Why You Need Both Business and Law Skills to Succeed

If you’re looking to land your dream job, whether it’s in business or law, you have to have more than just skills in that area. While your resume may be chock-full of legal certifications or business-related job experience, the truth is that you need more than that to get where you want to go in either field. You have to have both business and law skills to make it in the real world, and here’s why that matters.

Business helps you understand the legal system

The business world is governed by a complex legal system. To be successful, you need to understand how the law affects your business. A strong foundation in business will help you navigate the legal system and make informed decisions for your company.

In business you need to protect your intellectual property

If you have a great idea for a product or service, you need to make sure no one can steal it or copy it. A business lawyer can help you do this by filing for patents and trademarks. They can also help you if someone does steal your idea, by representing you in court.

If you have an idea, it may be patentable

A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention. An idea alone is not patentable.

To be patentable, an invention must be new, useful, and non-obvious. A business plan helps you determine if your idea is new and whether it is likely to be profitable.

Having knowledge of contracts can help with your business partnerships

Partnerships are a big part of business, and if you don’t know how to draw up a contract, you could be in for a world of hurt. A contract can protect you and your partners in the event that things go south, so it’s important to have at least a basic understanding of them.

Entrepreneurship requires risk management skills

When you’re running a business, you’re constantly managing risk. Whether it’s financial risk, legal risk, or reputational risk, you need to be able to identify and mitigate risks quickly and efficiently. That’s where having a background in both business and law comes in handy.

You can reduce your taxes legally

When you know the tax laws, you can take advantage of deductions and credits that can save your business money. You can also structure your business in a way that minimizes your tax liability. And if you ever get audited, having a basic understanding of the law will help you know what questions to ask and how to respond.

Sometimes business owners need legal advice

If you’re starting a business, it’s important to have a basic understanding of the law. This will help you avoid any legal trouble down the road. However, you don’t need to be a lawyer to succeed in business. Just having a general understanding of legal principles can go a long way.