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Careers in Law and Economics

Individuals interested in working in law or economics will find there are many career options. Read on to discover the educational requirements, key job duties, and job outlooks for several positions.

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Career Options in Law and Economics

People with a degree or background in law or economics can work in a variety of industries. You're not limited to being a lawyer or economist - other job options include compliance officer and paralegal. Read on to explore five careers in law and economics.

Job Title Median Salary (2016)* Job Growth (2016-2026)*
Compliance Officer $66,540 8%
Market Research Analyst $62,560 23%
Lawyer $118,160 9%
Economist $101,050 6%
Paralegal $49,500 15% (for paralegals and legal assistants)

Source: *U.S. Bureau of Labor Statistics (BLS)

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Career Information for Jobs in Law and Economics

Compliance Officer

Compliance officers specialize in creating and implementing business practices intended to minimize the risk of non-compliance with regulations and laws. Job duties may involve advising management on the effects of organizational change, assisting with regulatory audits, and staying informed on recent regulatory changes. Compliance officers can also conduct consumer risk assessments and train personnel on compliance regulations and programs. They will need a bachelor's degree, with some positions requiring a master's degree or a Juris Doctor. Compliance officers can work for a variety of organizations, including financial institutions.

Market Research Analyst

Market research analysts specialize in examining market trends to determine future sales of services or goods. They utilize data and customer analysis to make organizations better understand consumers' needs and price points. Job duties may include analyzing the effectiveness of marketing campaigns, creating and implementing ways for data collections like opinion polls or surveys, and preparing diagrams and written reports on their findings. Market research analysts may work for scientific or technical consulting firms and finance or insurance agencies. This career requires a bachelor's degree in statistics, market research or computer science. A solid background and understanding of economics and consumer behavior is also important.

Lawyer

Lawyers assist individual and business clients with their legal issues. They can work for a variety of organizations, including law firms, government agencies, or private corporations. Lawyers can choose to specialize in fields like environmental or tax law. General job duties can involve representing clients in court, completing and submitting legal documentation like appeals or wills, and performing research on legal issues. Lawyers will need a bachelor's degree and a Juris Doctor. They will also need to successfully pass their state bar exam after finishing law school.

Economist

Economists focus on how goods or services are produced and delivered to consumers. They do so by utilizing industry trends, data analysis, and current economic issues. Job responsibilities may include providing recommendations to organizations or governments, evaluating and forecasting business trends, and creating diagrams or reports to present their findings. Economists can work for the federal government or scientific research and development services firms. A bachelor's degree is sufficient for entry-level government jobs; however, most positions require a master's or doctoral degree.

Paralegal

Paralegals specialize in providing operational and administrative assistance to lawyers. Job duties can involve performing research on legal issues, creating and maintaining a filing system, and preparing legal documents or evidence for lawyers' review. They may also write correspondence or reports and interface with clients or vendors to schedule meetings. Paralegals primarily work for law firms, but they can also work for government or finance agencies. They will need a minimum of an associate's degree, with some employers preferring a bachelor's degree.

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