We all know that every tiny part of knowledge helps to shape us to overcome challenges in life. I was someone who had mainly a business background before pursuing my LLB. Quoting the great Mahatma Gandhi: ‘The future depends on what we do in the present,’ I will say that a business background became a potential asset for my law degree. The law touches everything and therefore I regret that I once questioned the connection between these two fields.
The Student Law Office’s business law clinic entails a lot of the things I learned when I did my O and A levels in the Business Studies, Economics and Accounting. For example, I have a vast knowledge regarding business structures. Therefore, it is easier for me to interpret businesses and this allows increased focusing on the legal aspects of the businesses we deal with. I also understand issues related to equity and how market share works better. My accounting knowledge helps me understand Income Statements and the Statement of the Financial Positions quickly and thus helps me in analysing the state of the business financially. I also feel that my economic knowledge can guide me better in analysing the economic state from a covid point of view and give advice accordingly.
Furthermore, participating in competitions such as ‘The Stock Exchange Programme’ and ‘Build your Business’ played a vital role in making me feel at ease in this new endeavour. Both these competitions had the aspect of teamwork. This allows me to understand that there may be difference of opinions while being in the Student Law Office. However, it is up to us on how we act when this situation arises. I learnt to be more tolerant over the years and have quite mastered the art of teamwork. Coming to the Stock Exchange competition, it helped me critically analyse the share value, dividends and the equity and capital of a business while being able to forecast what might be the future of the business. This helps immensely when I have to interpret the data available on a particular business and figure out their patterns. To add, the ‘Build Your Business’ contributed to my knowledge of forming a business plan and its importance when analysing a business. The Student Law Office definitely involves having a good knowledge of the businesses we deal with. The interpretation of a business plan may also help the client decide on the type of business structure that is best for them and the costs incurred.
Now, it is crystal clear that the law office is inclusive and every bit of knowledge can be put in use here. According to my experience so far, the connection between the business and law field cannot be underestimated. I am confident that I would be able to manage my work more efficiently. This makes me more eager to contribute to the law office.
This blog was written by Chetna Dawoonauth. Chetna is in her 3rd year of LLB degree at Northumbria University. After her graduation, she hopes to be on the Bar Course and eventually work as a barrister.