Value of law degree/school for entrepreneurship?

by kingcrim1. Posted on Sep 16, 2020    0    11


I was wondering if anyone could comment on the value of a law degree for pursuing entrepreneurship later in life.

I’m at a top 20 law school but I’m starting to think it could be a waste of my time and money.

Edit: just wanted to add, that I am a 1st semester 1L and am thinking about dropping out before I have invested a lot of time and money towards something that I ultimately don’t want to do.


Comments

eco-travel 1

Law is going to be eaten alive by software and A.I., same as what's happening to real estate and all other professional services. The pandemic has hastened this transition.

You're in a unique position to use that law knowledge to bridge law with the average person, and make it more accessible.

There are already software companies that are successfully fighting and winning parking tickets. Imagine if software could reduce the burden for men and women in family courts. Its only a matter of time before the archaic ways of law are brought into the 21st century.

Whoever does that will become very, very rich.

Musculuskleidus 2

There sure are some segments of Law practice (I would not call those practice, but whatever) that can be automated. Mainly repetitive tasks within long process.

But the very essence of law is justice. And you can not have justice, when there is some part of it automated. Be wary, business is complex but not complicated, yet law is complex and complicated at the same time.

There is simply no way you could put whole legal system into algorythms, even though it might seem as just, impartial and safe from corruption. If you did so, you would inevitably expose people to risk of being directly controlled by machines. Because it does not stop at parking tickets.

As you pictured, family courts, it is just unthinkable to let computer have any authority in deciding on peoples lives.

Each and every case is unique, only everchanging legal system, although flawed and imperfect can deal with those, not AI. In fact, scientists and IT specialists working with AI declared that the “AI” currently existing works under rules no longer fully understood by those specialists. They can control it, turn it of and on, but can not backtrack processes going on.

Having said that, I still believe there is huge opportunity in tech to better our legal system and simplify work of legal professionals.

Subtle_chief 2

Explain more?

  kingcrim1 1

Thanks everyone for the replies. One of the concerns I have is that law degree might box me into the practice of law. I have heard this from several lawyers.

laragrauer 2

It depends. Do you have a business idea/opportunity already? Would you ever consider going back to law school if your current business idea didn’t work out? If the iron is hot, it may be time to strike. Only you can really know.

If you don’t already have an idea to take action on right away, I would say stay in school. Knowledge and credentials can be great differentiators for your future business. Plus, you could be an entrepreneur by starting your own law practice. You could aim to hire other lawyers to do the legal stuff while you manage the biz if you don’t want to get your hands dirty with providing the service.

AGCRACK 2

As someone with multiple startups and an MBA, I’ve always felt that a law degree is better for entrepreneurs than an MBA in terms of upfront value. Focus on corporate law and contract law. You being able to better manage lawyers in the future is worth gold.

LavenderAutist 3

I think that having a law degree and practicing can help you.

It allows you to save money on the lawyers fees on a lot of things. It allows you to call BS on some things. It also allows you to make good money to find your business later. (Also if you are joining a small start up they'll value you more and lean on you... especially if they are just tech folks)

So is it necessary. No.

Is it useful. Yes.

Personally, if you are already doing it, I would finish it. Having one is valuable.

  kingcrim1 1

Thanks for the insight!

LavenderAutist 1

You're welcome

hornfan87 3

Optionality is a huge benefit for entrepreneurs. While getting your law degree may seem at odds with your desire for an entrepreneurial life, it gives you options. Don't underestimate that.

LavenderAutist 2

Agreed.