Law is an essential pillar of democracy in every country, Canada inclusive; it helps maintain peace, order and good governance, which is why it is a fascinating field to choose for a career. Although many people may complain about the challenging exams and many hours of studies, that only shows that it is worth it; since people are willing to go through all that to partake in this field.
However, one thing that makes law so interesting is that there is a branch for every aspect of society, so in this article, we will discuss everything you need to know about business law in Canada; keep reading to find out more.
Key Steps to be becoming a Business Lawyer
- Pass the bar exam
- Good leadership, time management and organizational skills
- Ability to handle multiple tasks, work under pressure and meet deadlines.
- Strong research, written, and verbal communication skills.
Who is a Business Lawyer?
A business lawyer is an attorney who assists cooperate firms with legal matters and procedures. They ensure all activities in the company are legal and above board; they provide legal advice to business owners on various issues that concern the business, from acquisition and mergers to taxation, bankruptcy, business transactions, etc.
What is the Job Description of a Business Lawyer?
Business lawyers help businesses through legal processes that will help them maintain a good reputation and protect the company's assets. You will be required to file cases, oversee trials and hearings, prepare all legal documents, settle claims, take depositions, and send correspondence.
As a business lawyer, you can work for businesses in any industry, including health, politics, real estate, engineering and manufacturing, music, agriculture etc., and you can also work for individuals.
However, while your responsibilities may vary from one company or firm to another, here are some everyday tasks you may be required to perform.
- Assist and advise businesses on how to establish their company's structure, objectives, policies and mode of operations.
- Organize paperwork and legal procedures for property purchases and leases.
- Research and negotiate a settlement for legal disputes between companies or situations where one party fails to fulfil their obligations in business.
- Ensure all relevant laws and regulations are well understood and obeyed by businesses.
- Help businesses prevent, resolve or navigate complex legal issues.
- Negotiate contract terms, settlements and transactions on behalf of a business or businesses involved.
- Draft, review, complete and file all legal paperwork related to a business operation.
- Ensure all business actions, processes, and strategies comply with the relevant federal, provincial, local and international laws.
- Examine and report all existing or potential legal issues to the appropriate authorities.
How to Become a Business Lawyer
If you desire to become a business lawyer in Canada, you will have to pass various professional exams for general law and business law. Here are the stages you need to follow to become a business lawyer.
Step 1: Earn a Bachelor's Degree
The first step to starting your business law career is earning a bachelor's degree in law or business-related fields; law schools usually accept graduates with degrees in criminal justice, political science, philosophy, etc.
However, since you want to study business law, you should pick undergraduate courses like accounting, finance, business administration, or the law; these courses can help you expand your knowledge in this field and groom you for a promising career as a business lawyer. It takes 3 to 4 years to obtain a bachelor's degree in Canada.
Step 2: Gain Practice Experience
While you study for your undergraduate degree, you can do part-time jobs or internships in local law firms where you will have access to pro bono cases and other tasks you can use to build your knowledge and gain experience practising law. You can also participate in school activities such as debates, seminars and so on to gain relevant skills needed for your career as a business lawyer.
Step 3: Go to Law school
To be admitted to law school, you need to take the Law School Admission Test (LSAT), which will determine your qualifications to enter law school. The LSAT is usually available times per year, so you have the advantage of choosing the time that works best for you or when you think you are fully prepared for it.
If you pass the test, you can apply for law school; in your application, you will be required to submit a resume, LSAT scores, recommendation letters, official transcripts and other necessary information. You can also include relevant experience, which can be obtained from an internship, or volunteer work, to show your dedication to improving people's lives.
In law school, you should enrol on courses like business law, finance, taxation law, contract law, cooperate governance law, etc. Law school often takes three years to complete, and after that, you will earn your Juris Doctor degree.
Step 4: Pass the Bar Exam
You need to take the Barrister and Solicitor Exam in the province where you want to practice law because the exam varies from province to province.
Still, it usually includes an essay or multiple choice questions, and luckily there are several platforms that can help you prepare for this exam.
In addition, some provinces allow a candidate to attempt the bar exam multiple times, and if you pass the exam, you will get a license to practice law as a business lawyer, family lawyer or any other lay field in Canada.
Benefits of Becoming a Business Lawyer
As a business lawyer, you will be influencing critical business decisions; you will have high-powered individuals and executives rely on you for information and opinions on how to make choices that will shape the future of their business.
All businesses across many industries cannot do without a business lawyer. This means that you can choose to work in any industry you like throughout your career, and you can also choose to work as an external consultant, which will enable you to freelance between different businesses simultaneously.
Money is one of the many things people consider when choosing a career. Still, if you become a business lawyer, you can rest assured that you will be paid very well with bonuses and commissions in Canada, depending on the industry where you work, your skill level, experience and educational qualifications.
As a business lawyer, you will work for many national and international organizations with teams in several locations across the globe, so you may be required to travel for business meetings, events, and conferences. This can expose you to new environments and cultures, and if you love travelling, you will find this aspect of your career very exhilarating.
What Are the Salary Expectations of a Business Lawyer in Canada?
The average salary expectation for a business lawyer in Canada is 167,951 CAD per year, which is equivalent to 81 CAD per hour. Business lawyers also earn an average of 11,085 CAD as bonuses per year.
Just like commercial lawyers, as an entry-level business lawyer, you should expect to earn an average salary of 115,843 CAD per year. On the other hand, as a senior-level business lawyer with at least 8 years of experience, you will earn up to 209,474 CAD per year.
These salary estimates are based on various data collected from employees throughout Canada. Still, they are just estimated average values, which means your salary can be lower or higher depending on the city, qualifications, gender and workplace.
The average salary for a business lawyer is $167,951.
Learn Business Law in Canada
Business law is exciting and diverse, and there is no shortcut to learning it; you will have to follow all the due processes and get the required degrees and licensure to practice in Canada. However, there is still something you can do to lessen your burden while studying business law and also to progress faster in your career.
You can hire a business law tutor, and an excellent place to find one is Superprof. The good news is that you don't have to leave school or change your routines to take law lessons Canada. On Superprof, you can get a business law tutor to teach you online or in person, help you prepare for exams, monitor your progress, give feedback, and help you with assignments.
There is so much a Superprof law school tutor can do for you, so you don't have to go through this journey alone; consider hiring a law tutor on Superprof.
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