Huse and Ryan share “5 Fundamental Concepts to Bridge the Gap Between Business and Law”

JD Supra has shared an article co-authored by Jill Huse and Erin Ryan (McGuireWoods LLP) that discusses “5 Fundamental Concepts to Bridge the Gap Between Business and Law.” In it, they outline five things business students learn that would greatly benefit attorneys as well.

Today’s law students may emerge from school with a valuable skillset, but they will be ill-equipped to satisfy today’s actual clients. Why? Because curriculums continue to emphasize theory, not practicality.

An operational, business-driven mentality exercises a different muscle than the Socratic one.
Most lawyers didn’t go to business school. Instead, three years were spent independently synthesizing thousands of pages of case law, engaging in endless Socratic-style debate, and learning how to examine every angle of an issue. While theory, ‘what-ifs’ and nuanced research certainly have their place in a lawyer’s skill set, they are simply not enough anymore.

Contrast that with business schools, which teach students in a totally different way, focusing on applied business principles such as differentiation, collaboration, and driving growth.
No matter how large the law firm, a lawyer must take individual ownership of his or her practice.
Here is the reality: a lawyer’s individual success directly impacts the firm’s success, and as such, each lawyer must understand the practical side of running a business. Client service, business development, interpersonal skills, and the economics of practicing law are crucial. And because less than 10% of law schools in the US provide these essential business school teachings, it is up to the lawyers to seek out this post-law school curriculum.

Read the rest of the article here on JD Supra.