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Is It Worth Getting the Third Degree?
Nobody goes to law school without having an undergraduate degree. And most lawyers still enter law school with an undergraduate degree in the liberal arts rather than any business-related field (except for the many IP lawyers with undergrad training in chemistry, engineering or a similar field). Law school curricula have little business focus and few Bar Associations give MCLE credit for any courses that hint of marketing or finance, leaving lawyers ill-equipped to deal with business clients on the client's level of understanding. This raises the question, would more lawyers benefit from getting a third degree, a Master's in Business Administration?
Having both a J.D. (formerly an LL.B) and an M.B.A., I think I'm qualified to give a reasoned assessment... and my answer is, no. I received my law degree first and entered law practice. Seven years later, with some time on my hands, I went to night school to obtain an M.B.A. The latter degree did me no good in marketing my law practice (other than the knowledge I gained) while practicing law. When I became a law practice management coach and consultant, suddenly people took notice of my M.B.A. degree, thinking I knew what I was talking about because of the degree.
My advice is that lawyers should get the degree, and the knowledge, that is important to their careers and continue to learn as their careers progress. Knowledge is always important and only continued learning will enable one to advance. Interestingly, when I talk to young people today about going to law school, they now respond primarily in ROI terms (a business concept of return on investment). And if they don't see a quick return on their investment of both time and money, they don't go to law school. That's as it should be, because anyone with such an orientation is better off not pursuing a profession where "The Business of Law®" is still suspect.
Although M.B.A. degrees still cost less that the six-figure expenditures often required for a J.D. degree, the expense is considerable , and the value received is increasingly diluted because business schools no longer require several years of practical experience and sole full-time focus on the advanced business course of study. One alternative today is the joint degree program offered by many universities. A more practical alternative, especially if you've been away from school for awhile and one that even many business people pursue, is the so-called "executive M.B.A." program that offers advanced but less intensive training in a condensed timeframe.
Some business schools, such as Northwestern University's Kellogg School of Management and The Wharton School of the University of Pennsylvania, have even worked with large law firms to construct such programs for their lawyers. And of course there's no reason why an individual attorney can't pick up a basic business class or two at the local community college. This seems to me a more practical way than pursuing an M.B.A. to gain business skills and insight.
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Following the worst economic crisis since the Great
Depression, and facing a sea change in clients' demands
and expectations, law firms must respond and adapt
quickly and effectively. Law firms must choose the kind of
law practice they will be; the marketing and business
development tactics they will use; the overhead that is
critical to their functioning; how to price, bill and collect
for services; and how to manage the cash flow cycle.
Success lies in identifying and capturing the right kinds of
clients, providing the services those clients need in ways
that add value, and ensuring prompt payment and the
ability to grow profits. This book, based on the
experiences of Ed and his clients over 20 years of
coaching and consulting, provides the keys to
successfully thriving in the new era.
Now Available
Special New Release Price: $79
Regular Price: $120
Call or Order Online at:
1-800-837-5880
www.lawbiz.com
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Personal Commentary
Life is good! Outside temperatures of 80 to 90 degrees made me forget we're only a few days away from official Winter. The rest of the
country is beginning to experience snow, rain and all the things I
forget about while living in Paradise.
Our latest product, an 8 CD set (6 hours, 15 minutes of CLE) entitled "8 Steps to Success" will be available this week for purchase at a
substantial promotional discount. Check it out at lawbiz.com and our new store, lawbizstore.com, which will also go live this week.
We continue to make changes for improvement and always ask for and
appreciate your feedback and support.
Ed Poll
lawbiz.com
lawbizblog.com
www.LawBizForum.com
800-837-5880
Please use the URL below to link to this issue:
www.lawbiz.com/nlimages/tip-12-14-10.html
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What Readers Are Saying...
"No matter how you slice it, there is
no substitute for wisdom and
experience. Ed Poll has
demonstrated both in this eyeopening
book about the essential
elements of running a profitable law
practice. He provides practical
wisdom along with simple ways to
adopt and incorporate best practices
for each. After explaining the pros
and cons of every decision, he makes
recommendations and provides
useful guides disguised as key
principles. Buy the book so you too
can access Ed's wisdom and
experience. It's worth much more
than the investment."
STEWART L. LEVINE. ESQ.,
FOUNDER, RESOLUTIONWORKS
AUTHOR, GETTING TO RESOLUTION;
THE BOOK OF AGREEMENT AND
COLLABORATION 2.0
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