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Dwight Drake's
Business and Financial Literacy for Law Students


This book introduces students to a broad range of essential business and financial concepts. The objective is provide core knowledge that helps lawyers understand business challenges and work with business owners and executives. The discussions are concise, understandable, and suitable for all students, including business neophytes. They are designed to not overcomplicate the subject matter. Key topics include:

  • Core business concepts - income and EBITDA measures, performance ratios, opportunity costs, economies of scale, leverage and debt, gross multipliers, fixed and variable expenses, capitalization rates;
  • Time value of money basics - present and future values, amortization schedules, discount rates, internal rates of return;
  • Business valuation techniques;
  • How and why to identify important business differences;
  • The role and elements of a business plan;
  • Understanding financial statements, their limitations, and related audit and regulatory challenges;
  • Historical perspectives on globalization, business regulation, and monetary policy;
  • Basic microeconomics principles;
  • Fundamentals of corporations, partnerships (four types), and limited liability companies;
  • Business entity tax basics;
  • Choice-of-entity factors;
  • Capital markets, going public realities, and private funding sources;
  • Securities law basics;
  • The role and limitations of antitrust;
  • Fundamental shareholder rights;
  • Control struggles in public corporations;
  • Owner issues in closely held enterprises;
  • Select executive and employee challenges;
  • Intellectual property basics;
  • Common business-related ethical challenges.

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