A Role Of Law In Business World - Essay Example

A Role Of Law In Business World Introduction The modern business world is an interesting area for creative and professional activity. The modern advanced corporations would like to hire employees with multidisciplinary skills and professional knowledge in many fields. Therefore, there is no wonder that in the modern Universities and colleges professors direct their efforts on educating their students in many different subjects simultaneously. For business students, it is very important to be aware of some aspect of law, which may be used by them in the process of their education and in future practicing. We would further pay attention to important aspects of law, which are required for successful performance in the field of business. Moreover, such legal aspects as regulations of employer-employee relations in terms of the law are also considered further on. Business students’ knowledge in law Such important disciplines as Corporations and Taxation may be very popular and helpful for students. These disciplines develop knowledge among business students about the legal regime, which present a background for the students. Rules, regulations, and order of business conduct in America will be better understood by students when they study these two disciplines. Regulations and legislation of corporations, as well as the principles of their taxation, should be well-understood by business students. More specifically, it can be claimed that the area of business law is a special field of activity. It is very important for students to develop their knowledge about corporate transactional work. For this purpose, many corporations hire many corporate lawyers. The practices of the majority of corporations, as a rule, are presented in such fields of activity as dealing with large public companies and there is a need to regulate these practices in accordance with federal securities regulation. If to speak in broader terms, it is clear that there is a wide range of issues covered in the business world: from the protection of intellectual property rights to intellectual property protection or commercial legal issues (Nowak, 1999). Students’ exposure to the area of financing or their potential performance in the Wall Street requires special knowledge in the field of corporate law, finances or other international issues, which must be regulated with regards to the international law. In case a student has an intention to work at the local level, it is relevant to him to develop his knowledge in the legal aspects of employment, awareness in the field of lending practices or transactions connected with real estate (Corby, White, 1999). Very often, the majority of business students would like to spend their lives working for large corporations. Therefore, it is relevant to develop their knowledge in the field of legal regulations of the public offering, other kinds of securities and it is important to correlate these issues with public relationships. Thus, a modern businessman should be a diversified professional, who looks closely related to the public. The business law of large corporations supposes covering of many diversified aspects, developed under the influence of economics and finance. The issues covered in this field are relationships establishment between debt holders and equity holders, as well as issues of mergers and acquisitions (Flynn, 2006). For example, in the field of Mergers & Acquisitions, business students should develop their knowledge about the important issues of the Williams Act, state case law, proxy rules etc (Flynn, 2006). Moreover, with regards to the current processes of globalization, it is relevant to take into account issues connected with globalization. Law regulations acclaimed by European Community, such as Antitrust Law are very important to the modern businessmen. This kind of knowledge helps to a businessman to act correctly in the global market. In the field of financing, it should be underlined that a special attention of students should be paid to broker-dealer, insurance or banking legal regulations. It is also of crucial importance to develop knowledge in the field of the stock and commodities exchanges (Corby, White, 1999). In the field of financing the main role is played by creditor-debtor relationships and for business students, it is a great need to be aware of the legal aspect of the relationships (Corby, White, 1999). For example, the importance of employer's awareness of legal issues can be illustrated by the following case: Bryant v. Livigni, 619 N.E.2d 550, 558-59 (Ill. App. Ct. 1993). In this case, the employer noticed a supervisor's propensity concerning violence when a supervisor threw a milk crate at his colleague and assaulted his son. Thus, an employer is able to regulate internal conflicts in the workplace if he has enough knowledge about legal aspects of the situation. There are also many examples of conflicts between employers and employees and it is on behalf of a good businessman to regulate such kind of conflicts. Therefore, multidisciplinary knowledge of business students would contribute not only to their education process but also for their further professional skills development and experience. Effects of legal regulations on employers and employees A proper consideration of students should be paid to the issues comprising relationships between employers and employees. In one way or another, each of students will belong to the rows of either employers or employees. Therefore, a special attention should be paid to such issues as the provision of Terms and Conditions of Employment, Equal Opportunities, a Minimum Wage right and many other aspects. In accordance with The Health and Safety at Work Acts, there are special responsibilities of employers and employees, as well as their rights. In accordance with these Acts, there is a strong obligation of employers to provide their employees with safety equipment, health and safety checks conduct and risk assessment control. Legislation in the field of Equal Opportunities implies employees’ provision with fair payments and conditions for their job performance. Moreover, such controversial and dramatic issues of the modernity as sexual, racial or disability discrimination are also regulated in accordance with the legislation (Flynn, 2006).  The Minimum Wage Act is very important to employees. They should know that it has been constantly reviewed by the international committees and it is supposed that within a certain period of time it will be increased. Health and safety issues, which have been already mentioned, are also of crucial importance both for employees and employers. Treatment of people in the working place, minimum standard hours of occupation per week, conditions of work are covered within this area. Concerning health safety and protection, it can be claimed that in Washington DC a great attention of employers and employees is paid to the paid sick days legislation. It is very important when employees have a right to take care of their health and the health of their family members when there are paid sick days. Currently, two-thirds of employers in America support the idea of paid sick days. It shows that there is a shift to more humane and tolerant attention to employees. An integrative approach to these changes is shown in San Francisco: “San Francisco’s policy helped parents, workers with chronic diseases, low-wage workers, and others, with minimal impact on employers; The Paid Sick Leave Ordinance serves as a model for the rest of the country”(Theory rights responsibilities). Consequently, it is beneficial for employers to support such kind of policies. Thus, in San Francisco Paid Sick Leave Ordinance (PSLO) (2007) has led to the possibility of employees to earn one paid hour for every 30 hours performed (Theory rights responsibilities). Moreover, in general terms, the role of law in the business world in general and in relationships regulations between employees and employers, in particular, is of great importance nowadays. Numerous studies have been conducted in order to determine the level of employers' concerns about the law. Therefore, in the study conducted by Robert Drago, Ph.D., and Vicky Lovell, Ph.D.: “The law makes sense and creates a better, less stressful work environment; We [Bi-Rite Market, (San Francisco)] even took it a step further and pay out any time accrued when an employee leaves our organization, not required under the current law which is „use it or lose it” (Theory rights responsibilities). What is even more important is the fact that the study found no abuse of paid sick days, but save these days. San Francisco researchers claim that like in the other American States, employees, who have paid sick days are healthier and work in a more productive way. Unfortunately, these policies are more relevant to corporations. Small business owners often neglect Health and Safety issues. That is why for business students it should be known that taking care of health of their employees is a right way to the success of their company. Conclusion As far as we can see, in the result of our research, we have found out that multidisciplinary knowledge of business students play an important role for their future professional career. Thus, students’ knowledge about legal regulations in the field of financing or corporations’ management is of crucial importance for relevant regulations of business conduct. Moreover, relations between employees and employers should be also regulated in accordance with international legal regulations. Works cited 1. Bryant v. Livigni, 619 N.E.2d 550, 558-59 (Ill. App. Ct. 1993). 2. Corby, Susan, and Geoff White 1999, Employee Relations in the Public Services: Themes and Issues. London: Routledge. 3. Flynn, Nancy 2006, Blog Rules: A Business Guide to Managing Policy, Public Relations, and Legal Issues. New York: AMACOM. 4. Nowak, Jeffrey S 1999, "Employer Liability for Employee Online Criminal Acts." Federal Communications Law Journal 51:467. 5. Theory rights responsibilities: employers-employees. Available from: [Accessed August 13, 2011]. Read More