Business Lawyers: Roles and Responsibilities

Looking to navigate complex corporate legal matters? Business lawyers are the strategic partners every company needs. From mergers to compliance, these legal experts safeguard your business interests while minimising risks. Discover how business lawyers drive success, what they earn, and the steps to enter this lucrative field. 

According to the U.S. Bureau of Labour Statistics, lawyers specialising in corporate law, mergers, acquisitions, and intellectual property are seeing a steady rise in demand, with job growth projected to be around 8% from 2022 to 2032, on par with the average for all occupations. 

This growing demand is driven by the expanding global marketplace, increased regulatory scrutiny, and the need for businesses to protect their interests in various legal domains.

Business lawyers, also known as corporate or commercial lawyers, provide essential legal counsel to businesses of all sizes. They assist with navigating complex legal landscapes related to contracts, mergers, acquisitions, intellectual property, and regulatory compliance. 

For instance, the average salary for a business lawyer in the United States is approximately $139,825 per year, with top-tier professionals earning considerably more, depending on their experience and the type of firm they work for. As businesses continue to expand and face evolving challenges, the role of business lawyers is becoming more indispensable, ensuring that companies remain compliant, mitigate risks, and pursue profitable opportunities in a legal framework.

What is a business lawyer?

A business lawyer is a legal expert who primarily focuses on matters related to businesses. They offer guidance on a variety of issues, including tax laws, corporate governance, business transactions, mergers and acquisitions, and intellectual property. Business lawyers can work with businesses of all sizes, from small startups to large corporations, and provide support in multiple areas such as dispute resolution, contract negotiation, and compliance.

While the term "business lawyer" can encompass a range of legal specialities, most business lawyers deal with transactions, commercial contracts, and dispute resolution. They may represent companies, government bodies, or individuals and are instrumental in ensuring that legal risks are mitigated in business operations.

What does a business lawyer do?

A business lawyer's responsibilities can vary depending on the specific needs of their clients. However, there are some key functions that are common across most business law practices. These include:

1. Starting a business

One of the primary tasks of a business lawyer is helping individuals start their own businesses. This involves advising on the appropriate structure for the business (e.g., LLC, corporation, partnership) and ensuring all legal requirements are met, such as registering the company, obtaining necessary licenses, and drafting foundational documents like articles of incorporation and operating agreements.

2. Contract law

Business lawyers play a critical role in drafting, reviewing, and negotiating contracts. Whether it's an employment contract, non-disclosure agreement (NDA), or a commercial deal, a business lawyer ensures that the terms are legally sound and in the best interest of their clients. They also help resolve contract disputes when one party fails to meet their obligations.

3. Business transactions and mergers

Business lawyers are essential when businesses engage in mergers, acquisitions, or other significant transactions. They conduct due diligence, help draft and negotiate transaction documents, and ensure compliance with relevant regulations. Business lawyers also handle corporate governance matters, ensuring that businesses adhere to laws and regulations governing their operations.

4. Property law

Many businesses own or lease property, and business lawyers assist with legal matters related to real estate. This can include drafting lease agreements, resolving disputes with landlords, and advising on property transactions.

5. Intellectual property (IP) law

Intellectual property is a significant area of concern for many businesses, particularly in technology, entertainment, and pharmaceuticals. Business lawyers advise on the protection and enforcement of intellectual property rights, such as patents, trademarks, and copyrights. They help businesses secure their innovations and ensure that they do not infringe on the IP rights of others.

6. Litigation and dispute resolution

In the event of disputes, business lawyers represent clients in legal proceedings, whether in court or through alternative dispute resolution methods like arbitration or mediation. They may also help businesses settle disputes out of court by negotiating settlements or working with opposing parties to resolve issues amicably.

How to become a business lawyer

Becoming a business lawyer requires significant dedication and education. Here is a step-by-step guide on the typical path to becoming a business lawyer:

Step 1: Earn a Bachelor's Degree

The first step to becoming a business lawyer is earning a bachelor's degree. While law schools accept a variety of undergraduate degrees, students aiming to specialise in business law often pursue degrees in fields like economics, political science, or business administration. These courses provide a solid foundation in business concepts and legal frameworks, both of which are essential for a career in business law.

Step 2: Take the Law School Admission Test (LSAT)

The LSAT is a critical step in the law school application process. It assesses a candidate's reasoning and analytical skills, which are vital for success in law school. The LSAT is typically taken at the end of a student's junior year of undergraduate study.

Step 3: Apply to Law School

Once you have completed your undergraduate degree and passed the LSAT, the next step is applying to law schools. During this phase, you will need to submit application materials, including LSAT scores, transcripts, a resume, and recommendation letters. Many aspiring business lawyers benefit from internships or volunteer opportunities at law firms to gain relevant experience and improve their applications.

Step 4: Earn a Juris Doctor (JD) Degree

After gaining acceptance into law school, you will spend three years earning a Juris Doctor (JD) degree. During law school, students have the opportunity to specialise in areas such as corporate law, commercial transactions, and intellectual property, which are directly relevant to business law.

Step 5: Gain Practical Experience

While in law school, aspiring business lawyers should take advantage of opportunities to gain practical experience. This can include internships at law firms that specialise in business law, working on pro bono cases, or participating in legal clinics.

Step 6: Pass the Bar Exam

To become a licensed lawyer, you must pass the bar exam in the state where you plan to practice law. The bar exam typically includes multiple-choice questions, essays, and performance tests that assess knowledge of state-specific laws and general legal principles. Passing the bar exam is a mandatory requirement for all lawyers in the United States, and similar requirements exist in other countries as well.

Salary and job outlook for business lawyers

Salary

The salary of a business lawyer can vary based on several factors, including their level of experience, geographic location, and the type of firm they work for. In general, business lawyers earn competitive salaries. According to data from the U.S. Bureau of Labor Statistics, the median annual salary for lawyers was $127,990 in 2022. Lawyers specialising in corporate law or working at large firms typically earn higher salaries, with the top 10% earning over $239,000 per year.

Job Outlook

The demand for business lawyers is expected to grow steadily. The job growth for lawyers is projected at 8% from 2022 to 2032, in line with the average for all occupations. As businesses expand globally and become more complex, the need for legal professionals who can navigate the intricacies of business law continues to rise. Business lawyers specialising in emerging areas such as intellectual property, mergers, acquisitions, and digital business law may see increased demand.

Skills needed for business lawyers

Business lawyers require a variety of skills to succeed in their roles. Some of the key skills include:

• Analytical skills: Business lawyers must be able to quickly assess complex legal and business issues, finding solutions that best serve their clients’ interests.
• Communication skills: Whether negotiating contracts, drafting legal documents, or advising clients, strong communication skills—both verbal and written—are essential.
• Research skills: A business lawyer must be able to research laws and regulations effectively, especially in areas that may not be immediately familiar.
• Attention to detail: Business law involves meticulous document preparation and contract review, where even the smallest error can have significant consequences.
• Collaboration skills: Business lawyers often work as part of a team, so being able to collaborate with other lawyers, clients, and business leaders is essential.