From negotiating the acquisition of a company to advising a start-up, the practice of a business lawyer is varied and interesting. General business practice involves advising businesses of all sizes on their rights and obligations, and more importantly, helping them with the legal aspects of meeting their strategic goals. Here are ten suggestions for those of you who want to prepare for a business law career.
Read the Wall Street Journal
Successful business people read the WSJ on a regular basis. It is the paper of record for the business community. There is a student subscription for $1 per week, and it is also available on Lexis. Other resources include the Financial Times, Bloomberg, the Legal Intelligencer, and The Philadelphia Business Journal (PBJ), a weekly paper with an in-depth view of activity in the region. The PBJ has excellent coverage of business in the area and is available on Westlaw.
Check out other resources
At the Office of Career Services, we have a copy of the PBJ Book of Lists, cataloging the region’s top companies in every industry. We also maintain a copy of the two-volume Directory of Corporate Counsel, which comes in handy when you want to look up Temple Law graduates working in-house. Good things still come in books.
Act quickly
The world is moving fast. To put it in context, the iPhone did not even exist ten years ago. A business lawyer must be mindful of new technology and global developments, and the speed with which forces can change markets. In these circumstances, businesses need to respond quickly. Learn more about the pace of change and you will be ahead of the game when you need to act at the speed of your clients. Also, don’t forget to use Temple’s Professional Development Network, which can connect you directly with business lawyers from Temple.
Act slowly
All lawyers, but especially those who find themselves working on large transactions, sometimes need to take a deep breath, slow the pace, and focus on the details. The leader of a corporate department at a large firm instructs his junior associates to read agreements with a ruler, line by line. Students can put this into practice by saving time for editing drafts and re-reading papers before submission. Speed is rarely more important than quality.
Get involved
Join the Philadelphia Bar Association and the American Bar Association. Then, join the business law sections and committees of interest within those sections. The Business Law Section of the ABA is particularly active and offers free attendance to law students to its meetings. After joining a section, get to know the group’s lawyers by volunteering to help with a presentation or other effort. Attorneys who are active in the bar association are usually open to talking to you – they join the bar association because they want to be involved with colleagues. Sometimes attending the first meeting can be a little intimidating. Try the buddy system by convincing a classmate to go with you.
Delaware is the deal
Delaware is the home of American corporate law. Over 65% of Fortune 500 companies have chosen Delaware as their state of incorporation. Delaware’s corporate governance law applies to companies that incorporate in Delaware, no matter where they operate in the world. And the First State’s corporate governance laws are enforced by some of the most sophisticated state court jurists in the country. This setting, naturally, has given rise to some of the best law firms serving the needs of corporations. Bottom line – if you are interested in a transactional practice, you should explore Delaware. It is closer than you think. From Center City Philadelphia, it generally takes longer to get to the King of Prussia Mall than it does to get to Wilmington, DE. Not surprisingly, more and more Temple Law students are seeking (and finding) a career in Wilmington.
Consider the Business Certificate Program, or even an MBA
The business certificate program is designed for students without a significant background in business and involves taking ten business law courses during law school. The MBA is offered in partnership with Temple’s Fox School of Business. To discuss either option, contact Dean William Wertheimer.
Join the Business Law Society
The Temple Law School Business Law Society organizes interesting speakers throughout the year to discuss developments in business law and the opportunities to develop a transactional career.
Write on a business issue
Whether as part of the Temple Law Review, the Temple International and Comparative Law Journal, in a class, or through another setting, make a choice to write on a business law issue. The issues are endless, and a paper on a business law issue will make a good writing sample in support of your pursuit of a business law career.
Know your faculty
Temple Law School’s business faculty are connected, innovative, and committed to assisting students in their career choices. Course offerings in taxation, commercial, corporate, intellectual property and securities law, transactions, real estate, bankruptcy, and sales will enhance your knowledge of common fields of business law practice. Getting to know the professors who teach these classes will enhance your professional development. Seek them out for advice and guidance. A menu of business law courses is here.
Law aspirants are often confused about where to begin when deciding to make a career in Law. This tips to make a career in law will definitely help in getting right step.
It’s good to know that your business lawyer should’ve knowledgeable in all new forms of technology and communication. My brother is thinking about hiring a business lawyer for a recent dispute. I think it’d be beneficial for him to have a professional on his side.