LLM stands for Legum Magister in Latin, which is interpreted in English as Master of Laws. An LLM is a post-graduate degree. It is recognized internationally, but the utility of an LLM is dependent on the country in which a graduate is practicing law.
For law students obtaining both their Juris Doctor (JD) and LLM, the master's is a means of specialization in a chosen study of law. Examples of common specializations are enviornmental, intellectual property, tax and international law. International students seeking an LLM gain a knowledge of the legal system of the country from which they obtain their degree. An LLM by itself does not make graduates eligible to practice law; it must be accompanied by a JD or an LLB (a bachelor of laws) in order to practice law.
Prospective students are considered eligible if they are pursuing or hold a degree in law--an LLB or a JD--from an accredited institution. While it not a requirement, many LLM students have been in the field of law for several years and have experience in law firms or as judges, members of government ministries, financial institutions or corporations.
The course of study for an LLM varies with each university. Some programs are research-intensive, some require a thesis and some have a course list to complete. Many universities require a combination of both coursework and research. There are options for both full-time and part-time students. Full-time students can complete the LLM program in one year.
An LLM equips graduates to practice multinational issues. It facilitates relocation and the practice of law in a foreign country. An LLM degree is advantagous for graduates as it demonstrates to prospective law firms a specialized legal training and the ability to work with multinational issues.