Law is a subject that offers a wide variety of job opportunities for young graduates in law. However, the law graduates are free to specialize in business, engineering, politics etc of their choice and convenience.
Areas of Law practice in business:
In the US, the individual states administer the licensing of lawyer. Requirements to get into this field of law differ from state to state. Generally, as everyone knows, one has to pass the law graduation course and clear the state bar association exam to get eligible to practice in a state.
The state also controls all other formalities related to law practice in that particular state. The complaints about an attorney can be place before the State Bar Association of that particular state.
Prospects of business law practice in the US
Lawyer’s deals with business organizations in the US have wide scope of prosperity. They are as follows;
Legal practice with domestic organization: – In the US, the attorneys who are specialized in this branch of law are free to practice on their own or with a firm. Their area of practice is as follows;
Publicly held corporations: – Many areas of law involve publically held organizations in their management of legal affairs, capital procurements and maintenance of it. Attorneys are called upon to settle the cases in connections of these areas of operation.
Anti trust legislation: – Antitrust law restricts price fixing which could result in monopoly power in that field. Unfair trade practices: – This is an area that includes business competition, with reference to trade mark, patent etc.
Patents: – Patents are normally issues by the patent and trademark office of the US government. Patents always require an attorney’s service to get things done properly.
Copy-write:-This is another area where a business lawyer has a role to play. It is to protect the right and authenticity to the original work done by someone or an organization. Trademark is also a very fragile area wherein an attorney can intervene and have it done as per legal rules.
Accounting: – Accounting is another major area where a business establishment requires the service of lawyers to prove that the financial statements shown by them are in tact. Since the accounting laws have become very stringent nowadays, it is mandatory that a firm should seek the service of a business lawyer to set right things in time.
Scope for business lawyers does not restrict to business organizations in a particular country alone. Their service is required in international business arena also. International legal practice might involve recognitions and non-recognitions of governments. In international agreements. Here, the business lawyers can help their clients by making them understand the legal problems and how to get out of it and do international businesses hassle free.
Business lawyers can also act as intermediary in between the labor unions and the employers in tackling issues on wages and other employee benefit schemes as well. They can advise the employers on employees basic rights to strike and fight for their basic rights.
So, in short. business lawyer is an integral part of business segment and they are one of the most sought after people of this class of society.