Your Guide to Business and Legal Affairs
Business and Legal Affairs positions encompass a wide variety of roles that can be found in all manner of industries – music, film, television, technology, publishing, fashion, product development, merchandising, to name just a few. These roles typically join together a variety of business and legal responsibilities, therefore requiring not only a sophisticated understanding of licensing, intellectual property, tax and commercial law, but also an interest in the business side of a variety of ventures and projects. There are also a variety of entry points into business and legal affairs positions, and individuals with backgrounds in accountancy, finance, sales and marketing, as well as those with legal training make up the talent pool for these roles.
Business and Legal Affairs departments and executives have historically carried out a variety of the following functions: They also engage in the collections , remittance, performance tracking and notice administration for numerous uses across media in connection with digital licensing and intellectual property licensing and preemption issues, such as coordinating payments pursuant to blanket licenses with The American Society of Composers, Authors and Publishers (ASCAP), Broadcast Music, Inc., the Re:Sound Music Licensing Agency and others, and tracking the royalties for all Mechanical, Synchronization, Public Performance/AComp and Theatrical Exhibition, Home Video/TVOD/VOD and Digital Mechanical licenses with The Harry Fox Agency, Inc. and others. Furthermore, B&LA will often assume responsibility for anti-counterfeiting initiatives and developing and managing global brand protection strategies in all forms of media and retail environments.
Business and Legal Affairs: Skills and Qualifications
In the fast-paced world of business and legal affairs, candidates should be equipped with both hard and soft skills to help them stand out in a competitive job market. On the technical side, the most successful candidates will be well versed with contracts, copyright and trademark laws, intellectual property and the ins and outs of various types of licensing agreements. However, prospective candidates should not overlook the importance of the following interpersonal and communication-related skills:
Verbal Communication. Ability to convey information clearly and logically, and appropriately tailor and adjust business communication based on audience
Written Communication. Ability to produce business correspondence with appropriate grammar, syntax and spelling
Analytical Skills. Ability to identify and resolve general contract issues both independently and as part of a team
Problem Solving. Ability to work independently and collaboratively to produce solutions
Interpersonal Skills and Teamwork. Ability to work cross-functionally and employ sensitivity to the roles of others in the organization
Of course, surefire success in business and legal affairs roles comes from a strong understanding of the needs of each organization, whether it be a development company, talent management agency or health and fitness app.
Degrees and Education: Business and Legal Affairs
A deep understanding of the law and the business landscape is essential for a successful career in business and legal affairs. The educational pathways to this role typically begin with an undergraduate degree in business, law, or a related field, followed by a law degree for those who wish to become practicing attorneys. For many roles, a strong background in business administration, finance, and intellectual property law is crucial. While the path to becoming a corporate lawyer often involves attending law school to earn a JD, opportunities are also available within the business realm for those with an undergraduate degree in business or employment-related disciplines. Many business and legal affairs professionals also hold additional certifications to demonstrate their expertise and commitment to the field. For example, earning a Certified Information Privacy Professional (CIPP) certification shows employers expertise in information privacy regulations, while a certificate in contract management can highlight specialist knowledge in contract creation, negotiation, and execution. For those seeking to pursue a career in business and legal affairs, internships and entry-level positions within a corporate legal department may also require relevant formal education. Internships in the field of human resources may also be beneficial, as business and legal affairs professionals work closely with human resources staff members on many employment-related matters.
Positions in Business and Legal Affairs
There are many types of business and legal affairs jobs available in the entertainment industry. While these positions vary between in-house corporations and private firms, the range of business and legal affairs positions within these domains all fall into one of three types: transactional, litigation, or a combination of the two.
Transactional positions are mostly found in the corporate sector, where the majority of business and legal affairs departments reside. At a corporation, business and legal affairs professionals generally work in one primary department, either production or licensing. In production, positions include:
Production attorneys/consultants are responsible for assessing legal risks in all stages of production, from financing to distribution. At a corporation, attorney positions may include overseeing various productions. At a production company, production attorneys may be assigned a small slate of projects to oversee throughout production and post-production. Corporate production attorneys most typically negotiate and draft finance, rights acquisition, talent, and other contracts. They also ensure that the studio is protected by including appropriate indemnity provisions. These attorneys often work with producers, directors, talent, and studio upper-management to develop and produce films.
Business affairs executives at a studio oversee all aspects of development, production, and marketing of film and television projects. They report to studio upper-management. Business affairs executives have responsibility over a diverse set of projects, and they are often expected to have business and legal expertise in various fields. They frequently must interface with the studio’s business affairs executives and production attorneys.
Corporate productions executives negotiate the terms of greenlighting a film or television project, including negotiating and drafting talent contracts and structuring the financial terms of these agreements. These executives do not receive executive producer credits.
Business and legal affairs positions with corporations have the advantage of being more stable and have a higher earning potential as compared to firms, given that they offer the security of a steady salary and benefits package. On the downside, work at a corporation is fast-paced and often entails long hours, and it may require more direct involvement with upper-management compared to firms. It also tends to be less creative than at a law firm.
Corporate legal departments vary in size, depending on the size of the corporation. Many hire experienced attorneys, but some will consider recent law graduates or even undergraduates for temporary entry-level positions.
Business and legal affairs positions at firms or consulting firms are either litigation-based or focused on transactional work. On the litigation side, positions available at firms include:
Litigation attorneys are responsible for handling all matters relating to a given project and see the case through to initial trial. Attorneys at smaller firms wear many hats, given that they are typically required to handle discovery and research, as well as draft pleadings and motions. Larger firms often have several departments that focus on specific litigation aspects. For example, one department may focus on research while another concentrates on drafting motions. Salary and experience requirements also vary between firms.
Business and legal affairs consulting positions are usually more varied than those at law firms, because firms tend to concentrate on either litigation or transactional work. Legal consultants usually work for multiple clients at a time. In addition to working directly for clients, legal consultants may also provide consulting services on an as-needed basis to firms, acting as "outside-counsel" to firms handling disputes for entertainment industry clients.
Because firms serve several clients at a time, consultants must be adept at managing many clients, and they must be exceptionally organized. Firms and consulting firms also give preference to candidates with specialized and extensive expertise. There is a wide range of other business and legal affairs opportunities, including positions at talent management and agency firms. Other positions include financial consultants, insurance companies, employment agencies, and foreign companies.
Industries Seeking Business and Legal Affairs Professionals
From the aspiring law school grad looking to get his footing in the market to the senior attorney who’s been around the block in-house multiple times…is there a sector or industry that is hiring consistently for business and legal affairs positions? Not really, when you consider it in terms of hard numbers. When you aggregate thousands of real-world job postings for business and legal affairs professionals – as we do at Lateral Link – there are no clear trends by sector or industry. What we do see, however, is that the entertainment industry certainly seems to be in a period of flux, with much less internal and legal hiring than in previous years as traditional media is upended by the digital era. With the explosion of new and social media, the technology sector has become a hotbed of activity, with entertainment professionals seeking out opportunities in new media companies. The financial services sector, too , seems to be in transition; banks and investment houses are consolidating, but there is increased hiring across the board as financial institutions settle into their new regulatory obligations.
Some industries seem to be consistently hiring law firm lawyers in business and legal affairs roles. Investment management firms that have made law firm hires in the past were reportedly pleased with their performance, at times to the detriment of the legal hiring teams that brought these talented candidates aboard. Energy and power industries are also consistent hirers of business and legal affairs professionals, often at the most senior levels. Technology companies typically are cautious about hiring in-house lawyers, and if they are wise, it is to hire general counsel track candidates who can wear many hats, helping out outside counsel, partnering with business executives, and handling responsibilities and tasks beyond the legal realm.
Finding Your Place in Business and Legal Affairs
Success in business and legal affairs often requires ongoing professional development. The most effective ways for professionals to move up in the business side of the industry vary depending on how far along they are in their current jobs. Here are a few ideas for strategies that will help you advance your career, whether you are a student taking in your first internships or an experienced professional working toward the next level.
Networking
Networking can be beneficial at any stage of your legal or business career. In particular, it is essential for law students and young lawyers looking for internships and entry-level jobs. During school or training, students should seek opportunities to network with the most prominent figures in their field. For example, they might attend events hosted by the Bar Association and the NFL Alumni Association or take advantage of other professional associations.
Keep in touch with important contacts when you begin your career. You should actively maintain and develop your professional network when you have a job as well. You may have ongoing opportunities to meet new individuals, such as at NFL player events, and you should aspire to make a connection whenever you can. This can create many inroads and build your skills in areas that aren’t focused on in your everyday responsibilities.
If you are already working in the industry, you might explore networking through social media or professional organizations.
Professional Organizations
You might consider joining professional organizations for the entertainment and sports industries or for specific roles, such as supporting an NFL executive. These groups often host educational and networking events and provide valuable exposure to prominent figures in the industry.
Education
The qualifications needed for business and legal affairs jobs can vary widely, so do your research before entering the field. Generally speaking, professionals in this field should have strong communication, organizational, relational and analytical skills. Practical experience is an important credential. It’s critical to take time to learn about the industry and build expertise in it. Beyond in-depth knowledge about the industry, you must be familiar with the work of other roles in the business and legal affairs division to better support your clients. For instance, accounting, revenue distribution, television production and licensing can all be a part of the work done in supporting a football operation.
You should educate yourself about any certifications you may be able to pursue that will be beneficial for your career down the line. It’s also important to look into potential continuing education programs offered by professional organizations, prospective employers or graduate schools.
Mentoring
Taking advantage of opportunities to learn from your senior colleagues or superiors will help you achieve greater success. You should consider informal avenues for mentorship when you are working in a business professional role. In addition, you can explore formal mentorship opportunities through professional organizations, the Bar Association or law school.
Career Options in Business and Legal Affairs
While there are many opportunities for growth in the industry, the business of legal affairs professional also has its share of challenges that must be navigated. For one, as technology continues to evolve so does the legal landscape of the entertainment industry. For example, when YouTube first emerged there were no established licensing practices in place. However, as the partnership between the two industries grew; the rules for payment and distribution were established through the implementation of additional licensing practices .
Industry leaders have noted that the biggest challenges in legal affairs today stem from the following: While the entertainment industry moves in new and exciting directions, so does the legal matters present within the field. The future of legal affairs will demand professionals that not only have the legal expertise to tackle industry issues, but also the creativity to develop new methods of collaboration.