Spotlight on the Introduction to Business Course
If you want to learn more about foundational business concepts, check out the Introduction to Business course offered just before the start of the spring semester. This 2-credit course is taught by Professor Jonathan Whitaker from the Robins School of Business, who developed this course along with Professor Jessica Erickson at the law school. We asked them to describe the course and how it might help students in their legal careers.
Q: Can you describe the Introduction to Business course? What topics does the course cover, and how is it structured?
JW: Our Introduction to Business course is designed to provide you with a solid foundation that will enable you to participate more effectively in business-related meetings and projects early in your career. The course covers basic concepts in the areas of business strategy, operations, finance and accounting. We organize the course into two modules. The first module is to watch a series of high-quality videos developed by Cornell University. Most students watch these videos during the winter break. The second module (on campus during the first week of January) allows students to apply concepts from the Cornell videos to actual business cases written by Harvard Business School.
JE: The only thing I’d add is that this course examines business topics as you would in a business school. When we talk about cases in law school, we mean judicial cases handed down by a court. When business schools talk about cases, they’re referring to descriptions of real-world events that examine specific business or management issues. Students in our Introduction to Business course examine actual strategic decisions that companies like Apple, Dow, and Kohler have faced. In law school, we talk a lot about “thinking like a lawyer,” but this course helps you think like a business person, seeing the world as your clients might.
Q: Why is this information important for law students to know?
JW: As Professor Erickson and I developed this course a few years ago, I met with your Law School Advisory Council to receive their input. Your Law School Advisory Council felt very strongly that early-career legal professionals need to have at least a basic background in business, including how firms and large organizations operate. The rationale is that many legal cases involve firms as clients, and if we are going to effectively participate in these cases then we need to understand the client’s perspective and talk in the client’s language.
JE: For obvious reasons, this course is great for students interested in business law, but it’s also great for students interested in other types of law. I had many conversations with practicing lawyers as we were developing this course. Time and again, they told me that all lawyers need a basic understanding of business concepts. A family law lawyer told me that he needs to be able to read a balance sheet to help his clients locate and divide assets in a divorce. A criminal lawyer told me that she needs to understand accounting to follow the money in white collar crime investigations. An intellectual property lawyer told me how he uses finance concepts to understand his client’s intellectual property portfolio. No matter what type of practice you want to have, you will probably need to know something about business and finance.
Q: Why were you excited to teach this course?
JW: I am amazed at the incredible work that Dean Perdue and the Faculty have done at the University of Richmond School of Law, evidenced in part by our law school’s rapid ascent in the U.S. News and World Report rankings. After being impressed by working with a small number of law school students when I taught in our MBA program, I was very excited to work with a larger number of law school students in this course. I am impressed with the high caliber of our law school students, and the great work they go on to do after they graduate.
Q: How is the course graded?
JW: For this course, Professor Erickson and I wanted to keep the focus on learning and knowledge rather than a letter grade. Accordingly, we decided that this course will be graded on a Pass/Fail basis. Course assessments include online quizzes for the Cornell videos, a daily essay during the in-class module, an in-class test consisting of multiple essays at the end of the in-class module, and a final project (due about 10 days after the in-class module) consisting of essays and some numerical analysis. Each assessment must be completed at a passing level (C minus equivalent), and if any assessment is not completed at that level the student will be given two opportunities to rewrite the assessment (at a longer length) until the passing level is achieved. While the course will require work and effort, every student is in full control of their ability to pass the course.
JE: You should not go into this course expecting it to be easy! It’s pass/fail, but it’s still a rigorous course. That said, every student can pass if they are willing to do the work.
Q: Anything else you’d like to add?
JW: If you have any questions about the course, I encourage you to contact Professor Erickson or me, and we would be happy to discuss with you by e-mail or in person. I also encourage you to talk with your classmates who have taken the course, and/or other Law School faculty who can explain how a basic knowledge of business will enhance your career.