5 answers
Carolina
Student
Lenox, Massachusetts
6
Questions
Asked
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Does taking economics make a good lawyer?
thanks, #lawyer
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5 answers
Kent Pearson
Attorney
6
Answers
Plano, Texas
Updated
Kent’s Answer
Hi Carolina!
Great question! I presume you are asking whether taking a high school or college course in Economics would help prepare someone (you?) to become a good lawyer. If that is what you mean, I think the answer is "yes." I am not an economist, but I am a lawyer who took several economics courses in college (I also went on to get an MBA where I took even more economics classes!). Let me suggest some reasons based on my own personal experience.
First, at a very high level, understanding basic economics concepts is important at a fundamental level to understanding the world around us, whether you are practicing law or doing something else. Supply, demand, prices, labor, employment, income, capital, wages....these are all terms you see or will see often in the daily news cycle, particularly now as our nation and economy suffer through the Covid-19 crises. Understanding economics will help you better understand the modern world. It has really helped me make sense of the headlines in the news.
Second, a basic understanding of economics is important to being a lawyer because many lawyers work for clients that are businesses or business owners, and a good lawyer with that type of client should be able to understand their client's business and industry. In my practice, being able to talk to clients about their business (in detail) and their industry often involves economics terms and concepts. It really makes helping them easier when I can understand what they are talking about and what their concerns are.
Third, understanding economics may help a lawyer better understand and apply the law. Economic concepts influence in big ways much of our laws, including our laws governing commerce and trade, finance, government regulations, securities, and other areas. Some, perhaps many, of the laws even use economics terms. If you are a lawyer working with such laws, you will be able to better work with the laws if you have at least a basic understanding of the economics that underlie them.
Finally, I personally found my economics courses very interesting!
Hope this helps. Best of luck to you!
Great question! I presume you are asking whether taking a high school or college course in Economics would help prepare someone (you?) to become a good lawyer. If that is what you mean, I think the answer is "yes." I am not an economist, but I am a lawyer who took several economics courses in college (I also went on to get an MBA where I took even more economics classes!). Let me suggest some reasons based on my own personal experience.
First, at a very high level, understanding basic economics concepts is important at a fundamental level to understanding the world around us, whether you are practicing law or doing something else. Supply, demand, prices, labor, employment, income, capital, wages....these are all terms you see or will see often in the daily news cycle, particularly now as our nation and economy suffer through the Covid-19 crises. Understanding economics will help you better understand the modern world. It has really helped me make sense of the headlines in the news.
Second, a basic understanding of economics is important to being a lawyer because many lawyers work for clients that are businesses or business owners, and a good lawyer with that type of client should be able to understand their client's business and industry. In my practice, being able to talk to clients about their business (in detail) and their industry often involves economics terms and concepts. It really makes helping them easier when I can understand what they are talking about and what their concerns are.
Third, understanding economics may help a lawyer better understand and apply the law. Economic concepts influence in big ways much of our laws, including our laws governing commerce and trade, finance, government regulations, securities, and other areas. Some, perhaps many, of the laws even use economics terms. If you are a lawyer working with such laws, you will be able to better work with the laws if you have at least a basic understanding of the economics that underlie them.
Finally, I personally found my economics courses very interesting!
Hope this helps. Best of luck to you!
Thank you !
Carolina
Lily Toy
General Counsel (Lawyer)
6
Answers
San Francisco, California
Updated
Lily’s Answer
I went to Cornell for law school and Economics was one of the top majors of students in the law school, as was English. The reason is that Economics majors often times need to go through a lot of applications of rules and theories when analyzing the fact patterns we are presented, which transfers very well into the logical reasoning applied in law school. The way you would respond to an Economics final exam is not so different from how you would respond to a legal fact pattern. I was a double major in Economics and Legal Studies and there are definitely intersections between the two departments, enough to have two classes called Law and Economics.
Also, if you are interested in becoming a corporate lawyer, Economics is a good undergraduate major to have under your belt. I am now an executive of a tech company, running their legal and cybersecurity team. My Economics degree helps me understand the business and apply my legal knowledge to help the company be more strategic.
Also, if you are interested in becoming a corporate lawyer, Economics is a good undergraduate major to have under your belt. I am now an executive of a tech company, running their legal and cybersecurity team. My Economics degree helps me understand the business and apply my legal knowledge to help the company be more strategic.
Dianne Francisco, JD
Case Clerk
3
Answers
Palo Alto, California
Updated
Dianne’s Answer
Hi Carolina!
Economics is a helpful and useful course of study for becoming a lawyer. But unless you want to work in corporate law or deal primarily in business transactions, you do not need to limit yourself to this major (if you are in college). It definitely allows you to be more well-rounded as an attorney to know and understand aspects of economics because it adds to your skillset. I hope this helps! Good luck in your future endeavors!
Economics is a helpful and useful course of study for becoming a lawyer. But unless you want to work in corporate law or deal primarily in business transactions, you do not need to limit yourself to this major (if you are in college). It definitely allows you to be more well-rounded as an attorney to know and understand aspects of economics because it adds to your skillset. I hope this helps! Good luck in your future endeavors!
Thank you !
Carolina
Fiona Meow
Legal Counsel
123
Answers
Hong Kong
Updated
Fiona’s Answer
I have a double degree in commerce and law. I am a banking and finance lawyer. I did find my commerce degree to be useful, but personally found accounting to be more useful than economics - in banking law (syndicated loans), there are often references to how financial statements are read.
Richard A.
physician
2150
Answers
Updated
Richard’s Answer
If you are interested in economics, then you could turn that major into an asset in the legal field. There are actually firms that hire economist to analyze businesses in lawsuits. My wife is a bankruptcy attorney. She has had to ask our son questions because his major is Economics. So, I would say "yes," it is beneficial if it is truly interesting to you.