Comment & Debate
A J.D./M.B.A. or M.B.A./J.D. is a dual degree program offered jointly by many law and business schools. The program generally lasts four years (saving one year over completing both degrees separately) and results in the candidate earning both a Juris Doctor degree and a Master of Business Administration degree. Students may apply to the joint program before matriculating to either program, or after matriculating to either law school or business school. Graduating J.D./M.B.A. students may choose to practice law, or enter the business world. Even though a majority of JD/MBAs graduate from a single university, there are people who earn these degrees from different universities. Some prominent law firms, like Goodwin Procter and Paul Hastings, give generous signing bonuses (e.g., $20k) to incoming first-year associates who hold JD/MBA degrees. In fact, Goodwin Procter has launched a “JD/MBA initiative” to attract more JD/MBA applicants. But, on the other hand, many worry that having a JD/MBA will be looked down upon by law firms as indicating an ambiguity or lack of dedication to practicing law long-term. Others wonder whether JD/MBAs ever actually use both degrees, or if in reality they just go into business or law (in which case they may only need one or the other degree). Cost considerations also come into play in this debate, with a four year program being particularly costly both in terms of money invested, money not earned over the four years, and opportunity costs (including time which could be used to climb the ranks of an industry or business). These and other pros and cons are outlined below.
“The worlds of policy and management have become inextricably intertwined since the advent of increased government regulation of business, as well as the burgeoning international trade market. In a global economy, the role of the attorney in the day-to-day management of businesses has become paramount, as the modern business manager needs immediate access to legal advice.”
American University JD/MBA program: “JD/MBA graduates are well equipped for careers in mergers and acquisitions, international business and business management, and positions such as in-house business counsel, outside legal advisor, and lobbyist.”[1]
“More credibility: As a lawyer your clients (business people) will respect you more if they feel you can understand their business and financial statements, etc. An MBA may help here. This may help you with rainmaking (bringing in clients) or making partner at a law firm (which is a business itself) down the road.”
“There are many specialties in both business and legal practice that are well-suited to someone with an MBA JD degree. The following areas have applications in both business and law: Contracts, Business consulting, Government, Mergers and acquisitions, Patent law, Regulatory compliance, Lobbying, Labor relations.”
One of the major, desirable fields of law is in-house counsel for a large or medium size company (or a non-profit organization). A JD/MBA provides the perfect cross-section of business and legal acumen for such a position.
“in what parts of the business world would a JD/MBA thrive without requiring that person to be a lawyer? Well, while one does need to be a lawyer in order to practice law, one does not need to be a lawyer in order to deal with lawyers on behalf of an employer. There are several areas of business where this sort of situation arises. For example, strategic mergers and acquisitions require someone who can see the big picture and who can understand all of the legal ramifications throughout the negotiations in order to ensure that the final deal is beneficial to their side. This person should be separate from the actual legal team drafting and reviewing the deal, in order to remain objective and focused on the business aspects of the deal. An MBA with a JD, would be ideal for this role.”
“Another example would be in labor relations. Again, this is a field that tends to involve a lot of lawyers, so anyone on the business side really needs to be cognizant of the legal aspects of any problems that come up, and be able to understand the actions and recommendations of the lawyers. This encompasses everything from dealing with unions, to dealing with multi-million-dollar sports stars and their agents. More and more, the executive positions in major sports team organizations are being filled by individuals who combine expertise in two areas: business/sports management, and contracts/negotiations. An example of this is Peter Chiarelli, the GM of the NHL’s Boston Bruins:
“Yet another example of a career where a JD is a definite asset, but not a requirement, is politics. Generally, no education is required to be a politician (and I’ll avoid the obvious opportunity to make a wisecrack here). However, given that our elected representatives are the ones who vote on the laws of the land, definitely a JD (and an MBA) would be an asset in making the right decisions.”
“On a more positive note, a JD/MBA can also – in the hands of the right individual – fast-track a journey through the consulting world. Major consulting firms are always looking for people who can relate well with their clients. Whether the client is a law firm, a company looking for advice on a merger or acquisition, or a corporate client struggling to survive in the face of legal battles involving patents or other intellectual property rights, a consultant who can ‘talk the talk’ will often be able to deliver a better customer experience. Again, I can relate to this, as consulting firms also hire engineers/MBAs to work with their tech clients. It imparts instant credibility to the consulting firm when they can send in consultants who actually understand what the client’s business actually does!”
“An MBA JD degree is also useful if you are considering a career in politics or government. Even if you don’t plan to practice law or work in a business setting, there are many ways in which an MBA JD degree can help you prepare for a job in public service. Your range of knowledge will make you a valuable addition to any campaign, political staff or government office. In the same vein, government organizations are constantly working with private business and legal firms, and a JD MBA graduate is perfectly suited to such work.”
“I tend to believe that a JD/MBA is not worth the additional educational investment. It’s sort of like ‘super sizing’ your fast food meal, when your not really hungry. In other words, an MBA is a waste, if you really want to become a lawyer. And a JD is unnecessary, if you really want to become a businessperson. Simply, a JD/MBA will mean virtually nothing, if you plan to work in a law firm. Legal work is so technical and so specific, that from your very first day on the job a a lawyer, you will find yourself drawn increasingly into a specialty practice area. All of your assignments will accrete to that specialty and, generally speaking, one day you will wake up and realize that you have become a skilled litigator, transactionalist, family lawyer and the like. In other words, the only way to become a lawyer, is to engage in your practice.”
“1. Do you want to practice law or be in business? Law and business are related, but they aren’t the same. Many holders of the popular joint degree combo say that ultimately you end up doing one or the other.”
“you don’t always need a second degree to specialize in a particular area of the law.[…] most top law schools offer a wide array of courses for students who want to concentrate on subjects off the beaten path. ‘It is not necessary to have a degree in computer science to represent a dot-com.'”
“If your goal is ultimately to become a business lawyer and/or corporate titan, and you feel strongly that a JD/MBA will get you there, let me offer a lower-cost alternative. First of all, bet the best grades that you possibly can, in the hopes of landing a good job with a decent firm. Today, virtually all significant transactional work is going to the big, prestigious firms. So your goal should be to get a job with one of these firms. The only way that will happen is if you succeed hugely in your first year of law school.If you are fortunate enough to land one of these firm jobs, the rest will pretty much take care of itself. This is because these firms do sophisticated work for business clients. These business clients are constantly seeking ways to reduce legal expenses. The best way to do this is to bring as much legal work in-house as possible. So, you go to work for a good firm in their transactional practice area and within 3-5 years, it is likely you will get a job offer to go in-house. Once you are in-house, you will work on a daily basis with businesspeople, and often with senior management. Candidly, your legal education and background will give you a huge advantage. It is likely that you will be among the smartest, most analytical people within the company. This will make you a natural choice for management roles as they become available. By working effectively with businesspeople, you can easily become one, if that is your goal. Further, throughout this process you will be refining your legal skills and gaining valuable business skills in the process. You would be amazed at the number of senior executives in publicly-traded companies who were lawyers first. A lot of them just don’t talk about it. So, if you thing a JD/MBA will be your ticket to a successful business career, think again. You would be better served (and save time and money) by becoming a successful lawyer, and then moving in-house. Otherwise, you risk being labeled as neither a lawyer nor businessperson.”
“And if you want the JD as a mere credential, you should seriously introspect. This is a hugely expensive “credential” and with public opinion toward lawyers as it is, it may not be as good a credential as you think.”
“An MBA is not required to get into the financial industry (a JD will often suffice, though the MBA is certainly the most common path to these careers), and an MBA is absolutely not required to practice corporate law for large firms. The value in the JD/MBA, then, is somewhat ethereal.”
“3. Any other combo? Before you stock up on extra letters with a JD/MBA, take a quick scan at other joint degrees. Though the JD/MBA is the popular kid on the block when it comes to degrees combos with law, there might be other pairings that better align with your ultimate interests. Other joint degrees include Law and Public Policy, or Law and Public Health. For those who are so artistically inclined, a joint degree of Law and MFA might be an option. Or those with a bend towards education, a JD and a Master in Education might make the grade.”
. MBA/JD Some prominent law firms, like Goodwin Procter and Paul Hastings, give generous signing bonuses (e.g., $20k) to incoming first-year associates who hold JD/MBA degrees. In fact, Goodwin Procter has launched a “JD/MBA initiative” to attract more JD/MBA applicants.
Some law firms will automatically offer JD/MBAs second year associate status, in effect making up for the extra year they invested in their JD/MBA program (over their JD counter-parts).
“And finally – don’t listen to TLS forum users claiming that a JD/MBA joint degree will hurt your chances of landing a job in BigLaw; this is unfounded with supporting evidence that is apocryphal at best. After speaking with numerous graduates of a JD/MBA programs, career services offices, and law/business professors who have worked in corporate law and the business world, I have been told repeatedly that the impact of the MBA on your legal job hunt will unlikely have any negative effect. It may not move your resume to the top of the stack, and is certainly not as important as what law school you went to or what grades you earned, but it will absolutely not hurt and can often be a good story to tell/angle to take during interviews.”
“All businesses need guidance to navigate the complexities of the legal system. Whether they’re dealing with human resources issues or other compliance issues, most businesses require expert advice from time to time. Because business and the law often go hand-in-hand, someone with an MBA JD (Juris Doctor) degree is a valuable asset for any company.”
“It does give you a broader knowledge base, a wider understanding of the business/law worlds, and it absolutely makes networking and job-hunting easier down the road. You will be an alumnus of two graduate institutions instead of one and that can definitely count when looking to make a career move.”
“Further, I suspect that the JD/MBA label may be viewed by law firms as a lawyer who really wants to become a businessperson. Read that as “short-timer”. In other words, those precious firm jobs may go to old-fashioned JDs, because firms won’t want to invest in someone who is planning to leave as soon as Donald Trump retires.”
“More importantly, the question is whether the extra year will actually hurt your chances of getting a decent legal job. I had friends in law school who pursued the joint degree and spent an extra year in school. Whenever we talked about things like summer employment, recruiting and jobs, these hapless folks always seemed a bit lost. The were, in essence, a year behind everyone else and the law school OCI process simply wasn’t geared to their schedules.”
“The real rub is that the additional $215,000 you are spending for the MBA (assuming you were already going to law school) is not necessarily going to translate to a higher starting salary. Law firms will not necessarily prefer candidates with a JD/MBA over candidates with just a JD; furthermore, if you go into a field like investment banking, the reality is that any job you take was likely on the table with just your JD (or just your MBA), and your starting salary will be the same (usually ~$150k with bonus).”
“Geoffrey Lee, president of Counsel Source, an attorney recruiting company in Dallas, adds that most law students—intent on solely practicing law after graduation—should focus on improving their class rank rather than chasing down a second degree. From the perspective of a big firm, he argues, having knockout law grades always beats having two degrees, especially if the grades in both disciplines are mediocre. He goes as far as to say that, in this traditional milieu, “the JD-MBA … is almost a waste of time.” If your goal is to one day manage such a firm, however, a JD-MBA could be just the ticket. But from the purely legal side, an MBA doesn’t add much value.”
“The prospects for advancement with a JD MBA are strong. Many top management positions go to individuals holding an MBA JD degree. Whatever position you’re aiming for, the knowledge you’ll gain in school will make you a highly valuable job candidate. But beyond that, the focus and exceptional effort you will expend to earn dual advanced degrees will show a prospective employer that you have the ability and drive to contribute to their business at a high level.”
“Increased flexibility: It will be much easier to leave a law firm job to go in house at a corporation, investment bank, venture capital firm, etc later in your career.”
“And if you want the JD as a mere credential, you should seriously introspect. This is a hugely expensive “credential” and with public opinion toward lawyers as it is, it may not be as good a credential as you think.”
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