Someone with a law degree has been exposed to "Business Law." That doesn't mean all law students are experts at business law, or that they specialize in business law once they graduate with a law degree and pass their bar exam.
Some economic theories about tort law is part of those studies, and are exposed to what that entails in industry/commerce. I also took Business Law in college, but that was over 40-years ago, and did not have to "practice" it in any of my positions during my career. I did have to learn labor laws, and applied what I learned in my capacity in management. I also taught some classes on labor laws to management staff, and created Personnel Policies that must meet both state and federal labor laws. I also assisted other companies develop Personnel Policies. I also applied my knowledge of accounting on my jobs; by creating accounting systems for several companies, doing consulting, auditing, and supervising associates.
Laws and commerce (economics) are tied together, whether they are payroll related, OSHA, unemployment, disability, or transfer of benefits.
I had some understanding of health care issues, because I implement them in several companies, but I'm sure many of the details have changed not only in cost but employee shares have increased dramatically since my retirement. I also had some knowledge about retirement plans, sick leave, vacation/holiday pay, and other payroll issues on local, state, and federal income taxes.
I feel my exposure to all levels of management prepared me to have a pretty good understanding about commerce and the relative laws associated with it.