There is a common notion among the community that studying law is better than an economic degree due to the higher demand for Lawyers.
However, this article will uncover whether there is some truth to this statement or not.
Along the way, we’ll also help you decide which career between law and economics you should choose for yourself. So let’s start.
Should I study Law or Economics (for students)
In short: You should think about studying Law if you enjoy research and document analysis, are critical-thinking and are passionate about achieving justice in society. You should consider studying Economics if you enjoy complex numerical, analytical and problem-solving.
Having said all this neither Law nor Economics is better than the other. Law and Economics degrees offer varied, interesting, and well-paying careers.
The answer to this question lies within your skills, interests, and a general inclination towards one of the two due to personal preference.
Of course, you also want to choose a career with an elevated market scope that provides you with the right opportunities to keep moving forward in the corporate world.
To have a clearer view, let’s discuss both career choices in detail.
Let’s Talk About Law
Law is the study of federal rules and regulations that allows an individual to act as a legal advisor for an individual or a company.
They often act as legal associates to defend the accused individuals against prosecution.
They also perform their duties as prosecutors working for the local or federal government. All in all, wherever there is a need to comply with the laws and deal with legal matters strictly, a lawyer is needed.
Some of the standout attributes of a lawyer are:
• Strong analytical skills to decipher and identify the right solution for the legal problem
• Able to communicate clearly with the client and the judge (confidence goes a long way)
• A solution-oriented approach that strays clear from personal emotions
• Immaculate research skills to find relevant information and legal bindings
• Technical writing and speaking skills
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Let’s Talk About Economics
Economics is the crunching of numbers that revolves around the data collected and analyzed from the market to identify economic problems and solutions.
Economists often take a keen interest in the services, products, and resources available in the market and how they operate, or what the future economy would possibly look like.
Some of the standout attributes of an economist are:
• Able to draw logical conclusions using strong analytical skills
• Forecasting economic trends using logic and past events
• Excellent writing and speaking skills
• A bird-eye view of the economic structure
What Do Economists Do On A Daily Basis?
Economists run a qualitative and quantitative analysis in various fields, and you’ll often see them working for the government.
For example, an economist can advise government officials on the economic impact of a new law or predict future behavior using past statistics.
They also form an integral part of think tanks where economic insights are key to making their final decision.
Some of the duties economists have are:
• Research and analyze economic abnormalities and issues
• Organize extensive surveys and collect data
• Putting tried and tested math practices to test in analyzing tools
• Documenting and presenting their research to an audience
• Researching and predicting the current trends
• Act as an economic advisor for an individual or a company
• Finding tailored solutions to various economic problems
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What Do Lawyers Do On A Daily Basis?
Law graduates are often known as attorneys, and they typically have two main jobs; advocate and advisor.
In the case of the former, lawyers represent one of the involved parties in court, presenting evidence in favor of their client.
Alternatively, as an advisor, lawyers can suggest a legal course of action in business and personal matters, guiding them through the process and informing them about their legal rights and duties.
Since new laws come out frequently, lawyers often have to spend extra time staying up to date with the newest changes.
Some of the duties lawyers have are:
• Suggesting legal solutions and representing clients in court
• Clear communication with the clients and everyone else involved in a particular case
• Organizing and researching the relevant information to find legal solutions
• Effectively presenting proof documents and arguing on behalf of the client
• A complete grip over the many legal documents such as subpoenas, contracts, lawsuits, etc.
Is Law School Easier Or Harder Than Economics Degree?
Law School is more difficult than Economics if you are not used to reading large amounts of content (readings, writings, and comprehension). However, if you are not comfortable with sophisticated math, Economics is more difficult than Law.
Becoming a lawyer requires seven years of education after high school. The first four years include the graduate program, while the rest is a three-year law school.
Once they have a Juris Doctor (JD) degree from a reputable law school, they can appear in the bar exam.
A lawyer only receives their license if they can clear the bar. And, of course, new regulations may come out frequently, and lawyers often have to join workshops and learning webinars to stay up to date.
On the other hand, getting your mitts on an economic degree is no walk in the park either.
Individuals, corporations, and government officials all require a minimum of a Master’s degree in economics to hire you.
The silver lining here is that if you’re naturally good at mathematics, the many obstacles during the economics degree would feel minuscule.
You may be able to land a job on your bachelor’s degree too, but it’ll most probably be a low-paying source.
Law vs. Economics Degree: Who Earns More?
Lawyers earn more than Economics, with the median wage of a Lawyer being $126,930 compared to $108,350 per annum.
This data from the US Bureau of Labor Statistics clearly shows the difference between the pay of both professions.
Although there isn’t much of a difference, lawyers manage to earn slightly more than economists.
If you want your career choice to be more lucrative, then choosing to become a lawyer can be an ideal step.
However, you must note that lawyers with independent firms earn much less than those working with law firms.
Their job often includes detailed research and legal documents outside of their working hours.
If you enjoy research and document analysis, are critical-thinking, and are enthusiastic about establishing justice in society, you should consider studying law. If you appreciate complex numerical, analytical, and problem-solving tasks, you should consider studying Economics.
As we mentioned, your general inclination and interest in the subject can be the deciding factor for choosing between these two lucrative career choices.
If you find joy in crunching numbers, or if you’re good at mathematics, becoming an economist can be a perfect choice. However, if you like the steamy nature of the law industry with tons of complicated laws, being a lawyer is ideal.
We hope this article helps you make an informed choice. Cheerio!
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