More School and More Debt: The Value of an MBA with your JD

Life is so unfair, dear lawyers. You spent years locked in a law school library trying to block out the laughter and chatter of the nearby business school's happy hour or "networking" (aka beer-drinking) events. Three years of your life evaporated in a blur of yellow highlighters, Nutshells, and loneliness while your MBA friends focused on teamwork and collaboration for two years with no Socratic scars to show for it.

And now you're being told to be more like them-that you know squat about running your law firms? Oy vey. But maybe you should . . .

According to James Bailey, Ave Tucker Professor of Leadership and director of the World Executive MBA at GW Business School, law firms have seen profits and demand drop dramatically. Bailey suggests that the down legal market calls for law firms to "rethink their leadership and begin acting like businesses."

So does that mean that law firms should start throwing weekly happy hours and emphasizing teamwork? Well, maybe. But Bailey has five concrete proposals for law firms:

1. Executive Treatment: Lawyers know the law, not how to run a business. Bailey suggests law firms work with corporate experts in developing business strategies. (Although Bailey doesn't mention ethics, attorneys and law firms should be sure to comply with all ethics rules when involving non-lawyers).*
2. Bye Bye Billable: You've heard it before (but in case you still have some wax in there)-get rid of the billable hour.
3. Consolidate: Be the Target of law firms, and offer your clients everything in one place.
4. Hang On Tight: Focus on retaining your talent.
5. Compensate Accordingly: Partners' earnings should be based on the success of their practice areas not their performance.

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