Managing Partner Linsey Cohen recently spoke with Law.com about the growing importance of business knowledge for lawyers and how understanding clients’ businesses can help attorneys provide more effective counsel.
The article, “Northwestern Law Programs Reflect Demand for Lawyers With Business Knowledge,” examines new dual-degree programs from Northwestern University Pritzker School of Law and the Kellogg School of Management that combine legal and business education.
Speaking with Law.com, Linsey explained that clients increasingly expect their attorneys to understand the broader business considerations behind the legal issues they face.
“We are so much more effective if we don't give legal advice in a vacuum. ... It has to be given within context,” Linsey said.
She noted that a baseline understanding of how businesses operate — or simply the curiosity to learn — can distinguish young attorneys. That business knowledge is valuable not only when advising clients but also as lawyers advance within their own firms. Understanding areas such as firm finances, revenue, key performance indicators, fee structures, and market position can help prepare attorneys for partnership and future leadership roles.
Linsey also emphasized the value of developing a business-oriented perspective early in a lawyer’s career, particularly when it comes to understanding what drives clients and their decisions.
“The earlier on in a young lawyer's career that we can impart upon them the importance of understanding clients — understanding the things that motivate them, understanding the things that hold them back, the things that push them forward — are absolutely some of the keys to a successful relationship between the lawyer and their client,” she told Law.com.
