What is Business Law?
Business law is a specific area of law which focuses on the legal requirements that business must follow. It is a complicated area of law which has many sub-categories. Business law is in place to ensure that the business runs smoothly and to ensure that they do not run into problems including breaching the rights of others. As businesses involve a vast number of team players, partners, consumers and clients, there needs to be a concise set of rules that govern each area and ensure protection throughout.
Within a business there will always be rules that regulate the formation of the business as well as the employment aspect and sales (if applicable). This means that business law is extensive, with the majority of law jobs being based in this specialism.
Business law is often known as ‘commercial law’ and within this category of law there are various types.
What are the Types of Business Law?
- Employment law is predominant in business law, in our current work force a company would fall apart without appropriate regulations in place to protect both the company and the employees. Key issues include the employees’ rights such as their working hours, their pay and holiday. It also includes health and safety considerations and discrimination at work. Employers have duties that they have to abide by, such as fair recruitment practices.
- Contract Law also a vitally important area of business law. This somewhat comes under the category of employment law, but it also has its place in other areas of day-to-day life. You have most likely made contracts throughout your life; some contracts do not need to be written down (although often it is presumed the case). A contract involves the offer and acceptance from both parties and also involves some consideration (monetary value). Contract law is a complicated area of law as they have to be accurately created or they will likely have their issues. This is usually where a professional lawyer can draft contracts for you to ensure there are no issues. In businesses, they usually have their own lawyers for the job.
- Intellectual Property is an area of law that allows creators to hold copyrights and patents over their work which is essential for any business to protect their creations from being copied. It also covers trademarks and designs. It is important for creators to know their rights when creating new content.
There are many other sub-categories of business law which will likely continue to grow in the modern-day market.
The Benefits of Working in Business Law
Due to the highly demandable and complex area of business law, you will earn a sizeable salary. You will also have your foot in both the legal and business profession, which could lead to great career progression in either sector. Business law is one of the biggest areas of the legal world which means you are far likely to remain in a fast-paced industry.
Courses in Business Law
If you are looking to progress your career in the area of business law, there are a variety of courses you can take. You could opt for a degree before completing a Legal Practice Course (LPC) and becoming a lawyer, or you could take a course that is designed to be more accessible. For example, The College of Contract Management offers a HND course in Business Law. After completion, it can be topped up to a full degree in Business Law. This route into law is much more affordable and more accessible, as it is taught online. This would be especially useful due to recent changes in the ability to conduct face-to-face courses. It also means that you can study alongside other work commitments due to the flexibility of the course.
Whatever route you wish to take, Business Law is a diverse area of study with a variety of career progression opportunities.