As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. Business law standards include having expectations for following laws of other countries, distinguishing between une… The knowledge of the law ensures that the management trainees have a clear understanding of the options available to them for handling such situations. These Are the Workers Most At Risk of Being Laid Off. It is an important topic to understand because business transactions are very intertwined with society. For that reason, the Bucerius Master’s program includes electives that allow students to focus on their area of interest. With LAWSTUDIES, students can connect to law schools and programs and find the right law degree for their career aspirations. One of the main things for business students to understand when it comes... #3. By Staff Writer Last Updated Mar 26, 2020 1:38:16 AM ET. It is an important topic to understand because business transactions are very intertwined with society. When it comes to gaining information about the various aspects of business practice, most aspiring candidates opt for a business management program offered by renowned institutes. Thankfully, aspiring management trainees do not need to enrol with the renowned law colleges in Delhi NCR for gaining basic education in business law. Moreover, the knowledge of the law also makes the entrepreneurs comprehend its positive as well as negative impact on the business. In this scenario, the key for ensuring a successful career is for the management professionals at all levels to have the ability of adapting, learning and solving problems, especially the legal ones. This can in turn help the entrepreneurs to make better decisions to avoid any legal issues, while also ensuring a consistent growth and profitability for the business. It’s important for business owners, managers, and other professionals to have a basic understanding of business law to help them make better decisions. Importance Of Studying Law For Management Trainees. If you want to put yourself on the path to politics, pay attention. As Professor Ribberink and Mr. Meier point out, new agreements and regulations such as the Transatlantic Trade and Investment Partnership or "increasing levels of consumer protection in the financial system" are making interactions between businesses and the law more complex than ever before. However, being aware of the various laws that govern their venture can help these new entrepreneurs to understand legal needs of their organizations. Business students who study the interaction of law and business can anticipate the legal needs of their companies and comprehend how laws and regulations can impact businesses in both positive and negative ways. Professor Larsen, who has published a number of articles on arbitration and comparative law, wants students to understand that "there is not one field of law that is more important than another for business people." While students in the Bucerius program learn how to use and work within legal boundaries to build their businesses generally the Program also helps them develop their communication skills specifically. Contrary to the popular belief, studying law can prove beneficial to business students, irrespective of the career path they choose to pursue. [Students]need to understand the legal implications of that. Business law is an important topic to understand due to how intertwined business transactions are with society. Why Business Students Should Study Law #1. The Bucerius Master of Law and Business is different. Management trainees possessing in-depth knowledge about the business laws are able to better understand the terms and conditions of these contracts and access whether or not these can prove advantageous for the business. The laws also help to provide certainty and stability to the customers of the business, besides providing a means to resolve disputes and protect the public against any wrongdoings for ensuring better profits or assured sustenance in a highly competitive market. Bucerius students address the interaction of law and business through an analysis of the life cycles of enterprises from both corporate and legal perspectives. For example, most corporate professionals will, at some point in their careers, encounter issues that pertain to trademark and patent laws; transnational corporations or those involved in international trade may need to be aware of and adhere to several different tax laws. In the absence of these laws, it will become extremely difficult to control the various activities that are undertaken in the name of the business. This information can also be use to keep the organization protected from harassment by its own employees. It helps managers understand business ethics and how to run an authentic and proper business. Professor Larsen stresses that "nowadays, lawyers are involved from day one in the creation of a company" and business people and lawyers need to understand each other. This makes it possible for them to protect and defend their business against any unlawful actions taken by other businesses or individuals. It is an evident fact that the way business are run and operated across the globe is undergoing a rapid change. These programs are specifically designed to offer a broad view of the business world and help the trainees to understand the various intricacies of running a business in a successful manner. Read more about studying in the Bucerius Master of Law and Business. Business law serves as a way to maintain order among businesses, brands, and companies alike. As traditional business degrees often overlook the increasingly complex intersection of law and business, the Bucerius program, designed for both businesspeople and lawyers, offers comprehensive legal and business instruction. Why business law is an important part of an MBA program Published On:October 5, 2015 Managers must be knowledgeable on legal issues in business. How Business Students Benefit from Studying Law. These abilities are important, of course, not only for communication between lawyers and businesspeople, but also for businesspeople in all aspects of their work. Possessing appropriate legal knowledge enables the professionals to not only fully understand these legal issues, but also their consequences and implications for the business. Discussed below are some ways in which studying law can prove advantageous for the business students at top business schools in India. This is because most management educational programs a course in business law to help the trainees to understand the legal aspects of operating a business and protect it in times of need. 3. Law is a fundamental part of business and business has always been intertwined with the law and legal regulations, but these are becoming more complex. The Danger of Team-Building Activities and Ice-Breakers, How to Switch Careers & Potentially Transform Your Life, My New Respect for Retail Employees and a Serendipitous Message from an Artist, You Can Never Truly Be a Business Owner as an Employee.
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