Six forces and the legal environment of business: The relative value of business law among business school core courses

Regular review and revision of the core curriculum has become commonplace within business schools. This article presents and analyzes data from 902 senior managers attending executive programs at the University of Michigan. The data indicates that, among ten core business school subjects, law ranks third in value to these senior managers. The paper includes commentary on six forces that account for this high ranking. Two forces that were dominant in the 1970s and 1980s, regulation and litigation, are perceived by many managers as obstacles to business success. The four forces that have emerged in recent years-globalization, entrepreneurship, technology, and compliance-are more positive in that they enable firms to compete successfully in the global world of business.