Commercial litigation is a complex and ever-evolving field of law. It involves the resolution of disputes between businesses or individuals over matters such as contracts, torts, and other business-related matters. With its practical applications and the potential for big rewards, it is an area of law that all aspiring lawyers should consider studying.
And for that, renowned litigation lawyer Jeremy Schulman provides an overview of why commercial litigation is a must-study for law students, including its benefits, the types of cases it covers, and the necessary skills and knowledge needed to be successful in this field.
Why Study Commercial Litigation?
First of all, commercial litigation is a high-paying field, as the median income for a principal attorney in this field is $142,320. With so many challenges for lawyers today, it can be reassuring for law students to know that this area of law is one of few where the hours are typically less and the rewards more.
Also, most litigation attorneys like Jeremy Schulman have flexible work schedules. This can be helpful for students who are juggling work and family commitments. Lastly, commercial litigation is an always-evolving field since new trends and challenges in the business world mean that attorneys in this field need to be quick learners and adaptable to change.
Types of Cases Coded Commercial Litigation Cases – What Are They?
Commercial litigation nowadays covers a vast array of cases. The two main types of cases addressed by commercial litigation are contracts and torts. A contract is an agreement between parties outlining the terms and conditions of an agreement.
If you enter into a contract with someone or breach one, you might be able to sue the other party in commercial litigation. A tort is an injury caused to another person or property as a result of a breach of duty. A business might commit a tort if it breaches a duty to another party and causes injury.
Skills And Knowledge Required For Commercial Litigation
Like any other type of law, commercial litigation requires a combination of skills and knowledge to succeed and thrive. Developing and using critical thinking skills, like analysis, judgment, and intuition, will be essential in this field. This is because commercial litigation is largely about coming up with and evaluating arguments in legal disputes.
Commercial litigation attorneys must have excellent communication skills, especially in writing and oral presentation. The ability to communicate clearly with clients, other lawyers, and judges will be crucial in this field. Legal research skills are crucial in commercial litigation. Doing legal research is reading and studying the law to help you better understand a case or dispute. It is an important research skill that can also be applied to any other field of law.
Preparing For A Career In Commercial Litigation
Finally, commercial litigation is a field that requires a lot of reading and research. If you are looking at this field as a future career, it might be worth considering getting a law degree that can help you undertake this type of legal research and reading.
Additionally, it is important to have a good understanding of the types of cases that are likely to be covered by your chosen area of law. Knowing what types of cases your chosen area of law covers will help you to identify the skills, knowledge, and interests that are important in that area of law.