In order to streamline costs, many businesses are now employing lawyers in-house, resulting in increased demand in the financial, insurance, consulting, and healthcare sectors.
The employment picture for lawyers is expected to grow by 4% in the next decade, with further increases for those who specialize in corporate and business law.
The median pay of a lawyer in 2019 was $122,960. With an additional degree in business law, your salary may be even higher.
We reviewed and assessed programs that offer both online learning as well as on-campus programs. The best programs highlight a combination of theoretical knowledge with practical application and allow students to focus on areas of interest, such as finance, international business law, risk management, or more.
Our chosen programs lead to an LL.M. degree, which is a specialized degree most commonly pursued by those who have already achieved their J.D. degree and have passed the bar exam. Some programs, however, accept those who are not lawyers but are interested in paraprofessional or other legal positions in the business sector. Most of these programs have been accredited by the American Bar Association, with some having further credentialing from regional accreditors.
We evaluated each program on the basis of flexibility, faculty, course strength, cost, and reputation. Then we calculated the Intelligent Score for each program on a scale from 0 to 100. For a more extensive explanation, check out Our Ranking Methodology.
As the U.S. economy continues to slowly recover from the COVID-19 pandemic, the need for business lawyers and in-house counsel should increase. Those with an understanding of international business will also see a rise in demand over the next several years.
A business law degree should not be confused with the traditional J.D. degree that is the basic law degree required to practice law in America. An LL.M. in business law will not qualify you for taking the bar exam in your state, but it may allow you to accept a higher level of responsibility if you are already in the legal field.
Unlike the J.D., the LL.M. in Business Law does not include a specific credential. With a business law degree, however, you will be eligible to join the Business Law Section of the American Bar Association, which is open to lawyers, judges, law students, and others interested in business law.
Here are some questions to ask when researching business law programs:
If you are employed while pursuing your LL.M. degree, check with your employer’s human resources office to see if there is financial support available for employees who return to school for an advanced degree. If your LL.M. degree positions you to accept a higher level of assignment on the job, your company may be willing to pay for part or all of your education.
Other avenues of financial support to pursue would be through the college or university itself, as well as any professional associations you belong to. The American Bar Association, for example, offers a range of scholarships, grants, and work-study programs to help you fund your education.