We are entering an age of perpetual economic uncertainty. Globalization, telecommunications technology and information technology have changed how we live our lives and how we do business. We can do more with less. As a result, society is becoming more efficient and competition is becoming more fierce. The comments of Brian Arthur (Citibank Professor of Economics at Stanford University) are prescient:
Competing in the modern economy is more like gambling. Not poker, where the game is static and the players vie for a succession of pots. It is casino gambling, where part of the game is to choose which games to play, as well as playing with skill. . . Above all, the rewards go to the players who are first to make sense of the new games looming out of the technological fog, to see their shape, to cognize them.
In short, the most successful individuals and businesses in the 21st century will be those who can adapt more quickly than those around them.
Unfortunately, many law students (and practicing lawyers for that matter) do not have the tools necessary to compete successfully in the modern economy. Our ability to adapt is not well honed. . .
- Most law students only have a vague understanding of how to start and manage a business
- Many law students are unaware of the macro and micro economic factors that drive behavior within the legal services industry
- Most importantly, almost no law students have been trained to identify “the next big thing”
I created this website in reaction to the current state of affairs. I hope it is a place where law students and practicing attorneys can learn how to “think like an entrepreneurial business person”. I also want it to serve as a platform for innovation. Through mutual learning and discussion we can gain the skills necessary to compete in the modern economy. Together we can learn the business of providing legal services and see what is coming next before anyone else does.