A law degree can prove to be a good foundation to run an existing or establish a new business venture. However many aspects of running a business have to be learnt while on the job.
Suppose, you have a family owns a manufacturing plant. Now, your brother has an engineering degree and contributes his part in the family business. If you pursue law degree you can support the business by adding value from a very different perspective.
Benefits of a law degree in entrepreneurship
With a law degree in hand, an entrepreneur can make better and well informed business choices.
- A lawyer has better understanding of legal contracts and would take into consideration all possible legal and business ramifications of getting into an agreement with another party. Chances of getting fooled by the other party are next to zero.
- One can frame all the legal documents required for the business. This greatly helps in reducing dependence on others and saves the legal costs a business incurs.
- A lawyer can well understand the government rules and regulations when working in complex industries where import-export or government dealing are involved. Law degree is more than useful when it comes to understanding compliance obligations or complex business contracts. You can be a better judge when it comes to research on disputed properties.
- Law degree also comes handy when formulating strategy for your business. You develop the skills to analyze any business opportunity or problem from a different perspective than anyone else in your team.
- Like a chartered accountant (CA) and doctor, a law graduate can also start his independent practice as a lawyer, legal advisor, etc, after graduating and gathering relevant experience. This is comparatively more difficult for engineers and commerce graduates.
What happens when legal knowledge is combined with entrepreneurial spirit?
Entrepreneurs can easily tackle any sorts of legal issues that they may be facing during their business journey, if they have a degree in law. Combining Legal knowledge with entrepreneurial passion not only offers rewarding career opportunities but gives law-student entrepreneurs a chance to help the masses in need.
Distinct Skills common between law students and entrepreneurs
Lawyers have very distinctive skills that are favorable to becoming entrepreneurs. Law students not only excel in research, writing and reading but are also coached to think critically and carry out extensive problem analysis.
Besides having said that, there are some definite skills law students learn that differentiate them from students of other streams.
We are not saying that a law degree will prepare you for everything that is required to be a successful business owner. Lawyers who wish to launch their own entrepreneurial venture must be ready to wear different hats like that of litigator, counselor, marketer, advisor, administrative assistant, bookkeeper and accountant.
Law Subjects that help in entrepreneurship
In terms of running one’s own business, the subjects that are most valued in law degree are:
- Corporation law
- Law of contracts
- Intellectual property Rights
- Company structures
- Defamation laws
- Statutory requirements
A law degree is indeed an intellectual exercise which helps you with anything in the world after you are done with your degree. Entrepreneurship when combined with being an attorney makes one feel more equipped and empowered.
If you are a class 11th or 12th student and wondering which career to pursue, we hope we have given you another option to ponder over. This can be a life changing decision so keep your options open.
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