Cameron Miranda
Economics and law are two distinct fields that often intersect, and a degree that blends expertise in both can enable lawyers to have an impact on a wide range of issues related to law, business, and finance. Many careers in law involve shaping economic decisions, such as writing and interpreting contracts, supporting mergers and acquisitions, dealing with tax systems, and addressing disputes. A degree in economics can provide a strong background for an academic career or work in the private sector or government, and it is one of the most common paths to law school. Economics majors tend to perform well on the LSAT, likely due to the transferable skills in logical reasoning that the discipline fosters.
| Characteristics | Values |
|---|---|
| Logical reasoning | Economics degree holders have higher LSAT scores, which are important for admissions to competitive law schools |
| Data analysis | |
| Research skills | |
| Understanding human behavior | |
| Shaping economic decisions | Writing and interpreting contracts, supporting mergers and acquisitions, dealing with the tax system, and addressing disputes |
| Understanding the world | Understanding basic economic concepts helps in understanding the world around us |
| Understanding clients | Many lawyers work for business clients, so understanding their business and industry is important |
| Corporate law | Economics is a good undergraduate major for aspiring corporate lawyers |
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What You'll Learn
Law school preparation
A law and economics degree can be an excellent preparation for law school. The LSAT exam score is the primary statistic that law schools use to determine admission, and economics majors have been found to earn relatively high LSAT scores. Economic analysis is increasingly being applied to legal topics, and as a result, the study of economics can be a valuable way to prepare for both the study and practice of law.
Training in economics can help develop a student's analytical skills, which will be beneficial in law school and throughout their life. It provides a unique perspective on human behaviour and teaches students how to approach a question and use reasonable and rational methods to find an answer.
If you are considering law school, an economics degree can be a great choice as it provides a sound background for later studies in law. Students interested in majoring in economics can choose from a Bachelor of Arts, a Bachelor of Science, or a Bachelor of Business Administration. A Bachelor of Arts places greater emphasis on the humanities, arts, and social sciences, while a Bachelor of Science includes more courses in science and mathematics. The Bachelor of Business Administration includes the entire business core curriculum and offers a great opportunity to double major in other business disciplines.
To major in economics, students typically take courses such as Principles of Microeconomics and Macroeconomics, Intermediate Microeconomic and Macroeconomic Analysis, Industrial Organization, The Economics of Regulation, Game Theory, The Economics of Government, and Forensic Economics. These courses provide a strong foundation for understanding economic concepts, which can be incredibly useful in law school and various legal careers.
Additionally, philosophy is another subject that can help prepare for the LSAT and law school. It is beneficial to extensively read and research, develop logical thinking skills, and gain a breadth of knowledge in history, politics, finance, human behaviour, and diverse cultures. This well-rounded approach will not only help with LSAT preparation but also provide a solid foundation for the rigours of law school.
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Career in finance
A degree in economics and law can be a great asset for a career in finance. Economic concepts influence many laws, including those governing commerce and trade, finance, and government regulations. A solid understanding of economics can help lawyers working with such laws to better understand their implications and impact.
Economic concepts are particularly relevant in the context of business organizations, financial regulations, and contract law. For example, a lawyer working in regulatory law for a financial institution may need to understand macroeconomic concepts to protect the financial system from risks. In addition, lawyers in this field are expected to have fluency not only with legal and financial concepts but also with understanding data more broadly.
A degree in economics and law can also be useful for those interested in becoming corporate lawyers or working in the banking industry. For example, a lawyer working on syndicated loans may need to understand how to read financial statements. In addition, economics can be a helpful undergraduate major for those interested in working in-house at a company, as it can help to understand the business and apply legal knowledge to inform the company's strategy.
A joint degree in law and economics can also support a career in academic research or work in the private sector or government. For example, Stanford's JD/MA and JD/PhD programs in law and economics offer a strong background for a variety of careers. Graduates of these programs have gone on to become professors, judges, and practitioners, as well as working in the private sector and government.
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Accountancy
Accountants are responsible for monitoring the financial situation of an organisation, business, or individual. They record, classify, interpret, and communicate financial data. They work across multiple industries and ensure compliance with tax laws and regulations. With a law and economics degree, you can pursue various roles in accountancy, including:
Tax Accountant
Tax accountants are experts in taxation. They help individuals and businesses comply with tax laws, minimise tax liabilities, and handle tax disputes. They also provide advice on tax planning, such as estate planning and wealth management.
Auditor
Auditors examine financial records to ensure accuracy and compliance with regulations. They play a vital role in maintaining financial integrity and can also specialise in forensic accounting, investigating financial crimes, and uncovering fraud.
Actuaries
Actuaries apply mathematical and statistical techniques to assess risk in finance and insurance. They work out the degree of risk on life assurance policies, pensions, employee benefits, and investments. Actuaries often work with independent firms and must possess strong problem-solving and communication skills, in addition to their mathematical expertise.
Business/Corporate Accountant
Business or corporate accountants work in-house for companies, ensuring the financial health of the organisation. They work alongside colleagues in finance and other departments to manage internal accounts and ensure smooth financial operations.
Risk Analyst
Risk analysts explore the potential outcomes of business decisions, considering financial implications, risks, and other factors such as public perception. They help companies make cautious and well-informed decisions, especially in uncertain economic times.
Pursuing a career in accountancy with a law and economics degree offers a strong foundation. You can further optimise your vocational opportunities by combining these fields through joint degree programs or sequential studies, as discussed earlier. This dual expertise will make you a valuable asset in various industries and open doors to diverse career paths.
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Government administration
A degree in law and economics can be a great asset for a career in government administration. Here are some ways how:
Understanding of Law and Policy-Making
Knowledge of law and economics can provide a unique perspective on how legal institutions shape policy decisions. This includes understanding the development and implementation of laws and regulations, as well as the economic implications of these policies. Those with a law and economics degree can examine and apply theories and models of economic, political, and legal decision-making. This includes recognizing the ethical dimensions inherent in policy-making and understanding the impact of legal issues from micro and macro economic perspectives.
Critical Thinking and Analytical Skills
Government roles often require complex decision-making skills in a dynamic environment where regulations and policies can change regularly and unexpectedly. A degree in law and economics equips individuals with strong analytical capabilities, allowing them to navigate and adapt to changing circumstances. Economics graduates, in particular, are skilled at making sense of complex data sets and identifying the root causes of financial problems.
Career Opportunities
There is a wide range of career opportunities within government administration for those with a law and economics degree. This includes roles in federal, state, and local governments, as well as public administration. Specific areas of work may include economic regulation, public health, international relations, public taxation, transport, energy policy, and more.
Specialist Roles
Individuals with a law and economics degree can also pursue more specialized roles within government. For example, they can work as economists, providing economic forecasts and reports to advise on policy decisions. Other specialist roles may include economic planning, pricing and risk analysis, and financial consultancy.
Education and Qualifications
While a Juris Doctor (JD) degree is not always necessary for government positions, legal knowledge is advantageous. There are various master's degrees and graduate certificate programs that can provide a comprehensive understanding of law and government. Additionally, further qualifications can be beneficial for specialized roles within government administration. For example, becoming a qualified accountant typically requires additional professional qualifications.
In conclusion, a degree in law and economics provides a strong foundation for a career in government administration. It offers a unique perspective on the interplay between law and economics, enhances critical thinking and analytical skills, and opens up a diverse range of career paths and specialist roles within the field of government administration.
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Corporate law
A law and economics degree can be a great asset for those pursuing a career in corporate law. Corporate attorneys provide legal advice and services to businesses and organizations, and a strong understanding of economics is crucial in this field.
Corporate attorneys often advise clients on business decisions, and an economics degree can help in understanding the financial implications of legal advice. Economics degrees provide valuable insights into business operations, financial principles, and market dynamics, enabling attorneys to effectively communicate with business executives.
Additionally, an economics degree can be beneficial in interdisciplinary fields related to corporate law, such as international law, compliance, and regulatory affairs. Understanding global economic policies and governmental structures is essential when handling cross-border transactions and navigating the political aspects of corporate operations.
While a law degree is a non-negotiable requirement for practicing corporate law, an undergraduate degree in economics or a joint degree in law and economics can significantly enhance one's expertise and marketability in this field. Corporate attorneys with a background in economics are well-equipped to handle the economic and financial aspects of corporate legal matters.
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Frequently asked questions
A law and economics degree blends expertise in law and economics, enabling lawyers to work on a wide range of issues related to law, business, and finance.
With a law and economics degree, you can pursue a career in any area of legal practice, including corporate law, tort law, contract law, civil procedure, and international law. You can also work in finance, accountancy, and government administration.
A law and economics degree provides a strong background for an academic career or work in the private sector or government. It also enables lawyers to have an impact on a broad range of issues related to law, business, and finance.
Jobs that may be available to those with a law and economics degree include economist, retail management, sales and marketing, and roles in accountancy, banking, finance, business, consulting, and management.
