Three of your Above the Law editors — David Lat, Elie Mystal, and Joe Patrice — met up in the ATL offices earlier this week to discuss whether going to business school is a better financial decision than going to law school.
Spoiler alert: Elie thinks law schools cost too much.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Kristina Tsamis shares some career advice for JD/MBAs from a panel discussion hosted by Duke Law in conjunction with other peer law schools.
We spend a lot of time discussing the dismal employment outcomes for JD grads. Things aren’t so rosy for MBA graduates either. To talk about a dual JD/MBA degree in this context seems like a double fail — a one-two punch of more work and potentially more debt in exchange for the same sad outcome.
Enter the panelists of How to Use the JD/MBA Degree in Business and Entrepreneurship: all JD/MBA graduates who touted the usefulness of a dual degree during a discussion hosted by Duke Law in conjunction with other peer law schools. The panelists centered their advice on four main areas: what to focus on while pursuing the dual degree, how to select a good mentor, how to interview well, and how to stop being risk-averse.
1. Maintain the Right Focus as a JD/MBA student
That class in early English case law will leave you painfully ill-equipped for the modern practice of law. But there are some courses you should be paying attention to, both on the JD and MBA side.
In Professor Paul Campos’s new book, Don’t Go To Law School (Unless) (affiliate link) — a book I’d recommend to anyone thinking seriously about law school — he shares an email from an individual who, after much research and thought, decides to enroll in law school. The email sheds some light on why people continue to sign up for law school despite all the warnings (from folks like Professor Campos, my colleague Elie Mystal, and many others). The law student writes:
[Prospective law students] think: debt doesn’t matter. There is no penalty for defaulting on the debt, except the relinquishment of the privileges of an advanced financial life. . . Students evaluating the horrible deal in question believe they have no access anyway to those privileges (e.g. a retirement account, a home purchase, a start-up business). For the student in question, all law school has to do is provide some potential benefit, and it becomes a rational choice.
After acknowledging that “[t]here’s a lot of force in this line of argument,” Professor Campos tries to refute it, basically arguing that many who go to law school based on such reasoning are “making a difficult situation worse.” But maybe the argument is not so easily refuted.
After all, what else are you going to do with yourself? Before you criticize law schools and those who matriculate at them, please familiarize yourself with the grim economic realities of twenty-first century America….
What’s the first thing you do at business school — before classes start, before orientation, before anything?
Draft your résumé. And then give it to an advisor who helps you polish the thing. And then go through several more iterations before you submit the final form to “the first of three résumé books,” as Jessica’s email explained, although I don’t quite understand what the words mean.
(Unless times have changed in the last 30 years, law schools are not nearly as aggressive as business schools in immediately preparing students for the job market. Perhaps that’s an institutional failing. Or perhaps law school runs for three years, so students have two summers available for internships, while business school lasts just two years, which places heightened importance on the recruiting season in the fall of year one — before students have finished a single course.)
Jessica asked me to take a look at the original form of her résumé, which she prepared, and she later sent me (for the customary Dadly-proofreading) the final version — which was much, much better.
I haven’t prepared a résumé for myself in more than two decades, and, mercifully, I’m forced to look at relatively few résumés these days. But I learned a few things from watching my daughter’s résumé pass through the belly of The University of Chicago beast. And this experience prompted me to think about the difference between preparing a résumé when you work at a law firm compared to preparing one when you work in-house . . . .
* “This case has nothing to do with the United States.” We’d normally let that slide because of this law from 1789, but now the Supreme Court is suddenly skeptical about the validity of the Alien Tort Claims Act. [Reuters]
* “Why are we being punished for Dewey & LeBoeuf?” Come to think of it, former employees at the failed firm are probably wondering the exact same thing as the fictional characters on “The Good Wife.” [WSJ Law Blog]
* Reduce, reuse, and recycle your claims? New York Attorney General Eric Schneiderman filed suit against JPMorgan, alleging that the bank’s Bear Sterns business defrauded mortgage-bond investors. [Bloomberg]
* A man of many firsts: Randall Eng, the first Asian judge in the state, was appointed to lead New York’s Second Department as presiding justice, the first Asian-American to serve in the position. [New York Law Journal]
* Why shouldn’t you get a dual JD/MBA? Because hiding out in school for another year isn’t going to save you from all of the extra debt you’ve incurred earning yet another degree. [Law Admissions Lowdown / U.S. News]
It’s been a while since we had a good Xtranormal video. The So You Want To Go To Law School sensation inspired a number of predictable spinoffs. But that mediocre flow eventually subsided.
But Xtranormal is still a pretty funny way of getting your point across. A tipster came across a good one over at Wall Street Oasis. It’s actually a series of videos called “Adam the Analyst.” The one that caught our tipster’s attention was the episode asks if he should go to law school. He’s told that law school is awful, and he should go to business school instead.
Joking aside, isn’t that clearly the right answer?
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
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