The Business of Law

The Business of Law 

After years of merciless studies, all-nighters, lack of social life and ruthless preparations for the bar exam, you finally made it. You are a fully-qualified lawyer. You step out into the world determined to find a position in a leading law firm and work your way to the top. However, before you get there you have to go through a less pleasant process of applying for jobs and facing your potential employer in an interview.

In our last post we had given you tips on things to remember prior, during and after an interview. This time we would like to dig a little deeper into the content. More specifically, we are offering you a list of publications you should consider reading on a daily basis in order to be prepared for any questions that might be thrown at you.

Now, the reason for doing this is simple. Law is a business. The knowledge your got from law school is not going to get you far unless you know where and when to apply it. It is your job to stay up to date on news in politics, finance and business in addition to the legal industry. At an interview you will be assessed based upon potential revenue you could bring to a company. Law firms are in a highly competitive business and to survive they have to follow the crazy pace of the world around them. If you want to be a part of this business, you have to stay on top of events in your country, your region and well...everywhere else.

Below we are offering you a sample 'Reading List' of publications that you may want to subscribe to (or at least bookmark in your browser):

The Economist – provides an overview as well as the analysis of world business and finance news

The Wall Street Journal – offers a summary of major international events impacting primarily stock markets

Businessweek – all about business and finance: stock market, global economics and industry-specific news

The Financial Times – similar to Businessweek but with more information available per region

Dow Jones Newswires – real-time business news and commentary

Domestic publications – if you are based in Hungary (or are looking for a job there), it is The Budapest Business Journal. If you are in Romania, it is Ziarul Financiar.

The GC Grapevine – not necessarily a business or finance publication, but it does give you a useful insight into the minds of the movers and shakers in the legal industry – General Counsels and Partners in major law firms. It never hurts to know a thing or two about the hobbies or general thought processes of your potential employers.

That's all for now. In our next post we will explore ways to utilize social media to your advantage. Stay tuned!

S.A.