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Does taking economics make a good lawyer?

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thanks, #lawyer

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5 answers

Kent’s Answer

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Hi Carolina!

Great question! I presume you are asking whether taking a high school or college course in Economics would help prepare someone (you?) to become a good lawyer. If that is what you mean, I think the answer is "yes." I am not an economist, but I am a lawyer who took several economics courses in college (I also went on to get an MBA where I took even more economics classes!). Let me suggest some reasons based on my own personal experience.

First, at a very high level, understanding basic economics concepts is important at a fundamental level to understanding the world around us, whether you are practicing law or doing something else. Supply, demand, prices, labor, employment, income, capital, wages....these are all terms you see or will see often in the daily news cycle, particularly now as our nation and economy suffer through the Covid-19 crises. Understanding economics will help you better understand the modern world. It has really helped me make sense of the headlines in the news.

Second, a basic understanding of economics is important to being a lawyer because many lawyers work for clients that are businesses or business owners, and a good lawyer with that type of client should be able to understand their client's business and industry. In my practice, being able to talk to clients about their business (in detail) and their industry often involves economics terms and concepts. It really makes helping them easier when I can understand what they are talking about and what their concerns are.

Third, understanding economics may help a lawyer better understand and apply the law. Economic concepts influence in big ways much of our laws, including our laws governing commerce and trade, finance, government regulations, securities, and other areas. Some, perhaps many, of the laws even use economics terms. If you are a lawyer working with such laws, you will be able to better work with the laws if you have at least a basic understanding of the economics that underlie them.

Finally, I personally found my economics courses very interesting!

Hope this helps. Best of luck to you!
Thank you ! Carolina C. Translate
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Richard’s Answer

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If you are interested in economics, then you could turn that major into an asset in the legal field. There are actually firms that hire economist to analyze businesses in lawsuits. My wife is a bankruptcy attorney. She has had to ask our son questions because his major is Economics. So, I would say "yes," it is beneficial if it is truly interesting to you.
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Richard’s Answer

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If you are interested in economics, then you could turn that major into an asset in the legal field. There are actually firms that hire economist to analyze businesses in lawsuits. My wife is a bankruptcy attorney. She has had to ask our son questions because his major is Economics. So, I would say "yes," it is beneficial if it is truly interesting to you.
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Dianne’s Answer

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Hi Carolina!

Economics is a helpful and useful course of study for becoming a lawyer. But unless you want to work in corporate law or deal primarily in business transactions, you do not need to limit yourself to this major (if you are in college). It definitely allows you to be more well-rounded as an attorney to know and understand aspects of economics because it adds to your skillset. I hope this helps! Good luck in your future endeavors!
Thank you ! Carolina C. Translate
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Fiona’s Answer

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I have a double degree in commerce and law. I am a banking and finance lawyer. I did find my commerce degree to be useful, but personally found accounting to be more useful than economics - in banking law (syndicated loans), there are often references to how financial statements are read.
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