Lawyers don’t know enough about business. Law schools are trying to fix that
Bloomberg - 05/12/2015
Part of what’s driving the need for lawyers fluent in business is the rise of new regulations affecting Wall Street firms and corporations more generally, says Northeastern University School of Law Dean Jeremy Paul.
“Every time the Congress passes a statue such as Dodd Frank or the Affordable Care Act, people have to figure out what it means. Lawyers are going to figure out what it means,” says Paul. “Of course, it creates more business” for law firms and in-house counsel, he adds.
It’s the job of law schools to produce JDs who can think like MBAs, Paul says. “You have to understand, not just the language of the law, but the language of your clients. Sometimes the language of your client is business.”