizations and individuals with business-related legal matters. They assist their clients in filing cases, preparing legal documents, and supervising trial and hearing proceedings. Additionally, he is responsible for resolving claims, sending correspondence, and taking depositions. These individuals can assist businesses in a variety of sectors, including real estate, entrepreneurship, politics, health care, and criminal justice.
Business law offers an aspiring lawyer an exciting yet diverse career path. Your duties could range from corporate restructuring and mergers to contract or property law. The work is as varied as any business; however, in general, your role is to advise businesses and corporations on all legal matters.
A business lawyer is tasked with advising corporations on legal issues. Their role is to ensure that everything the company does is legal and ethical. From mergers and acquisitions to incorporations and bankruptcies, you will be responsible for all legal aspects of the business’s operations.
Business lawyers anticipate potential problems for their clients in the future and work to help them avoid them. This can be accomplished in a variety of ways by the business lawyer. For instance, a business lawyer representing a bank in a lending transaction must draft the necessary documents, including the loan agreement, promissory note, and security agreement, to protect the bank and ensure that the borrower is obligated to repay the loan in the manner specified by the bank. Additionally, the business lawyer must anticipate the possibility of the borrower defaulting on the loan and must provide remedies for the lender in that event.
A business lawyer representing a company conducting an initial public offering (IPO) for a Company such as Facebook must ensure that all required documents are filed with the appropriate governmental authorities and that the documents contain all required information and disclosures.
Additionally, the business lawyer must understand not only the law but also the fundamentals of their client’s work and business objectives. A business lawyer who works in a company’s legal department will provide daily advice to the business’s owners and employees. This position requires the interpretation of laws and regulations, as well as the dissemination of advice.
If a matter falls outside the scope of the in-house legal department, the in-house lawyer will consult with business attorneys at a law firm to determine the best course of action. Thus, the business lawyer serves as both lawyer and client, acting as a liaison between any external law firm and the client’s business.
Most business lawyers avoid litigation and do not argue cases in court. While some litigators and trial lawyers specialize in business law, the average business lawyer spends the majority of his or her time in the office or conference rooms with other lawyers and businesspeople. The majority of a business lawyer’s time will be spent negotiating, conducting legal analysis, drafting contracts, advising, and writing.
Completing law school and earning a JD degree is a prerequisite for becoming a lawyer, regardless of specialty. Additionally, students do not need a strong business background during their undergraduate studies to pursue a career as a business lawyer.
That said, familiarity with basic business concepts and terminology is certainly beneficial—you’ll impress your law school classmates when you understand the difference between a balance sheet and an income statement. Even so, this is not a prerequisite. Indeed, there is no requirement for a specific undergraduate major. Rather than that, courses that improve and hone your reading, writing, and analytical skills are most beneficial.
Once you’ve enrolled in law school, your first-year Contracts course will lay the groundwork for many of the upper-level business law courses you’ll take. Business Organizations is one of those courses, which you should take. It will familiarize you with the various types of business entities, their associated advantages and disadvantages, and how each type operates in the business world.
As you progress through law school, a course in Securities Regulation will familiarize you with the regulatory environment that governs the purchase and sale of securities. On the commercial law side, a Sales course covers the statutes governing the purchase and sale of goods, whereas a Secured Transactions course covers the statutes governing the taking of collateral as security for a loan. Additionally, you should take a course in Contract Drafting, which teaches a critical skill for business lawyers.
Also, American Bar Association advises anyone considering a career in law, regardless of specialty, to pursue educational, extracurricular, and life experiences that will help develop the strengths and abilities necessary for success in the legal world. Analytical thinking, problem-solving, critical reading, writing and editing, oral communication, listening skills, and research are just a few of them.
Experiences that may be of interest to students interested in business law include participating in a business law clinic, becoming involved with a business law academic center, or performing volunteer work related to business, such as assisting the IRS’s Volunteer Income Tax Assistance Program.
If this type of law practice appeals to you, you should strongly consider a career as a business lawyer.
Business Lawyer Job Description
Below are the business lawyer job description examples you can use to develop your resume or write a business lawyer job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a business lawyer include the following:
- Conducting contract reviews and approvals with business partners, employees, vendors, and suppliers
- Advising business owners and executive leadership on industry-specific regulations and laws
- Creating and facilitating the completion of agreements between various parties
- Creating employee manuals
- Representing their employer in court, at regulatory meetings, and before administrative boards
- Managing mergers and acquisitions of businesses
- Restructuring businesses to better serve owners and investors
- Appraising the organization to communicate its worth to prospective buyers and investors
- Contributing to the development of company strategies in collaboration with board members and shareholders
- Training sessions and workshops facilitation
- Managing a team of associates, compliance officers, legal assistants, and paralegals
- Assisting businesses in avoiding, navigating, and resolving complex legal issues.
- Assisting and advising businesses in developing their organization’s structure, policies, objectives, and operating procedures.
- Assuring that all applicable laws and regulations are understood and followed by businesses.
- Conducting research and resolving legal disputes through the analysis of pertinent laws, the development of arguments, the collection of evidence, and the representation of clients.
- Developing, reviewing, completing, and filing legal documentation of business operations.
- Examining and reporting to the appropriate authorities any potential or existing legal issues.
- Negotiating contract terms, transactions, and settlements on the businesses’ behalf.
- Ascertaining that all business processes, strategies, and actions adhere to applicable local, state, federal, and international laws.
- Managing a diverse client base, legal cases, and legal activities with varying deadlines.
- Assisting businesses in avoiding, navigating, and resolving complicated legal issues.
- Ascertaining that businesses understand and adhere to applicable laws and regulations.
- Assisting and advising businesses in establishing their organization’s structure, policies, objectives, and operating procedures.
- Conducting research and resolving legal disputes through the analysis of pertinent laws, the development of arguments, the collection of evidence, and the representation of clients.
- Preparing, reviewing, completing, and filing legal documentation of business operations.
- Conducting an examination and notify the appropriate authorities of any potential or existing legal issues.
- Ascertaining compliance with all applicable local, state, federal, and international laws through all business processes, strategies, and actions.
- Managing a diverse range of clients, cases, and legal activities with varying deadlines.
Qualifications
- A Juris Doctorate in law, the passage of the bar exam, and a valid state license are required.
- Superior analytical, reasoning, and negotiation skills.
- Strong research and communication skills, both verbal and written.
- Excellent organizational, leadership, time management, and multitasking abilities.
- Capacity to work under duress and within time constraints to meet deadlines.
Essential Skills
- Business law knowledge
This includes civil procedures, contracts, torts, and constitutional law.
- Ambition
Becoming and working as a business lawyer requires a significant amount of effort, and ambition is critical for a successful career.
- Communication skills
Communication is a significant part of your responsibilities as a business lawyer, both verbally and in writing. You’ll draft legal documents and other written reports and will need to establish strong relationships with corporate stakeholders, other attorneys, and court personnel.
- Negotiating
Negotiation skills are advantageous because they enable you to assist in resolving conflicts, discuss the various components of contracts and other legal documents, and reach a mutual agreement with other parties involved in the business’s operations.
- Research
Laws are constantly changing, and you must develop research skills that will assist you in discovering and learning more about the field of law. Practicing lawyers continue to take continuing education courses and attend training that helps them expand their knowledge in a particular subject area to best serve their employer.
- Analytical ability
It is critical for business lawyers to be able to draw reasonable conclusions from the limited amount of information available to them. Your analytical abilities can assist you in developing sound arguments and establishing positions and negotiating on behalf of the business.
Reading skills
Along with writing, being an attorney requires a great deal of reading. You’ll almost certainly need to read through contracts, statutes, reports, and court filings to comprehend the document you’re evaluating completely.
How to Become a Business Lawyer
To become a business lawyer, you must pass industry examinations and meet the educational requirements for the area of law in which you wish to practice. The following are typical educational requirements for becoming a business lawyer:
- Earn a bachelor’s degree
You can earn a bachelor’s degree in a field related to law, economics, criminal justice, philosophy, English, or political science. If you are certain you want to study business law, enroll in undergraduate courses in finance, accounting, business administration, or international studies.
- Take the law school admissions test (LSAT)
The LSAT establishes your eligibility for law school by evaluating your abilities rather than your knowledge. You can take the LSAT after your junior year, giving you time to apply to and prepare for law school. Before taking the LSAT, you may want to spend several months reviewing educational materials and taking practice tests.
- Apply to law school
Include your LSAT scores, official transcripts, resume, recommendation letters, and any other information requested in your applications. Complete an internship at a local law firm or court to gain experience that you can list on your application. Additionally, you could volunteer with a group in your community to develop interpersonal skills and demonstrate your commitment to improving people’s lives.
- Earn a Juris Doctor degree
Some law schools allow students to concentrate on business law and may offer joint programs in which graduates can earn both a JD and a master’s degree in business. Additionally, you can take elective classes in corporate law on topics such as acquisitions and mergers, deals, insurance law, contract drafting, commercial paper, and partnerships.
- Gain additional practical experience
While in law school, consider working on pro bono cases at a business law firm. This educational opportunity will provide you with hands-on experience resolving business law disputes.
- Pass the bar exam
Business lawyers must pass the bar exam in the state in which they wish to practice. The examination content varies by state but typically consists of multiple-choice questions or an essay that takes between two and three days to complete. You can take practice tests to aid in your preparation, and most states allow for an unlimited number of attempts, if not several.
Where to Work as a Business Lawyer
A business lawyer works in a company’s in-house legal department, providing daily advice to the business’s owners and employees.
Additionally, most of them work in private and corporate legal offices.
Business Lawyer Salary Scale
Business lawyers frequently charge per hour, with rates varying according to the nature of the legal issue, the type of law firm, and the region. A business lawyer’s average base salary is $139,825 per year. Typically, chief legal officers earn the highest salaries, while recent law graduates earn the lowest.