{"id":811,"date":"2021-08-04T12:46:28","date_gmt":"2021-08-04T12:46:28","guid":{"rendered":"https:\/\/lawsikho.com\/blog\/?p=811"},"modified":"2022-04-02T16:16:42","modified_gmt":"2022-04-02T16:16:42","slug":"budding-business-lawyer-abort-these-5-career-mistakes-asap","status":"publish","type":"post","link":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/budding-business-lawyer-abort-these-5-career-mistakes-asap\/","title":{"rendered":"Budding Business Lawyer? Abort these 5 career-mistakes ASAP!"},"content":{"rendered":"\n

International Business Law has fast become a career of choice for many legal-eagles of tomorrow like you! <\/p>\n\n\n\n

It is true that there is an incredible potential for scripting a fascinating career as an expert in international business laws.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

There are many ladders to success which, we, from LawSikho, promise to help you access if you stay with us.<\/p>\n\n\n\n

At the same time, in your snakes-and-ladders journey towards career-success in International Business Law, beware the snakes!<\/p>\n\n\n\n

Don\u2019t make these following five career-threatening mistakes if you dream of shining bright as a rising star in international business law! <\/p>\n\n\n\n

5 MISTAKES THAT CAN RUIN YOUR CAREER<\/strong><\/h2>\n\n\n\n

Beware these following 5 blunders when it comes to kick-starting and developing your profile and career in business law!<\/p>\n\n\n\n

Expecting to learn solely from internships<\/strong><\/h4>\n\n\n\n

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.   <\/p>\n\n\n\n

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Source – wageadvocates.com. Access – 29.07.2021<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

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\u2019t 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.  <\/p>\n\n\n\n

Waiting for the pandemic to blow over<\/strong><\/h4>\n\n\n\n

This move will delay your career indefinitely. The legal services market overall is growing and is slated to grow further. <\/p>\n\n\n\n

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Legal Market Growth Trends – US. Source – The Business Research Company. Accessed – 29.07.2021<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

If you look at the various segmentations in this legal services market, you will see that much of it is business law. <\/p>\n\n\n\n

LEGAL SERVICES MARKET SEGMENTATION <\/strong><\/td><\/tr>
BY LAW FIRM TYPE<\/strong><\/td>BY LAW FIRM SIZE<\/strong><\/td>BY PRACTICE<\/strong><\/td>BY END-USERS<\/strong><\/td>BY GEOGRAPHY<\/strong><\/td><\/tr>
B2B Legal Services<\/strong>
 <\/strong>– 57% of the total market in 2020. Fastest Growing – CAGR 6.6% in 2020-2-25<\/em><\/td>		Large Law Firms<\/strong> –
63% of the total market in 2020. Fastest Growing – CAGR 6% in 2020-2025<\/em><\/td>		Corporate <\/strong>– Largest market size – 28% of total in 2020<\/em><\/td>Individuals<\/strong> – Still the biggest segment – 40.4% of the total market<\/em><\/td>North America<\/strong><\/td><\/tr>
B2C Legal Services<\/strong><\/td>SME Law Firms<\/strong><\/td>Litigation<\/strong><\/td>Financial Services<\/strong><\/td>Western Europe<\/strong><\/td><\/tr>
Hybrid Legal Services<\/strong><\/td><\/td>Labor\/ Employment<\/strong><\/td>Mining And Oil & Gas<\/strong><\/td>Asia-Pacific<\/strong><\/td><\/tr>
Criminal Law Practices<\/strong><\/td><\/td>Real Estate<\/strong><\/td>Manufacturing<\/strong><\/td>Eastern Europe<\/strong><\/td><\/tr>
<\/td><\/td>Patent Litigation<\/strong><\/td>Construction<\/strong><\/td>South America<\/strong><\/td><\/tr>
<\/td><\/td>Tax<\/strong><\/td>IT Services – Fastest growing segment – at a CAGR of 11.5% during 2020-2025. <\/strong><\/td>Middle East<\/strong>
<\/strong><\/td><\/tr>
<\/td><\/td>Bankruptcy<\/strong><\/td>Other Services<\/strong><\/td>Africa<\/strong><\/td><\/tr>
<\/td><\/td>Others (Regulatory, M&A, Antitrust, Environmental)<\/strong><\/td>Others<\/strong><\/td><\/td><\/tr><\/tbody><\/table>
This chart is based on data derived from the Business Research Company, accessed: 29.07.2021.<\/figcaption><\/figure>\n\n\n\n

It reveals how business law is growing rapidly despite the pandemic. As for the international market segment, the same source reveals the following <\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Long story short, if you want to become a successful international business lawyer, NOW<\/strong> is the right time for you to start. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Thinking that you won\u2019t 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<\/strong><\/h4>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Legal is one of the 8 macro factors that the entire international business environment sustains on. <\/p>\n\n\n\n

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International Business Macro Environment. Source – Module 3. International Business – Laws & Practices, Professional Course, The Institute of Company Secretaries of India (ICSI), Government of India<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

Let us look at how a brand that you may have used in your everyday life works – internationally! <\/p>\n\n\n\n

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Nike – A Case Study. Source – Module 3. International Business – Laws & Practices, Professional Course, The Institute of Company Secretaries of India (ICSI), Government of India (GoI)<\/strong> <\/figcaption><\/figure><\/div>\n\n\n\n

When it comes to the legal factor in the macro environment of International Business, many legal structures, regulations and regimes become relevant:<\/p>\n\n\n\n

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Legal Factor in the Intl. Business Macro-environment. Source – Module 3. International Business – Laws & Practices, Professional Course, ICSI, GoI<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

Imagine the incredible number of legal checks and balances involved in the simple act of \u2018forfaiting\u2019 when it comes to a single act of commercial export anywhere in the world! <\/p>\n\n\n\n

\"\"<\/a><\/figure><\/div>\n\n\n\n
\"\"
Forfaiting in Export – Steps Involved. Source – Module 3. International Business – Laws & Practices, Professional Course, ICSI, GoI <\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

Would you still say that knowing only your own country\u2019s laws will be sufficient if you want to become a legal eagle in the international business environment of tomorrow?   <\/p>\n\n\n\n

Thinking that finding a specialist who can help you upgrade your practice and get clients nationally and internationally<\/strong><\/h4>\n\n\n\n

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!<\/p>\n\n\n\n

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Global Business Law Challenges in Manufacturing and international-constructions. Source – HuschBlackwell. Access – 30.07.2021<\/strong> <\/figcaption><\/figure><\/div>\n\n\n\n

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?<\/p>\n\n\n\n

Thinking that moving abroad or securing a foreign LLM will solve all your problems <\/strong><\/h4>\n\n\n\n

Let us show you the costs of doing an LLM from the top law schools of Canada, in Canadian Dollars:<\/p>\n\n\n\n

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Source – llmstudy.com. Accessed – 30.07.2021<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

We all know how student loans have been a global problem ever since the subprime crisis hit international markets. <\/p>\n\n\n\n

<\/p>\n\n\n\n

So, please do not depend on foreign LLM-s to sharpen your professional skills and give you that extra edge over your competitors. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.    <\/p>\n\n\n\n

Step-up Now!<\/strong><\/p>\n\n\n\n

There may be a n-number of other general, specific and personal issues preventing you from taking action to build your career. <\/p>\n\n\n\n

Ultimately, it is your decision. But, let us remind you of two ancient proverbs which have always been relevant to global humanity – <\/p>\n\n\n\n