Business law impacts all areas of a company, but roles in certain departments are particularly important for ensuring compliance. Financial managers and accountants need to ensure proper procedures are in place to produce accurate financial statements, which businesses are required by law to provide for lenders, shareholders, taxation authorities, and other stakeholders. Human resources managers similarly have a responsibility to ensure that contracts, benefits, hiring practices, and other aspects of employee relations are in full compliance with the law.
Professionals with a strong interest in business law may wish to become lawyers specializing in advising companies on these matters. Often called corporate counsels or in-house counsels, these lawyers advise executives on all manner of legal issues related to business formation and operations. According to the Bureau of Labor Statistics, lawyers earned a median annual wage of $122,960 as of May 2019, and typically complete a bachelor’s degree in English, government, history, or economics before attending a 3-year law school program.