Pros and Cons of Dual Degrees in Law and Business
Jul 27th 2022 - 07:1315 0
Considering a career in Business Law? In that case, the candidate must be diligent, competitive, and knowledgeable in business law as well as allied fields like financial law, compliance, due diligence, investment law, insurance law, intellectual property law, constitutional law, and international trade law.
All aspiring law students, pay attention! There are numerous options if you want to pursue a future career in business law. The most common ones are:
1. J.D. programs with a business law focus
2. Dual enrollment in business and law school, sometimes known as a JD/MBA, and
3. LL.M. programs for business law.
Which is regarded as the best? Which option has the highest cost? Which results in the biggest pay after graduation? The pros and cons of the three most common degree programs for students interested in business law are compared here.
J.D./MBA (Juris Doctor AND Master of Business Administration)
Pros: In less than 5 years, you can get two of the most esteemed degrees in higher education, which will help the business school build strong networks and connections. Due to the combined program's career flexibility, it is difficult to determine an average starting income; however, an MBA graduate's average starting salary can range from $76,000 to $90,000.
Cons: This curriculum is expensive, according to Law School Expert, the average cost of tuition for just the MBA degree is expected to be $75,000. However, it might not be the ideal option for those whose interest in business law is rigid and not in business administration.
Master of Laws (LL.M.) in Business Law
Here, a person who has earned a J.D. from a recognized law school and passed the bar test is eligible to enroll in an LL.M. program. People who are interested in studying a particular area of law can do so through this program.
Pros: Most dual J.D./LL.M. programs merely call for an extra year of study beyond the standard J.D. degree (generally a 4-year program). Legal professionals from other countries are now able to practice in the US with this degree. An LL.M. lawyer's initial pay might range from $80,000 to more than $100,000.
Cons: Compared to J.D. programs in business, LL.M. programs are not as well-known to employers. In addition to costing the same as J.D. programs, LL.M. programs sometimes provide students with less financial aid. Students pursuing an LL.M. and a J.D. may take identical or very comparable classes.
3. Business law J.D.
Pros: In just three years, you can graduate to the bar (shortest duration out of all the other options). The most well-known and frequently needed qualifications for lawyers in North America. JD holders are qualified to sit for the bar exam in every state in the United States. A corporate lawyer with a J.D. can expect to earn an average starting salary between $50,000 and $90,000.
Cons: The legal job market gets more and more competitive every year. The beginning returns for a J.D. in business law might not be sufficient to fast pay off the debt incurred by the pricey tuition after graduation.
Although these three programs are renowned for their business focus, there are additional options worth considering both within and outside of the legal field. Whatever course you choose, keep in mind how it will affect your future interests in business law. The ideal program is the one that completely matches your educational aspirations and objectives.
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