The two educational qualifications, Master of Business Administration (MBA) and Bachelor of Legislative Law (LLB) seem so unrelated from the outset, but in today’s world, they have almost become inseparable from each other as mutually supportive disciplines. What this means is that lawyers do have a lot to gain from completing an MBA, but whether they choose to do so or not should depend primarily on their own career prerogatives and aspirations.
For those that are interested in finding out more about why lawyers should consider completing their MBAs, the following brief pointers should help shed some more light on the matter.
Law firms need lawyers with MBAs
Perhaps the simplest and the most valid reason of them all is the fact that all top law firms actually need lawyers with MBA degrees. This means that if you are a lawyer looking to grab a lucrative position in a top firm, or in your current one, your chances will increase if you have an MBA to back up your LLB/LLM qualifications. To understand why that is indeed true, check out this link to Aston University which discusses exactly how beneficial an MBA degree can be today in any industry.
A law firm is a business first, and just like every other business across all industries in general, businesses need to grow sustainably and intelligently in order to stay relevant. However, given the legal nature of law firms, it would be difficult for a regular entrepreneur without intricate knowledge about legal jurisdictions of the UK to make it happen.
On the other hand, even a veteran lawyer of significant repute will find it increasingly difficult to manage all major and minor business aspects of the firm without possessing a solid background in business education and sufficient experience. It shouldn’t be too difficult now to notice why law degrees and MBAs were cited as mutually supportive professional qualifications in the beginning. Those that run law firms need MBA lawyers on their payrolls to help them expand their firm’s business strategically and sustainably, so if you are an MBA, LLB/LLM, you are more likely to enjoy better employability rates, higher pay grades and increased job security.
Understanding business intricately is a necessity for corporate lawyers
Let’s break down the job description of corporate lawyers here first:
- Evaluating and suggesting in regard to present and potential business partnerships
- Preparation and drafting of contracts, agreements, and other legal documents
- Designing and drafting of company policies
- Analysing, predicting and protecting the clients against legal loopholes and possible violations
- Guiding with legal compliance and managing violations of compliance, if and when they occur
- Carrying out business negotiations on behalf of their clients
- Helping small businesses manage better and grow sustainably
These are just a few broad categories under which the responsibilities of a corporate lawyer can be placed, but they are not even close to being the full list of responsibilities by any means. Moreover, brand new ones will constantly emerge in accordance with the situation at hand, giving them a dynamic nature.
As should be easy to imagine, unless a lawyer or practicing attorney has a complete and clear understanding of how business works in intricate details, they just simply cannot be corporate lawyers. Therefore, if you choose to pursue a career in corporate law, which is the highest paid section of the legal profession, having an MBA on your resume can be considered almost a necessity. Do understand that Corporate Law itself is a course that will teach you the basics, but consider an MBA to be that advantage which you need to get ahead of the competition.
The professional advantage
Lawyers and stockbrokers are often considered to be some of the most competitive professionals, and that’s for good reason. There is competition in every field of work of course, but the law is where it all reaches a summit.
Landing and retaining clients, maintaining relationships with them, and helping them grow is no easy task, even for a talented legal professional. Mix in the competition in the field which is continuous, while often surpassing the borders of legal ethics, and we have a pressurised, hyper-competitive industry! Therefore, any advantage that a lawyer can have to get ahead of the curve should be pursued with intent. Given that the Master of Business Administration degree prepares all its students to face, counter and manage these exact facets of the industry, it once again feels like an obvious choice for anyone looking to pursue a career in corporate or business law.