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. \u00a0Old: A JD is a law degree. \u00a0New: A JD is a degree in complex problem-solving. \u00a0And if there is one thing every single business needs\u00a0more of,\u00a0it\u2019s complex problem-solvers. \u00a0Read on to see how this applies to lawyers who start companies.<\/p>\n
When\u00a0a person\u00a0wants to launch a business,\u00a0whether it is buying a liquor store or offering a product never seen before,\u00a0the majority of\u00a0people if asked will say that\u00a0it\u00a0is a bad idea.\u00a0\u00a0That\u2019s just the nature of new. \u00a0And that majority will almost always be proven right, as\u00a090%<\/a>\u00a0of all new businesses fail.\u00a0<\/p>\n When a practicing lawyer wants to launch a nonlegal business, an even larger majority of people will say that is a bad idea because that lawyer has\u00a0not\u00a0worked in any kind of business before,\u00a0has\u00a0never held a\u00a0\u201creal job.\u201d<\/p>\n Thus,\u00a0they encounter a second wall of doubt, a second group of naysayers. \u00a0Here they question the sanity of leaving the practice of law and abandoning their law degree.<\/p>\n This is the double whammy. \u00a0A mistake to leave law. \u00a0A mistake to do a startup.<\/p>\n One of the\u00a0more\u00a0intriguing, successful entrepreneurs in the EXJ Community is Mark Ferguson. \u00a0All he did was start an axe company, the first new US axe manufacturer since World War\u00a0II.\u00a0He\u00a0knew very little about axes. But he did see an opportunity. \u00a0He also had 17 years of\u00a0prior experience\u00a0working in business\u00a0in a nonlegal job.<\/p>\n When we\u00a0interviewed Mark<\/a>, he told us that after\u00a0he and his co-founder\u00a0did\u00a0their research,\u00a0they\u00a0decided\u00a0to bounce the idea off some blacksmiths and craftspeople\u00a0over pizza and beer. \u00a0You might be able to guess how that worked out. \u00a0In Mark\u2019s words:<\/p>\n We\u00a0wound up getting a group of seven or eight of them together and did this big presentation and\u00a0then said, \u2018Isn\u2019t this cool? \u00a0We\u2019re\u00a0going to do this, and isn\u2019t this\u00a0exciting?\u2019 \u00a0And just about every\u00a0single person said,\u00a0in\u00a0not so many\u00a0words, \u2018You guys are idiots. You don\u2019t know\u00a0what you\u2019re doing. You\u2019re not going to be able to do this.\u2019<\/p>\n<\/blockquote>\n But,\u00a0Mark had an ace in the hole. His legal training. \u00a0What we call the JD skill set.<\/p>\n In his case, it\u00a0was particularly helpful when it came to selling the product.<\/p>\n Sales\u00a0is\u00a0just like\u00a0you\u2019re making\u00a0your\u00a0argument and\u00a0building a case to try to persuade customers.\u00a0You do the research and organize it and build an argument.\u00a0\u00a0I think law school and being a lawyer is fantastic\u00a0training for\u00a0this.<\/p>\n<\/blockquote>\n The company Mark co-founded, Brant & Cochran,\u00a0is now 16 years old. \u00a0He overcame\u00a0all doubts\u00a0about\u00a0the likelihood of\u00a0his\u00a0success.\u00a0His JD skill set served him in making that business a success.<\/p>\n At our\u00a0first\u00a0startup,\u00a0Ex Judicata\u2014the foundation for the EXJ Community\u2014we had\u00a0the\u00a0opportunity to interview\u00a0some other amazing JD\u00a0Founders including:<\/p>\n Michael Andrews,<\/a>\u00a0Michael Andrews Bespoke<\/p>\n Nicole Clarke<\/a>, Trellis\u00a0Research<\/p>\n Brett Deutsch<\/a>, Deutsch Photography<\/p>\n Philip Dube<\/a>,\u00a0Whip Smart Wine Company<\/p>\n Helene Godin<\/a>,\u00a0By the Way Bakery<\/p>\n Patrick Krill<\/a>, Krill Strategies<\/p>\n Velma Lee<\/a>, Lee Designs<\/p>\n Perry Ochacher<\/a>, Willett Public Affairs<\/p>\n April Rinne<\/a>,\u00a0Futurist and Author<\/p>\n In their interviews,\u00a0which can\u00a0be accessed\u00a0above,\u00a0each\u00a0founder credited the JD skill set as a foundation for their success. \u00a0<\/p>\n What is the JD skill set? While there is no formal list, here are the traits we reference most often in the EXJ Community.<\/p>\n \u2022\u00a0Analytical thinking<\/p>\n \u2022\u00a0Issue Spotting<\/p>\n \u2022\u00a0Risk Assessment<\/p>\n \u2022\u00a0Delivering under pressure<\/p>\n \u2022\u00a0Superb presentation skills<\/p>\n \u2022\u00a0Driven to exceed expectations<\/p>\n \u2022\u00a0Laser focus on goal attainment<\/p>\n \u2022\u00a0Ability to work\u00a0late into the night<\/p>\n Some combination of these skills has helped every non-practicing lawyer reading this to advance in their own chosen nonlegal career. \u00a0We highlight founders here because they\u00a0have to\u00a0play many roles, they call on the\u00a0entire<\/em>\u00a0toolbox.<\/p>\n Nicole Clarke, co-founder & CEO of legal tech company Trellis Research, in her interview with Ex Judicata, made this point and along the way added some additional reasons why law school training is so valuable to founders.<\/p>\n Law\u00a0school is super grueling, and starting a business is\u00a0incredibly\u00a0hard. It\u2019s a grind for sure. You\u2019re working a lot.\u00a0Another thing I took away from law school is that I could\u00a0learn anything. I remember learning securities law.\u00a0This was stuff\u00a0I didn\u2019t think I\u2019d ever come across\u00a0again.\u00a0But if I set\u00a0my\u00a0mind to it, I\u00a0knew I\u00a0could learn it.\u00a0And in business, especially when starting a new\u00a0company, you\u00a0have to\u00a0wear\u00a0many\u00a0hats.\u00a0 Many of these roles will be new to you. But believing that you can learn, start doing it, and knowing\u00a0that you\u2019ll be able to figure it out,\u00a0that\u2019s core to starting\u00a0a business.<\/p>\n<\/blockquote>\n For all lawyers reading this who harbor a notion, a dream, a concrete idea, it is safe to say that you will have a leg up on other founders because of your JD.<\/p>\n The authors of\u00a0The Great Escape\u00a0column,\u00a0Neil Handwerker and\u00a0Kimberly Fine,\u00a0are the founders of exjudicata.com, a platform designed to help lawyers move to nonlegal careers. \u00a0They just launched\u00a0a new related platform, the EXJ Community, the first ever peer-to-peer network of non-practicing lawyers.<\/em><\/strong><\/p>\n The post Why Are So Many Lawyer Entrepreneurs Successful? Overcoming The Double Whammy<\/a> appeared first on Above the Law<\/a>.<\/p>\n Lawyers make terrific founders. \u00a0Some might say it is counterintuitive. Aren\u2019t lawyers rigid in their thinking? Isn\u2019t it all about minimizing risk above all else?<\/p>\n Yes, for lawyers who\u00a0choose to work as lawyers<\/em>. \u00a0But lawyers who\u00a0choose to start companies<\/em>\u00a0are making a conscious choice to take significant\u00a0risks, calculated risks. \u00a0And their JD,\u00a0far from\u00a0being\u00a0limiting,\u00a0is\u00a0actually beneficial.<\/p>\n 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. \u00a0Old: A JD is a law degree. \u00a0New: A JD is a degree in complex problem-solving. \u00a0And if there is one thing every single business needs\u00a0more of,\u00a0it\u2019s complex problem-solvers. \u00a0Read on to see how this applies to lawyers who start companies.<\/p>\n When\u00a0a person\u00a0wants to launch a business,\u00a0whether it is buying a liquor store or offering a product never seen before,\u00a0the majority of\u00a0people if asked will say that\u00a0it\u00a0is a bad idea.\u00a0\u00a0That\u2019s just the nature of new. \u00a0And that majority will almost always be proven right, as\u00a090%<\/a>\u00a0of all new businesses fail.\u00a0<\/p>\n When a practicing lawyer wants to launch a nonlegal business, an even larger majority of people will say that is a bad idea because that lawyer has\u00a0not\u00a0worked in any kind of business before,\u00a0has\u00a0never held a\u00a0\u201creal job.\u201d<\/p>\n Thus,\u00a0they encounter a second wall of doubt, a second group of naysayers. \u00a0Here they question the sanity of leaving the practice of law and abandoning their law degree.<\/p>\n This is the double whammy. \u00a0A mistake to leave law. \u00a0A mistake to do a startup.<\/p>\n One of the\u00a0more\u00a0intriguing, successful entrepreneurs in the EXJ Community is Mark Ferguson. \u00a0All he did was start an axe company, the first new US axe manufacturer since World War\u00a0II.\u00a0He\u00a0knew very little about axes. But he did see an opportunity. \u00a0He also had 17 years of\u00a0prior experience\u00a0working in business\u00a0in a nonlegal job.<\/p>\n When we\u00a0interviewed Mark<\/a>, he told us that after\u00a0he and his co-founder\u00a0did\u00a0their research,\u00a0they\u00a0decided\u00a0to bounce the idea off some blacksmiths and craftspeople\u00a0over pizza and beer. \u00a0You might be able to guess how that worked out. \u00a0In Mark\u2019s words:<\/p>\n We\u00a0wound up getting a group of seven or eight of them together and did this big presentation and\u00a0then said, \u2018Isn\u2019t this cool? \u00a0We\u2019re\u00a0going to do this, and isn\u2019t this\u00a0exciting?\u2019 \u00a0And just about every\u00a0single person said,\u00a0in\u00a0not so many\u00a0words, \u2018You guys are idiots. You don\u2019t know\u00a0what you\u2019re doing. You\u2019re not going to be able to do this.\u2019<\/p>\n<\/blockquote>\n But,\u00a0Mark had an ace in the hole. His legal training. \u00a0What we call the JD skill set.<\/p>\n In his case, it\u00a0was particularly helpful when it came to selling the product.<\/p>\n Sales\u00a0is\u00a0just like\u00a0you\u2019re making\u00a0your\u00a0argument and\u00a0building a case to try to persuade customers.\u00a0You do the research and organize it and build an argument.\u00a0\u00a0I think law school and being a lawyer is fantastic\u00a0training for\u00a0this.<\/p>\n<\/blockquote>\n The company Mark co-founded, Brant & Cochran,\u00a0is now 16 years old. \u00a0He overcame\u00a0all doubts\u00a0about\u00a0the likelihood of\u00a0his\u00a0success.\u00a0His JD skill set served him in making that business a success.<\/p>\n At our\u00a0first\u00a0startup,\u00a0Ex Judicata\u2014the foundation for the EXJ Community\u2014we had\u00a0the\u00a0opportunity to interview\u00a0some other amazing JD\u00a0Founders including:<\/p>\n Michael Andrews,<\/a>\u00a0Michael Andrews Bespoke<\/p>\n Nicole Clarke<\/a>, Trellis\u00a0Research<\/p>\n Brett Deutsch<\/a>, Deutsch Photography<\/p>\n Philip Dube<\/a>,\u00a0Whip Smart Wine Company<\/p>\n Helene Godin<\/a>,\u00a0By the Way Bakery<\/p>\n Patrick Krill<\/a>, Krill Strategies<\/p>\n Velma Lee<\/a>, Lee Designs<\/p>\n\n
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