Finding law graduates at an MBA school is not a rarity these days. Is it a logical path to take for most law graduates? According to the statics released by the Harvard Business School, there are not significant enough law graduates attending their MBA program. It’s a similar story at the New York University Stern School of Business. So that brings us to the question of whether or not MBA after law school makes sense.
There is nothing wrong with an MBA after law school. In fact, lawyers add a much needed diverse perspective to an MBA program and that is quite welcome. However, law students applying for an MBA program need to answer some tough questions.
Why do you Actually need an MBA After Law?
Most of the law graduates who wish to pursue MBA say that they do not really enjoy being a lawyer and that they enjoy the business side of things better. This is perfectly fine. But this may not sound convincing to the interviewer. The bottom-line here is that you should convince yourself on why you need an MBA; not why you need to quit law.
Opening Your Own Law Firm
Another popular reason among applicants is that they want to open their own law firm, and an MBA would complement this ambition. This seems logical. However, in such a scenario, it makes sense for you to toil hard at a law firm for a few years to gain experience. According to the Legal Marketing Association, there are over 1.1 million attorneys in the United States. 76% of these law firms in the country have less than 5 lawyers. Given this thin spread and the general lack of business skills, there are widespread inefficiencies in the way modern law firms operate.
MBA can help you Build a Great Network
Another important reason why an MBA should help you when starting your own law firm is because it helps you build an extended network. A significant chunk of MBA graduates end up launching their own startups. With access to these graduates, yours would be the de-facto law firm that they approach while setting up the legal side of things.
An MBA degree after law school helps professionals build expertise in both fields. But in an increasingly globalized economy, a combination could take one’s career much further. And, given the demand for a combination of law and MBA qualifications, it is reasonable to expect many law students working hard to crack IIM CAT this year.