Is Your Attorney a Businessperson?
Yesterday, the Wall Street Journal published three articles side-by-side addressing a topic that I believe is very important to all businesspeople looking for attorneys (here, here and here). That topic is the lack of business knowledge and skills taught in law school. These articles discussed the niche of attorneys that also pursue an MBA — a niche I am a part of and believe is essential when working with business clients.
The articles generally discuss how a law degree does not provide attorneys with much, if any, business education. “Basically you spend three years [in law school] reading appellate court opinions and you don’t learn anything about building a clientele,” said an Illinois business development consultant. In law school, attorneys never get the chance to learn about important business topics, such finance, accounting, marketing, risk analysis, organizational behavior, strategic management and leadership. Without training in these areas, attorneys speak a different language than their business clients, which can present barriers and impede the best representation.
A director of professional development at a large East Coast firm was quoted as saying “[w]e realized our associates don’t have an inside view of how our clients work.” Another partner at a major East Coast firm noted that “[w]hen you have the kind of challenges we have right now, (you need) really well-trained, smart managers talking the same language.” Finally, the head of client development at a large international firm said “[l]awyers are business solutions and to be able to be that, you must have an understanding of business dynamics.”
It seems clear that for attorneys who represent businesses, especially on transactional matters, finding an attorney who really understands your business is vital. This understanding may come from an MBA, other training or just experience — but it must be there or you are not hiring the best resource. Next time you call your attorney, ask yourself, “does he or she really understand my business?” If not, look for an attorney that does.
May 21st, 2009 at 8:41 PM
[...] That topic is the lack of Business knowledge and skills taught in Law school. These articles discussed the niche of Attorneys that also pursue an MBA %26mdash; a niche I am a part of and believe is essential when working with Business clients. … Ethos Business Law » Blog Archive » Is Your Attorney a Businessperson? [...]