International Business Law has fast become a career of choice for many legal-eagles of tomorrow like you!
It is true that there is an incredible potential for scripting a fascinating career as an expert in international business laws.
It is also true that, since the onset of globalisation in the 1990s, there has been a rapid and continuous increase in the number of job and work-opportunities for international business lawyers.
However, the path to your relentless pursuit of career-success as an international business lawyer has some patches of quicksand that can suck you down.
There are many ladders to success which, we, from LawSikho, promise to help you access if you stay with us.
At the same time, in your snakes-and-ladders journey towards career-success in International Business Law, beware the snakes!
Don’t make these following five career-threatening mistakes if you dream of shining bright as a rising star in international business law!
5 MISTAKES THAT CAN RUIN YOUR CAREER
Beware these following 5 blunders when it comes to kick-starting and developing your profile and career in business law!
Expecting to learn solely from internships
All professionals who have done internships know how there is too little time or scope to learn from internships. When it comes to unpaid or token-payment based internships, the picture is even more grim.
The same applies to jobs if you are a fresher in a law firm. Business Law is a busy stream of law to work in. All your seniors – even maybe your favourites from college – will be too busy to train and nurture you once you join the office with them as their underlings. Don’t make this mistake, while joining a law office as a business lawyer. of thinking that your workplace will be another classroom and your seniors in the office will be your teachers all over again.
Waiting for the pandemic to blow over
This move will delay your career indefinitely. The legal services market overall is growing and is slated to grow further.
If you look at the various segmentations in this legal services market, you will see that much of it is business law.
| LEGAL SERVICES MARKET SEGMENTATION | ||||
| BY LAW FIRM TYPE | BY LAW FIRM SIZE | BY PRACTICE | BY END-USERS | BY GEOGRAPHY |
| B2B Legal Services – 57% of the total market in 2020. Fastest Growing – CAGR 6.6% in 2020-2-25 | Large Law Firms – 63% of the total market in 2020. Fastest Growing – CAGR 6% in 2020-2025 | Corporate – Largest market size – 28% of total in 2020 | Individuals – Still the biggest segment – 40.4% of the total market | North America |
| B2C Legal Services | SME Law Firms | Litigation | Financial Services | Western Europe |
| Hybrid Legal Services | Labor/ Employment | Mining And Oil & Gas | Asia-Pacific | |
| Criminal Law Practices | Real Estate | Manufacturing | Eastern Europe | |
| Patent Litigation | Construction | South America | ||
| Tax | IT Services – Fastest growing segment – at a CAGR of 11.5% during 2020-2025. | Middle East | ||
| Bankruptcy | Other Services | Africa | ||
| Others (Regulatory, M&A, Antitrust, Environmental) | Others |
It reveals how business law is growing rapidly despite the pandemic. As for the international market segment, the same source reveals the following
Long story short, if you want to become a successful international business lawyer, NOW is the right time for you to start.
Do not wait for the global pandemic, with its various waves, to blow over. It is a highly competitive market where time and tide waits for none.
Thinking that you won’t need to know international business laws if you want to be a business lawyer based out of your home country, be it India, South Africa or Nigeria
This is a wrong notion you have. Please rid yourself of this. In the last point, you have seen how the business of law is interconnected and growing internationally.
You already know what globalisation is. You know how MNC-s and global businesses operate, fulled, in the 21st century, by the Big-Tech boom.
Legal is one of the 8 macro factors that the entire international business environment sustains on.
Let us look at how a brand that you may have used in your everyday life works – internationally!
When it comes to the legal factor in the macro environment of International Business, many legal structures, regulations and regimes become relevant:
Imagine the incredible number of legal checks and balances involved in the simple act of ‘forfaiting’ when it comes to a single act of commercial export anywhere in the world!
Would you still say that knowing only your own country’s laws will be sufficient if you want to become a legal eagle in the international business environment of tomorrow?
Thinking that finding a specialist who can help you upgrade your practice and get clients nationally and internationally
Look at the sheer number of activities that a senior specialist with industry experience of working within the single biggest new-age international economic-growth driven by manufacturing and international belt-and-road constructions which lie behind the SEZ-focussed rise of China as the biggest economic player in the world!
Honestly, do you still think any law specialist operative within this fast-paced, rapidly changing and massively growing world of international business will find time to nurture and develop you with a personalised focus and tools tailored for your practical learning?
Thinking that moving abroad or securing a foreign LLM will solve all your problems
Let us show you the costs of doing an LLM from the top law schools of Canada, in Canadian Dollars:
We all know how student loans have been a global problem ever since the subprime crisis hit international markets.
So, please do not depend on foreign LLM-s to sharpen your professional skills and give you that extra edge over your competitors.
Of course, if you are mulling a career in the academic world surrounding international business laws, such courses can be really a helpful addition to your kitty.
However, if you are mulling a career as a legal professional in the new-age, fast-paced international business scenario, LLM-s can be pretty much useless except as something to do in your gap year between completing your education and starting to work.
Step-up Now!
There may be a n-number of other general, specific and personal issues preventing you from taking action to build your career.
Ultimately, it is your decision. But, let us remind you of two ancient proverbs which have always been relevant to global humanity –
- Time and tide waits for none
- A stitch in time saves nine
From LawSikho, all we say to you is – don’t worry, don’t fear. We are here for you.
We are pledged to address and dispel your fears on your career-front – every step of the way, if you let us.
Do you want to all your career-fears and relieve the stressors that are holding you back from unleashing your full potential as a cutting-edge international business lawyer of tomorrow?
Check out our Youtube Channel to find out different aspects, tricks and tips to shine as an International Business Lawyer.
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