Tuesday, May 12, 2015
That's the argument made by J. Mark Phillips, an Assistant Professor at Belmont University’s Massey School of Business and an entrepreneurial consultant to solo legal practitioners, in this new article called Entrepreneurial Esquires in the New Economy: Why All Attorneys Should Learn about Entrepreneurship in Law School and available at 8 J. Business, Entrepreneurship & Law 2 (2015). From the abstract:
As the legal industry continues to recover from the shock of the recent recession, it finds itself in a fundamentally different place than it was ten years ago, with even more tumultuous change on the horizon. Economic pressure coupled with continued technological innovation has increased attorney unemployment levels, shifted law firm business models, and changed the expectations of legal clientele. Yet, despite this radically shifting market place, legal education has remained fundamentally unchanged. This article examines the current state of the legal industry through an entrepreneurial lens and juxtaposes it with the current state of legal education. In doing so, this article sets forth three key claims: (1) the legal industry is not only ripe for entrepreneurial attorneys but will actually depend upon them for survival; (2) as a whole, law schools are currently ill-suited to provide entrepreneurship training; and (3) all attorneys, regardless of their chosen career path, would benefit from exposure to entrepreneurship education in law school.