Have you heard of financial law, but don't quite understand what it's about, where to work, or why it's advantageous to focus on knowledge in this area? 

Well, a area of Law Finance is one of the most competitive fields in the job market, and because of this, some people sometimes feel confused about what is covered.

If you identify with these people or would simply like to know more about the subject, read this article and have all your questions answered.

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What is financial law?

According to Fernando Couto, professor and coordinator of the Law course at Faculdade ESEG, part of the Etapa Group, “the Financial law is considered to be the set of activities carried out by the State with a view to meeting public needs. In this activity, we have the acquisition of revenue and the incurring of expenses, which are instruments for achieving the purpose of the State.

With regard to Financial Law can be defined as the branch that studies the legal framework of finances and the agreements established between the State and individuals. 

In the words of our professor, its definition can be understood as the science that studies and regulates the financial activity of the State, legally disciplining not only the allocation of public financial resources, but the entire financial legal system and all the relationships involved in the financial activity carried out by the State.

In other words, Financial Law investigates and analyzes facts of an economic, political, and legal nature, establishing a direct relationship with the concept of financial activity. explained by Professor Fernando Couto.

There is often confusion and a perception of similarity between this modality and Tax Law, however... Tax Law It focuses solely on defining how citizens will be taxed, with the goal of generating revenue for the State. 

Although both areas are strongly linked, the main difference between them is: Financial Law studies the financial activities of the State as a whole, while Tax Law is a topic studied within Financial Law.

Where can I work with a specialization in Financial Law?

TheA financial lawyer is a professional responsible for helping people with financial matters in the legal sphere., usually specializing in a more specific branch within the possible subjects corresponding to Financial Law. 

Regarding this matter, Professor Fernando Couto emphasizes that the subject matter of this area is the same as that of the Science of Finance, namely, the financial activity of the State, which unfolds into revenue, expenditure, budget, and public credit. 

He emphasizes that “Professionals who choose to follow this path should always stay up-to-date with the legislation and regulations governing financial activity., both in the public and private spheres, "providing preventive, advisory and/or litigation legal services.".

This clearly demonstrates the importance of continuous updating, regardless of the subject you choose to study. 

Within the areas of operation, we can mention:

• Banking mattersGeneral banking issues, loan and mortgage-related contracts, and cases of dispute or disagreement between client and bank;
• Bankruptcy claims for consumers and businesses: A lawyer specializing in financial services can explain the rights and offer advice to the client on how to best protect their company's assets throughout the bankruptcy process;
• Debts and collections: A lawyer specializing in this area can ensure that creditors are following all the rules and applications of the law;
• Insurance and annuitiesA lawyer with expertise in the field can explain the details of an annuity contract or know how to handle any issues a client may have with their insurance company.

According to our professor Fernando Couto, other possible career paths include, for example:

• To work in fiscal federalism (state finances), whether or not involved with issues such as royalties (oil, energy, mining);
• Provide legal public tenders to work with the Legislative Branch as a legislative consultant in the financial and budgetary area;
• To work with the courts of accounts as an auditor;
• To provide consulting services in the financial services sector, both to public bodies (mainly regarding the Fiscal Responsibility Law) and to private companies in business structuring, royalty issues, collection and improper charges of the FGTS (Brazilian severance pay fund), participation in tenders, public contracts (also working with Administrative Law);
• To provide advice to individuals, dealing with the Federal Revenue Service, TARF (Tax Appeals Board), TIT (Tax Information Bureau), State or Municipal Finance Secretariats, National Treasury Secretariat, DNPM (National Department of Mineral Production), ANP (National Agency of Petroleum, Natural Gas and Biofuels), and Aneel (National Agency of Electric Energy), among others.

Why focus on knowledge of Financial Law?

The lawyer whose focus is to Financial Law professionals understand not only tax burdens, but also what and how finances are collected and how they are used. these are in the interest of the common good.

Thus, the knowledge gained can greatly help the professional to be sought after by companies that have significant financial business or even to work for the benefit of their own ventures.

Conclusion on Financial Law

Professor Fernando Couto's advice for those who would like to specialize in this area is as follows: “In addition to applying yourself to this discipline during your undergraduate studies, it is advisable to pursue specializations and postgraduate studies in Financial Law and its sub-areas. It is also recommended to study (or learn) some accounting and financial mathematics.”.

A Bachelor's Degree in Law ESEG, which has the highest possible rating from the MEC (Brazilian Ministry of Education), is an excellent starting point for those who would like to pursue this career. 

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