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.

So lawyers, if you’re not one of the few JD/MBAs in the world, here are five fundamental business school concepts that enhance the practice of law:

1. Taking Risks

Businesses take claculated risks every day. Private companies go public. Public companies play the opportunistic and volatile stock market – the riskiest platform in our business world.

Lawyers, on the other hand, are trained to mitigate risk by examining all possible arguments and outcomes. Businesses would be paralyzed by the same level of risk aversion. Truly skilled lawyers help clients assess the amount of risk they are willing to assume and prioritize their investment in legal services as appropriate. 

2. Collaboration

By its very nature, law school is a highly competitive environment. Teamwork feels inefficient and risky. The institutional bell curve and intense competition for post-graduation jobs do not foster a collaborative culture.

Yet, most schools – from kindergarten to college – have migrated to team-based learning. Different perspectives, principles, and experiences all bring insight and value to achieving goals.

Group collaboration is an effective way to share opinions, work through conflict, allocate accountability, and get to the best solution. 

3. Collective Intelligence

We’ve worked with lawyers for many years, and they are some of the most brilliant people we know, but they sometimes lack the ability to see the big picture.

Businesses understand the power of collective intelligence. Artificial Intelligence, Business Intelligence and Competitive Intelligence are tools and platforms that the business community uses daily to gain a competitive edge in the marketplace. Yet, few law firms have been able to adapt and harness these tools to impact their firms or help influence their position in the market.

4. Conflict Management

Managing conflict is a healthy part of doing business. Whether holding a partner accountable or asking for constructive client feedback, confrontation is crucial to success.

If law firms functioned more similarly to the clients they serve, they would embrace conflict resolution as a business practice to help them flourish.

5. Client Experience

Think about any retail establishment that you enjoy visiting. What is it about the experience that keeps you coming back? 

Let’s look at Starbucks. Why do people pay $6 for an order that they can barely remember?  Three reasons: 1) It’s personalized—have a complicated order, no problem- their highly trained baristas can handle it, and they put your name front and center for an added touch!  2) It’s convenient—customers can order from their phone and skip the line. 3) There are incentives—rewards members get to participate in a post-visit challenge and with every order they can earn bonus stars towards a free drink. They have found the secret to deliver a valued client experience, hence creating loyalty. 

In today’s competitive world, it takes more than doing good legal work for an attorney to build a solid, successful book of business. It takes differentiation that can be achieved by utilizing these concepts. Think of taking risks, collaboration, collective intelligence, conflict management, and client experience as thrusters that can propel our industry into the innovative, client-centric and business-focused world that our clients have occupied for years.

So, you can go back to school and get your MBA, or you can seek out individuals who can help you bridge this gap. Many law firms already have resources in-house. Look no further than your marketing and business development professionals to provide teaching and coaching on the skills that are needed to differentiate your practice: branding, positioning, relationship selling, business analysis, and communications are just a few.

If you don’t have an internal resource, check out the various industry organizations such as Association of Legal Administrators (ALA), College of Law Practice Management (CoLPM) and the Legal Marketing Association (LMA), which are great resources for the legal profession to spot trends, provide training and identify talent to help you take your practice to the next level.   

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[Society 54 co-founder Jill Huse is renowned as a trusted professional services advisor. Jill, a certified Worldwide Association of Business Coaches coach, is highly regarded for her progressive ingenuity, research-based strategy and, most importantly, her ability to deliver results for clients. 

Erin Ryan has spent the last 13 years focused on revenue generation, practice development, coaching, innovation, and client relationship management for three AmLaw 100 law firms. She is currently a senior business development manager at McGuireWoods LLP. Above all, she strives to help people discover the same intrinsic joy in their careers that she has been fortunate to experience. She received her J.D. from the University of Wisconsin.]