The Many Different Types of Business Law
As mentioned in the introduction to business law post, there are many specific types of business law. The goal of this post is to narrow down which type is the best fit. This post will provide information on each type and examples within each to help visualize the work that is done in that specific field.
Types of Business Law
Corporate Law-Corporate law is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations. This is another very broad term, and lawyers in this field participate in many different types of corporate law.
Labor Law-Labor laws, labor code or employment laws are those that mediate the relationship between workers, employing entities, trade unions, and the government. Labor lawyers ensure that labor codes are being followed, such as wage workers being paid overtime.
Intellectual Property-Intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. Lawyers in this field will work to protect their clients’ patents and trademarks. They will fight if this property is used without permission, and help to ensure that their clients do not use stolen intellectual property either.
Property Law-Property law is the area of law that governs the various forms of ownership in real property and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. Property lawyers help to make sure that their clients understand what property they own, and how much of it. They work with many companies on where they can build and where their property line is.
Contract Law-Contract law is another very broad category law, and simply put, it is law that covers all forms of contracts. Contract lawyers both help to make sure that their clients are happy with their contracts, and ensure that a contract is legally binding.
Competition Law-Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. Competition lawyers are very important in the stock market, as they help to ensure that all business fits into SEC regulations.
International Law-International law is the set of rules, norms, and standards generally recognised as binding between states. It establishes normative guidelines and a common conceptual framework for states across a broad range of domains, including war and diplomacy, economic relations, and human rights. International lawyers must be very educated on the different rules and regulations of other nations. These lawyers are very important in maintaining peace between clients and states.
Consumer Protection-Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Lawyers in this field ensure that markets do not overcharge for products. Many products in the market have a price ceiling that they cannot go above, and these lawyers make sure that buyers are not paying more than this price ceiling.
Breach of Contract Law-Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party’s performance. These lawyers make sure that contracts are honored and, if not, they will work to resolve the issues that come out of breaching a contract.
Insurance Law-Insurance law is the practice of law surrounding insurance, including insurance policies and claims. Lawyers in this field work to combat against insurance fraud, and help to clients receive the payments from insurance companies that they deserve. These lawyers are seen everyday on tv and billboards. Many of them work with car accidents.
Corporate Governance-Corporate governance are mechanisms, processes and relations by which corporations are controlled and operated. Corporate governance lawyers are hired by companies to make sure that they stay in compliance with government rules and regulations.
Mergers and Acquisitions Law-Mergers and acquisitions (M&A) is a practice area of the law, focused on domestic and global transactions aimed at consolidating businesses of two or more companies through legal operations such as mergers, purchase of assets, tender offers, hostile takeovers, among others. Lawyers in this field help to make sure that the two (or more) parties involved in the agreement are happy. Mergers and acquisitions law has a very long history, as it deals with monopolistic methods. These methods were outlawed in the early 1900’s and are part of the reason small businesses can be successful today.
Tax Law-Tax laws are the legal rules and procedures governing how federal, state and local governments calculate the tax you owe. The laws cover income, corporate, excise, luxury, estate and property taxes, to name just a few. Tax laws are some of the most important of all, as everyone pays taxes. Tax lawyers help all sorts of incomes and people with their taxes, but they typically specifically help wealthier clients.
The best way to figure out which type of law fits best is by looking up case examples within each type of law. Reading through court cases is a much more interesting and intriguing way to learn about a field of law than simply reading definitions. It gives real world scenarios that depict what a lawyer in the specific field may actually do on a day to day basis, instead of the textbook definition of what they are said to be doing. With some outside research on real experiences in court, and all the terms and definitions that have been included on this post, it should be much easier to narrow down the sector of law that is the best fit.