The United Kingdom is considered as the best country in the world to pursue Law and why not, the UK is considered as the world’s lawmaker. Earning a law degree in the UK gives global respect to an individual and studying commercial law in the UK is beneficial for those who dream of working in multinational corporations or global organizations. This is the perfect article for those who are looking for commercial law in the UK guide for students.
What is commercial law?
Commercial law, also known as business law, is an area of law that governs the rights, relations and conduct of individuals and companies engaged in trade, commerce and sales. It covers multiple business-related legal topics and focuses on issues arising in commercial transactions and entrepreneurial activities.
Key areas of commercial law are:
- Contract Law: Manages the creation, execution and enforcement of contracts between the parties. Ensures the validity of business contracts, establishes legal remedies in case of breach of contract.
- Sale of Goods: It regulates the buying and selling of goods and covers issues such as warranty, delivery, transfer of risk and payment terms.
- Consumer Protection Law: Consumer protection refers to the protection of buyers of goods and services and the public from unfair market practices.
- Environmental Law: Environmental law is the law that protects the environment. Environmental law is the body of laws, regulations, treaties, and general laws that govern how people interact with the environment.
- Property Law: Property law is an area of law that regulates various forms of ownership of movable and personal property. Property refers to legally protected rights to resources such as land and personal property, including intellectual property.
- Corporate Governance: Corporate governance refers to the mechanisms, processes, procedures and relationships that are controlled and managed by the boards of directors, managers, stakeholders and shareholders of companies.
- Tax Law: It regulates corporate taxation and ensures compliance with national and international tax obligations, including corporate tax rates, VAT and other business-related taxes.
- Employment Law: It manages relations between companies and their employees, dealing with issues such as hiring, wages, working conditions, termination, and employee rights. Includes labour laws and regulations related to workplace safety, discrimination, and benefits.
- International Trade Law: International trade law includes the relevant laws and customs for conducting trade between countries. It is also used in legal documents for transactions between private individuals or sectors.
- Acquisition: Acquisition includes areas such as corporate governance, shareholder rights, mergers, company acquisitions, compliance, and liability.
- Commercial Disputes: When it comes to disputes arising in business relationships, commercial law deals with the resolution of disputes through litigation, arbitration or mediation.
- Corporate Law: Corporate law forms the basis of trade and commerce. It deals with the formation, management and liquidation of companies.
- Intellectual Property Law: Intellectual property is a type of property that includes intangible creations of human knowledge. There are many types of intellectual property and it varies from country to country when it comes to recognition of this law. The most well-known categories are patents, copyrights, trademarks and trade secrets.
- Data Protection Law: Data protection law is a set of laws and regulations that govern how organizations collect, use, store, share and protect personal information. The main purpose of data protection law is to protect privacy and personal data and to ensure responsible and secure handling of data.
- Capital Market: This area focuses on the issue and/or sale of shares in listed companies in the stock exchanges.
Moreover, there are more areas that are covered in the law schools in the UK which you will get to know while pursuing your degree.
Why study law in the UK?
There are enormous reasons to pursue law in the UK and some of the key reasons that make students choose the UK to study law are:
- Heritage: The British legal system, which has a history spanning more than 900 years, has influenced legal systems around the world. The legal systems of many other countries are also based on this and English commercial law is often used as the relevant law for international contracts.
- Job prospects: Earning a commercial law degree in the UK opens enormous opportunities and doors for an individual to apply in global organizations or top corporations. Even if a law graduate wants to build his/her career in the UK, that will be a lucrative option because hundreds of multinational law firms like Freshfields Brcukhaus Deringer, Clifford Chance, Linklaters, etc. are headquartered in the UK.
- Global recognition: By studying law in the UK, you will gain knowledge of European law. Upon graduation, you will hold credentials that are recognized worldwide. British law is globally recognized among most of the countries, so you will have opportunities to practice in the judicial systems of many countries.
- English proficiency in the legal field: Law requires a deep understanding of the intricacies of the English language. Additionally, studying abroad in the UK allows you to strengthen your academic English in both practical and theoretical areas, such as collaborative projects and case studies/analyses.
Tuition fees and duration:
- For undergraduate law schools in the UK, you will need approximately GBP £12,000 – £20,000 each academic year to complete your LLB.
- For postgraduate law schools in the UK, you will need approximately GBP £14,000 – £30,000 each academic year to complete your LLM.
- For LLB, typically it takes three years to complete.
- For LLM, typically it takes a year to complete.
Career Prospects and Average Salary Range:
A typical annual salary for a solicitor in the UK can be up to GBP £50,482 with a range of career options. Law graduates have the opportunity to pursue careers in journalism, business, criminology, data science, mediation and more.
***According to the PayScale data 2022
What is the salary of a lawyer/attorney based on his/her experience level?
- An entry-level barrister/lawyer with less than a year’s experience can expect to earn an average total remuneration of GBP £41,927 (including tips, bonuses and overtime pay).
- Entry level attorneys/solicitors with 1-4 years experience earn an average salary of GBP £43,246.
- A lawyer/attorney with 5-9 years of experience typically receives an average total compensation of GBP £54,278.
- Experienced attorneys/lawyers with 10-19 years of professional experience, typically receive an average salary of GBP £55,481.
- Professionals in the later stages of their careers (20 years or more) receive an average total compensation of GBP £65,000.
***According to the PayScale data 2022
Some of the best universities for commercial law in the UK are:
- University of Cambridge
- University of Oxford
- The University of Law
- Queen’s University Belfast
- King’s College London
- University of Hertfordshire
- University of Bristol
- University of Dundee
- London School of Economics
- Middlesex University London
Endnote
If you are interested in a legal career and have any questions, you can contact the education experts at BWBS Education Consultants, who can support you throughout the entire admission process.
FAQ:
What is commercial law?
Commercial law, also known as business law, is an area of law that governs the rights, relations and conduct of individuals and companies engaged in trade, commerce and sales. It covers multiple business-related legal topics and focuses on issues arising in commercial transactions and entrepreneurial activities.
How is UK to study commercial law?
The UK is considered as the best country in the world to study commercial law.
How can I study commercial law in UK?
You can choose a particular university in the UK and then apply to that university either directly or through an experienced education expert like BWBS Education Consultants. Applying through an education expert will make your admission process smoother and you can be tension-free.
Which are the best universities for commercial law in the UK?
- University of Cambridge
- University of Oxford
- The University of Law
- Queen’s University Belfast
- King’s College London
- University of Hertfordshire
- University of Bristol
- University of Dundee
- London School of Economics
- Middlesex University London
How to become a commercial lawyer in the UK?
You can study in a university in the UK and after your graduation, you will have to complete a Legal Practice Course (LPC). Then after completing LPC, you will need a contractual training in a law firm. After successfully completing your training contract, you’ll be admitted to the Solicitors Regulation Authority (SRA) and can officially practice as a solicitor/lawyer.
