This article profiles three individuals who received their law degrees and then ended up creating their own companies. One of the most interesting questions the writer asks each of the three individuals is how they feel lawyers and entrepreneurs are different. What surprised me is that two of the three gave answers that categorized lawyerly thinking/attributes as antithetical to becoming a successful entrepreneur. These responses included: “entrepreneurs must be willing to take risks that would make many lawyers uncomfortable,” and “lawyers can have trouble seeing that perfect is the enemy of good…[and this is a negative because] entrepreneurs must move quickly.” In contrast, one of interviewees states that both fields require many of the same skills where the best lawyers and entrepreneurs are able to problem solve to achieve both their own and their clients’ objectives. Which side do you fall on? Are the two disciplines of law and entrepreneurship diametrically opposed, or do you feel there is more overlap between the two than is given credit for?
Good read. I tend to agree with Mr. Moore (second entrepreneur profiled in the article) who commented that “success in both fields requires many of the same skills.” I see there being a lot of overlap between the disciplines, especially in the area of analytical thinking and problem solving. Part of the difficulty in reconciling the different opinions presented by these entrepreneurs is the discrepancy between the definitions that each one is using for “lawyer” and “entrepreneur.” Defining these terms can be tricky as we have seen in many of our readings. Without agreed upon definitions, the parties are, likely, talking past one another. One of the responses said that “entrepreneurs must be willing to take risks that would make many lawyers uncomfortable.” I would say there is a difference between risk aversion and risk awareness. Thinking like a lawyer teaches you to quickly analyze and categorize potential risks which can be a great skill in the pocket of an entrepreneur. I find increased freedom in understanding the bounds of the law and how to navigate them. In some ways, I am more inclined to take risks due to my knowledge of the actual vs. perceived risks around me.
I definitely agree with the first entrepreneur, Leslie Firtell, who recognizes the distinction between lawyers and entrepreneurs. Although law schools teach the skills that can make a lawyer a successful entrepreneur, law schools cannot change the personalities of those that attend–they are filled with type A personalities. Type A personalities aren’t willing to take risks by taking 3 steps back to take 10 steps forward. In most cases they feel the need to control all situations, and an entrepreneur often must function at the control of others before they are able to take control. Even Rubin, a type A personality, declares that it’s a hindrance in her role as a entrepreneur. For example, law school teaches you to identify problems and analyze risks. Yes, entrepreneurs also have these skills, but the difference is in what they do with them.
In response to the second entrepreneur, tenaciousness and resourcefulness of a lawyer cannot always be translated to other fields such as entrepreneurship. Lawyers are given an assignment and then focus entirely on that. Can they transfer that to possibly having multiple tasks or even having no task at all, and finding the next task for their business?
Additionally, many, if not all of the lawyers in this article were exposed to entrepreneurs growing up. What about the entrepreneurs that don’t have that exposure? Do they think the same way?
Nice post. I actually posted the same article without realizing you’d covered this already. In answer to your question: I think the two paths are too extremely contrasted. I don’t think that the traits to be a good entrepreneur are diametrically opposed to those of being a good lawyer. (or vice versa). In fact, I think its worth noting that the most successful lawyers are actually great entrepreneurs themselves. Those lawyers are the ones who bring in clients to the firm. Developing a book of business is as much about practicing great law as it is attracting entrepreneurs as clients. And one only becomes great at something by actually doing it. So lawyers that go out to conferences, attend CLEs, or even just make use of random outings to generate new connections are entrepreneurial. It’s just that instead of having the mindset “I’m going to fix this problem in society”, they say “I’m going to find those people that are fixing the problems in society, and Im going to help them do that”. That is pretty entrepreneurial right there.