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Law Office of Ronald David Greenberg

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Importance of business law in business school curriculum 


In light of the many legal aspects (not to mention banking and economic dimensions) of the financial crisis of 2008, and previous crises in recent years, the need for a greater awareness by business executives of basic aspects of business law is, or should be, apparent.  Business education (educators and curriculum) should be guided accordingly.*   These conclusions are confirmed by the following search results. 


For the importance of business law, click here (Google™ results); here Bing™ results).For the importance of business law in a business environment, click here.  For the importance of business law in business schools,click here.For the importance of business law for business school students, click here.  For the importance of business law for management students, click here.For the importance of business law for MBA students, click here.For the importance of business law for managers, click hereFor the importance of business law for entrepreneurs, click here.

See also, e.g.Robert A. Prentice, The Case for Educating Legally Aware Accountants, 38 American Business Law Journal  at 597 (2001); first published online: June 28, 2008.  For information on Professor Prentice, click here.  For more information on him, click here.  See also, "verbal skills importance" in Gallery 7 on Navigation Bar.  Cf. Vanessa O'CConnell, New Lawyers, New Classes, Wall Street J., B3 (Aug 24,2011) [Junior lawyers are in program developed by Fullbridge, a year-old business education company co-founded by two Harvard M.B.A. graduates.].

The following is an excerpt of a proposed article (2011 revised draft of earlier 1994 draft) on these subjects: 




importance.business.law.2.20.2011

Academy of Legal Studies in Business (ALSB)


A comprehensive plan with respect to legal studies has been promulgated by the Academy of Legal Studies in Business (ALSB), an organization that traces its beginnings to 1924. In its strategic plan it stresses, at the outset, as core values, that "[l]aw and ethical behavior are foundational to civilized society" and that "[l]egal studies, an inclusive term that encompasses the diverse ways that law and ethics shape the global environment of business, is an integral part of business education and informs effective and responsible business decisions and managerial behavior." SeeALSB Strategic Plan(May 22, 2012),http://alsb.mobi/infobox/strategic-plan.


Its strategic statement emphasizes that "[a]n essential function of the Academy is to foster a deeper understanding of the role of law and ethical behavior in business and in society." Id. It adds that the "Academy will advance the discipline of legal studies by enhancing understanding of the importance of legal studies to the development of business leaders and to the teaching and practice of accounting, finance, marketing, management, and other business functions." Id.


It will, among other actions, "[p]romote law and legal studies courses in the business curriculum" and "[e]ncourage articles and publicity on the importance of law and ethics to businesses and the business curriculum." Id.  For more information on the Academy's strategic plan at http://alsb.mobi/infobox/strategic-plan, click hereSee also, Daniel J. Herron, History of the ALSB, Academy of Legal Studies in Business (July 2002)http://www.alsb.org/history-of-the-alsb, or click here.  For more information on the ALSB, click here.

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  * The phrase "The importance of business law" or the "importance of verbal skills" perhaps brings to mind the partial title "The Importance of Being Earnest," by Oscar Wilde, both phrases emphasizing the importance of something.  The full title of the play is "The Importance of Being Earnest: A Trivial Comedy for Serious People" is a farce/satire/comedy portraying  serious (trivial?) treatment of a trivial (serious?) subject.  In contrast, "The importance of business law" relates to a serious treatment of a serious subject. 


For  SparkNotes' comments, e.g., on this play on words in the play, click here (describing that when the characters inn the play use the word "serious", they tend to mean “trivial,” and vice versa.  For example, Algernon thinks it “shallow” for people not to be “serious” about meals, and Gwendolen believes, “In matters of grave importance, style, not sincerity is the vital thing.” (available at  http://www.sparknotes.com/lit/earnest/themes.html.  For more information on the play, click here.