One of the fastest ways to quickly gain a promotion at work is to develop a skill set that separates you from the competition. In most any company, having knowledge of business, tax or employment law provides you with a tremendously unique and marketable skill that could put you on the fast track to get the promotion you have always wanted.
Ability to Offer Advice
Obtaining a degree with a legal background could make you absolutely indispensable to your employer. You could quickly become the go-to person to review proposals, tax strategies and business structure concepts to help find legal deficiencies or possible problems.
Prevention of Lawsuits
With the appropriate legal knowledge, you could be able to identify weak areas in your business structure which could make your company vulnerable to lawsuits from employees and vendors. Making sure that adequate training and monitoring opportunities are being utilized could save your company thousands in potential lawsuits.
Creating Training and Education Programs
Having legal knowledge with regard to business allows you the opportunity to create training and education programs that are specifically tailored to the needs of your company. Your employer would no longer have to rely on cookie-cutter programs that do not cover important legal aspects in relation to their specific business.
If your company is not managing finances according to their business tax structure, they could pay thousands in penalties and interest if they were ever audited. Having the legal tax knowledge to correct any possible financial mistakes could result in a great savings to your company.
Estate and Financial Planning
In business, it is necessary to have contingency plans in place to protect the business should the unthinkable happen. Employers depend on those with legal knowledge to help them develop such plans and to offer continued solutions as the company grows and changes.
If there is ever a conflict with a business associate or vendor, it is imperative to have someone with legal negotiating skills to help resolve any dispute in a quick and cost-effective manner. A great legal negotiator could help in reaching an amicable agreement without having to go through a costly court trial. Legal knowledge could also be helpful should your employer decide to try mediation to solve a problem.
Master’s in law programs offer an opportunity to move up in your career. From having knowledge of international business law to understanding legal tax deductions related to a business, legal knowledge can be a genuine asset to most any employer. In addition, your legal knowledge could be a benefit to you even if you decided to change careers.
This article is courtesy of Anita Ginsburg, a freelance writer from Denver who often writes about home, family, law and business. A mother of two, she enjoys traveling with her family when she isn’t writing.