1 - introduction

Question 1

Why should we care about business?

Answer 1

Provides jobs and income for people
Wealth generation supports wider economy
Tax revenues support public spending and public services

Question 2

How can business law manage to encourage business?

Answer 2

By
Encouraging entrepreneurs to start businesses
Encouraging existing businesses to invest and to create jobs
Ensuring that the benefits of business ownership outweigh the risks
= so government therefore have a large interest in benefiting business

Question 3

Where does most business law exist?

Answer 3

Most business law is statute

Question 4

Try and define business law

Answer 4

BROAD
- defining “business law” is hard - needs of businesses are so diverse - business lawyers need to draw on wide range of law, E.g. contract, tort, trust, property, employment, intellectual property, internet, competition, regulatory, tax, pensions, data protection, consumer rights, dispute resolution etc etc……

Question 5

What do businesses need from lawyers?

Answer 5

Combining specialist legal knowledge with general appreciation of legal needs of a busines
In house legal teams - primarily deal with the legal matters of your company, or group of companies to which your employer belongs - work closely together - complementary area of expertise
Or use lawyers private practise (within law firms and employed by barristers)

Question 6

How is employability of business dependent lawyers

Answer 6

High % of lawyers earn living from business related roles
Non business organisations have similar legal needs
Law degree is useful in many careers outside legal profession
Developing “Commercial awareness” - what firms look for - interest in business and basic knowledge about how it works