Entrepreneurship & Law

small business joshua stubbinsSome law students are interested in pursuing entrepreneurial endeavors and not necessarily practicing law. Although, there are a few avenues of law that benefit from the mindset of entrepreneurship. These two areas include solo practice and work as a for-profit attorney in a legal office.

In the past, law students were more likely to become a part of the state bar and open a practice directly after school. Today, it is more common that J.D. graduates work for an established company to build experience before stepping out as their own entrepreneur. Solo practitioners are essentially small business owners who are promoting legal advice. While law skills are important, in this case general small business practices also become paramount. Skills in marketing, budgeting, and staff management are all key. The second area that benefits from entrepreneurial thinking is a position in a for-profit legal office. These corporate entities look for lawyers who have the ability to bring in more business and can organize relationships with clients.

Budding entrepreneurs can benefit from law school. Law studies teach what is necessary for running a business. Common subjects may include contracts and corporate law. However, there are other courses offered that will give more insight into a career as a business owner. These other areas may consist of corporate taxation and employment law. Involvement in extracurricular activities that focus on business and law will be highly beneficial.

Studying law as a business owner also means that the hiring of a lawyer can be avoided. In situations such as creating contracts with employees or suppliers, the law school graduate will already have the trained ability to oversee such documents. Business issues based on legal matters will also be more easily analyzed by the law trained entrepreneur.