Does An Attorney With A Business Background And MBA Add Value In The Practice Of Law?

The successful practice of law requires deep legal knowledge and expertise in the chosen areas of practice. An attorney’s skills in applying this knowledge and expertise separates the good to great attorneys from the average attorneys. “Soft” skills, such as building supportive connections and communications with clients, are also very important. While many attorneys have several years of work experience after college and before law school, only a small percentage have a decade or more of work experience and a Master of Business Administration (MBA). This is unique, and it is something that can add value as an attorney depending in part on the law firm and the areas of practice.

Attorneys can gain business experience and business education in many different ways. Many attorneys work for several years after college and then attend law school. Others work after college, get an MBA, obtain a higher level position in business, and then ultimately decide to pursue a Law degree. Others major in business, immediately add an MBA, work for a number of years, and then decide to pursue a Law degree. Many others gain business knowledge on the job as attorneys as they progress in their careers.

1. Why do individuals with significant business experience and an MBA decide to attend law school to become attorneys?

This was not likely the plan that they had after college. They decided to pursue a career in business and either went straight to an MBA or got their first job…an entry level job somewhere…getting an MBA later. They worked, advanced in their careers, experienced the ups and downs, and somewhere along the way decided that they wanted to pursue the practice of law. They made the associated sacrifices and took the three years to get through law school. They then started their law careers, behind their peers but highly motivated to work hard and catch up.

2. Does this path to the practice of law matter?

Everyone of course is different, but it is fair to say that it takes a combination of motivation, confidence, perseverance, and a strong sense that law is ultimately the right career path to make the decision to go that route. With these attorneys there is no “I should have done something else rather than practiced law”. They already did the “something else”. This path to a law degree also fuels a passion of “catching up” after graduation due to the late start in the practice of law…working very hard and doing really good work for each client.

3. But does the business background and business education that these attorneys bring to the practice of law really matter? Is it helpful in their practice of law?

Let’s consider, as an example, a small law firm of three to five attorneys. This firm’s practice covers a number of different practice areas, including family law, personal injury, bankruptcy, small business law, and civil litigation. This firm can benefit from attorneys that have a business background and an MBA. Each area of practice has different financial, analytical and modeling requirements, likely some strategy and planning work that is relevant, and business experience can be helpful.

4. More specifically, in what ways is this business experience helpful?

Many different areas of the law and specific cases benefit from strong financial and analytical knowledge and skills provided by attorneys and the support staff. For example, much of a divorce case (with or without children involved) is about the separation of assets, about income statements, balance sheets, cash flow, tax law. Expertise is required to get this right to the benefit of the client. Small mistakes matter and can make a significant difference in the financial outcome.

Bankruptcy, while a very rules driven process, requires detailed engagement with the client on every aspect of their finances, building financial models to support their financial budgeting and ongoing spending decisions. Business clients, regardless of the legal issue, benefit from attorneys that can quickly understand the business, know the questions to ask, and can provide the necessary financial and business analytics. Personal Injury cases require a laser focused approach to monetary damages associated with the case, from out-of-pocket expenses, pain and suffering, lost wages and many other aspects of damages translated to a monetary award.

When hiring an attorney, the attorney’s background and reputation, the legal areas of focus and expertise, the quality of the initial consultation, comfort level with the attorney and support staff, client reviews, and word-of-mouth are all key considerations. In addition, an attorney’s business background and business education can be a factor in the decision regarding which attorney to go with. Business experience and business education can add value to the services provided by an attorney. The Attorneys at Dozier Law, P.C. provide clients with this background and expertise.