Kara Sears
A dual PhD in Economics and Law can lead to a variety of career paths. Graduates can pursue academic careers in business or law, as well as research and teaching positions at universities. The degree also prepares graduates for work in the private sector or government, including consulting and legal practice. With expertise in both law and economics, graduates can handle a wide range of issues related to law, business, and finance, and are well-equipped to resolve legal disputes involving economic reasoning. The interdisciplinary nature of the degree opens doors to various opportunities, including faculty positions at law and business schools, as well as careers in research and law. The dual degree also reduces the time required to complete both degrees separately, making it an efficient choice for those seeking to enter the job market with a strong skill set in legal and economic analysis.
| Characteristics | Values |
|---|---|
| Time to complete both degrees | 6-7 years |
| Number of credits for JD | 83 |
| Number of credits from Economics courses that can be counted toward JD | 12 |
| Number of terms of economic theory courses | 2 |
| Number of terms of mathematics | 1 |
| Number of terms of econometrics | 2 |
| Number of courses in specialized fields in Economics | 4 |
| Number of courses in a sequence in a major field | 2 |
| Number of units that can be counted toward both degrees (JD/MA) | 45 |
| Number of units that can be counted toward both degrees (JD/PhD) | 54 |
| Number of units that originate outside the law school that can count toward the law degree | 31 |
| Number of units that can be counted toward both degrees (JD/MA) at Stanford | 30 (45 quarter units) |
| Number of units that can be counted toward both degrees (JD/PhD) at Stanford | 36 (54 quarter units) |
| Number of units that originate outside the law school that can count toward the law degree at Stanford | 24 (36 quarter units) |
| Number of units of University residency requirement that can be credited toward both graduate degree programs | 45 |
| GPA required | 3.0 |
| Number of years for which full funding and annual stipend is provided by Vanderbilt Law School | 6 |
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What You'll Learn
Interdisciplinary research and teaching
Students of these programmes receive training in legal and economic analysis, as well as insight into complex problems facing government and business leaders. This prepares graduates for interdisciplinary research and teaching roles in academia, as well as in the private sector or government.
For example, at Stanford Law School, a JD/PhD in Law and Economics provides a strong background for an academic career or work in the private sector or government. Stanford's programme is oriented towards interdisciplinary education and research, with top-ranked economists and a law school faculty that encourages interdisciplinary study.
Similarly, the University of Michigan's dual degree programme in Law and Economics prepares students for university teaching and research in both fields. The programme encourages meaningful integration of work in both fields, providing students with informed insight into complex problems facing leaders in various sectors.
Vanderbilt Law School's PhD programme in Law and Economics is another example of a dual degree that combines economic theory and methodology with the study of law. Graduates of this programme hold academic positions at various universities, as well as positions in government, legal practice, and consulting.
Overall, dual Economics and Law PhD programmes provide graduates with the knowledge and skills necessary for interdisciplinary research and teaching, as well as a range of other career paths in academia, government, and the private sector.
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Legal practice in corporate, tax, or contract law
A dual degree in economics and law enables lawyers to have an impact on a wide range of issues related to law, business, and finance. Judges and practitioners increasingly rely on economic reasoning to resolve legal disputes. In some areas of legal practice—especially corporate law—economic reasoning is often central to the focus of legal arguments.
A PhD in Taxation & Business Law will prepare you to become a globally focused and socially engaged research leader. You will be tackling modern-day challenges at the forefront of accounting, working alongside leaders in the field.
With a dual degree in economics and law, you can pursue legal practice in corporate law by advising businesses on complex financial transactions, mergers and acquisitions, or securities regulations. You can also work in-house for corporations, providing legal and economic insights on strategic decisions, risk management, and compliance issues.
In tax law, a dual degree in economics and law can be advantageous for understanding the economic implications of tax policies and their impact on businesses and individuals. You can work with accounting firms, providing legal and economic advice on tax planning, compliance, and dispute resolution.
For contract law, a dual degree in economics and law can help you navigate the financial aspects of contracts, including pricing, risk allocation, and performance incentives. You can advise businesses on contract negotiations, draft and review contracts, and provide legal guidance on economic issues arising from contractual agreements.
Overall, a dual degree in economics and law provides a strong foundation for legal practice in corporate, tax, or contract law by offering a unique perspective on the intersection of law and economics, enabling you to provide valuable insights and strategic advice to clients in these areas.
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Business and finance careers
A dual degree in economics and law can be a great asset for a career in business and finance. The degree combines economic theory and methodology with the study of law, providing a strong background for various roles in these sectors.
For instance, a career in corporate law is a direct application of both disciplines. Those with a dual degree can also pursue roles in tax law, bankruptcy law, securities law, and other fields of economic law, where economic reasoning is central to legal arguments.
The degree also prepares graduates for careers in finance. For example, roles in banking and investment management often require an understanding of economic theory and financial regulation, which is covered in a law curriculum. Additionally, the analytical and research skills gained from a dual degree are highly valued in the finance industry.
Beyond legal practice, a dual degree in economics and law can lead to careers in consulting, where professionals advise businesses and organisations on economic and legal matters. Graduates can also pursue research and academic careers, teaching and conducting research in economics and law, often at universities or think tanks.
The interdisciplinary nature of a dual degree in economics and law provides a strong foundation for a range of business and finance careers. Graduates can expect to have a deep understanding of economic principles and legal frameworks, enabling them to navigate complex issues in these fields.
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Policy-relevant research
A dual PhD in Economics and Law can be used to pursue policy-relevant research. For example, the Economic Policy and Political Economy MPhil/PhD at University College London (UCL) prompts doctoral researchers to blend and synthesise different tools to offer truly interdisciplinary analyses on how public and economic policy and innovation can be harnessed to tackle global challenges.
Vanderbilt University's PhD Program in Law and Economics is another example of a programme that combines economic theory and methodology with the study of law. Students in this programme pursue policy-relevant research within three primary research fields: behavioural law and economics, labour markets and human resources, and risk and environmental regulation.
Similarly, the University of Michigan Law School's dual degree in Law and Economics enables students to pursue simultaneous work in both disciplines. Graduates of the program are particularly well prepared for university teaching and research in both fields.
A degree that blends expertise in law and economics enables lawyers to have an impact on a wide range of issues related to law, business, and finance. Judges and practitioners increasingly rely on economic reasoning to resolve legal disputes, especially in areas of legal practice such as antitrust law, tax law, bankruptcy, corporate and securities law, and other fields of economic law.
The interdisciplinary legal and economic methodology also guides the influential Doing Business Reports by the World Bank. Many of the senior scholars in the EDLE participating universities take part in governmental projects to assess and improve public policy.
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Government work
A dual PhD in Economics and Law can be a great asset for a career in government work. This degree combination equips graduates with the knowledge and skills to tackle complex issues in law, business, and finance, making them well-prepared for a range of roles in the public sector.
One of the key advantages of having a dual PhD in Economics and Law is the ability to understand and navigate the intersection of law and economics. This expertise enables graduates to provide valuable insights and contributions to government policy-making and regulation. They can offer economic analysis and reasoning to legal disputes, especially in areas like antitrust law, tax law, corporate law, securities law, and economic law, where economic considerations are central to legal arguments.
For example, a graduate with this dual degree could advise government agencies on economic policy, helping to shape legislation and ensure it is legally sound and effective. They could also work in government regulatory bodies, ensuring compliance with relevant laws and regulations, particularly in industries like finance and business, where economic understanding is crucial.
Additionally, the degree holders can pursue roles as government economists, conducting research and providing economic analysis to inform policy decisions. They could also work in government consulting, offering economic and legal expertise to various government departments and agencies.
The dual PhD in Economics and Law also prepares graduates for academic careers in university teaching and research. They can contribute to the advancement of knowledge in both fields and educate the next generation of economists and legal professionals, fostering a deeper understanding of the interplay between law and economics.
Overall, a dual PhD in Economics and Law opens up a range of opportunities in government work, allowing graduates to apply their unique skill set to address complex issues and contribute to effective governance and policy-making.
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Frequently asked questions
A dual econ law PhD is a program that enables students to pursue a Juris Doctor (JD) and a PhD in economics concurrently. This program combines economic theory and methodology with the study of law.
A dual econ law PhD can lead to a variety of careers, including university teaching and research in both law and economics, as well as work in the private sector or government. Graduates of these programs have gone on to hold academic positions at various universities, as well as positions in government, legal practice, and consulting.
One of the main benefits of a dual econ law PhD is the reduced time required to complete both degrees. Additionally, this degree combination provides a strong background for an academic career and enables lawyers to have an impact on a wide range of issues related to law, business, and finance.
The duration of a dual econ law PhD program can vary, but it typically takes around six to seven years to complete both degrees. Some programs, such as the one offered by Vanderbilt Law School, are designed to be completed in just six years.
Several universities offer dual econ law PhD programs, including Stanford Law School, Vanderbilt Law School, New York University School of Law, and the University of Chicago Booth School of Business. These programs provide a rich understanding of both fields and prepare students for various career paths.
