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Lecturer(s)
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Růžičková Dora, Ing. Ph.D.
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Filipec Ondřej, Mgr. et Mgr. Ph.D.
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Course content
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Content (topics): 1. Homo oeconomicus in legal practice. Rationality versus emotions; examples of demand and supply, predicting consumer behavior, and market functioning mechanisms. 2. Start your own company. New business or acquisition of an existing one? Physical or virtual registered office, amount of share capital, choice of managing director and company name. Practical steps for establishing a company from A to Z and obligations after its formation. 3. Business plan for a law/notary office. Specifics of regulated professions, pricing (tariff/contractual fees), market analysis, client acquisition, liability insurance and additional coverage. Can a lawyer choose a specialization? 4. Lawyer as human capital. Education, experience, innate abilities, wage differences, and regulation of the legal profession. Types of employment contracts and their suitability for students. Job interview simulation. 5. How to read a lawyer?s tax return. Practical work with personal and corporate income tax returns. Choosing between self-employment (as a permanently cooperating lawyer) and owning a limited liability company. Benefits of accounting, VAT principles, and when a lawyer or notary becomes a VAT payer. 6. Financial literacy for lawyers. Personal finance as a sound family plan, portfolio creation, and cash flow management. Mortgages and banks? view of regulated professions. Fraud and social engineering. The role of financial advisors. 7. Business loans for companies and legal professions. How banks and non-bank institutions assess risks. Financing a law/notary office, specifics of regulated business, and the problem of inaccessible information on the financial market. 8. Negotiation simulation. Litigation versus out-of-court settlement. John Nash?s game theory, strategies, equilibrium, cost, risk, and time factor analysis. Price wars between companies as a useful analogy. 9. Lawyer in a real estate agency. Proper identification of contracting parties under AML rules and mistakes leading to high penalties. Invalid provisions in reservation agreements. Setting the agency?s commission. 10. Law (institutions) as a prerequisite for a society?s wealth. Key macroeconomic indicators (GDP, inflation, unemployment, economic cycles, happiness index). Why do Czechs feel worse than the data suggest? 11. Efficiency of the Czech tax system. Discussion on tax structure and its impacts. Why can a lower tax rate increase state revenue? Predicting the effects of legal-political decisions. Fiscal policy. 12. How banks influence our lives. Housing finance, mortgage market developments, DTI and DSTI parameters, the role of LTV, Czech central bank regulations, installment limits. Early loan repayment and consumer protection. Implementation of the EU CCD2 directive into Czech law.
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Learning activities and teaching methods
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Dialogic Lecture (Discussion, Dialog, Brainstorming), Activating (Simulations, Games, Dramatization)
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Learning outcomes
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The course offers a practical introduction to economic thinking and shows how principles from microeconomics and macroeconomics influence legal practice, as well as decision-making by individuals, companies, and the state. It focuses on situations that lawyers actually deal with. The teaching is based on interactive exercises, presentations, role-playing, and simulations. Students will, for example, ?set up? a fictitious company, create a business plan for a law firm, go through a simulated job interview, learn to navigate different types of employment contracts, and review sample tax returns. The course also includes the development of financial literacy: students will become familiar with business and mortgage loans, try out the role of a real estate lawyer, and address issues related to AML. We will simulate negotiations in which students decide whether to pursue litigation or opt for an out-of-court settlement, applying elements of John Nash?s game theory. The course also provides a brief insight into the state?s economic policy.
Students will understand basic economic principles and learn to apply them when analyzing legal situations. They will acquire the ability to correctly formulate issues, present their positions, and argue with regard to economic contexts. They will develop critical and economically oriented thinking essential for modern legal practice.
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Prerequisites
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Completion of this course is not conditional upon completion of some other courses.
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Assessment methods and criteria
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Student performance
Active participation in discussions and analyses of real legal-economic situations, presentation of selected topics.
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Recommended literature
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https://chytrejsidane.cz/.
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Veřejně dostupné analýzy a statistiky, podcasty a videa o ekonomii, právu a financích, kalkulačky mezd, daní, hypoték aj..
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Broulík, J., Bartošek, J. (2015). Ekonomický přístup k právu. CH Beck Praha.
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Fryštenská, M. (2015). Ekonomická analýza civilního práva, 1. vydání. Brno: Masarykova univerzita.
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Hobza, V., Assenza, D., Zlámal, J. (2006). Základy ekonomie.. Olomouc: Univerzita Palackého.
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Holman, R. (2016). Ekonomie. 6. vydání. Praha: C. H. Beck.
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Mankiw, G., N. (1999). Zásady ekonomie. Grada.
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