"Yes, for lawyers who choose to work as lawyers. But lawyers who choose to start companies are making a conscious choice to take significant risks, calculated risks. And their JD, far from being limiting, is actually beneficial. Readers of this column know that Ex Judicata has been front and center in proclaiming there is a new, modern definition of the JD degree. Old: A JD is a law degree. New: A JD is a degree in complex problem-solving."
"When a person wants to launch a business, whether it is buying a liquor store or offering a product never seen before, the majority of people if asked will say that it is a bad idea. That's just the nature of new. And that majority will almost always be proven right, as 90% of all new businesses fail. When a practicing lawyer wants to launch a nonlegal business, an even larger majority of people will say that is a bad idea."
"This is the double whammy. A mistake to leave law. A mistake to do a startup. One of the more intriguing, successful entrepreneurs in the EXJ Community is Mark Ferguson. All he did was start an axe company, the first new US axe manufacturer since World War II. He knew very little about axes. But he did see an opportunity. He also had 17 years of prior experience working in business in a nonlegal job."
Many assume lawyers are rigid and risk-averse, but lawyers who start companies take significant, calculated risks that leverage their JD training. The JD functions as a degree in complex problem-solving rather than solely as a law credential, supplying skills businesses urgently need. New ventures face widespread skepticism and high failure rates, with roughly 90% of startups failing. Lawyers starting nonlegal businesses encounter additional doubt about their lack of traditional business experience or a "real job." Successful examples show that recognizing an opportunity, conducting research, and applying prior business experience can overcome technical gaps and market skepticism.
Read at Above the Law
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