Say I wanted to do Entrepreneurial Law, how would I go about it?

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CainandAbel
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Joined: Tue Dec 22, 2020 6:01 pm

Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by CainandAbel » Mon Jan 25, 2021 9:35 pm

How do you get into this field of law? Are there BigLaw firms that specialize in this field? If so, should I just go to law school and try to get placement in one of them? Are there certain markets that are better for this (i.e. Cali vs. New York)?

I want to do venture capitalist work down the road with the money I make from law, so I was thinking that this would be a good field to specialize in. However, would I be making less in this field than if I went with just corporate law and transactional stuff? Sorry if this is a poor/weird question, I just figured this would be a good place to ask.

Story
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Joined: Sun Feb 24, 2019 3:56 pm

Re: Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by Story » Mon Jan 25, 2021 11:24 pm

I’m not sure exactly what you mean by entrepreneurial law, but if you want to get into investing and venture capital, you don’t need to be a lawyer.

Even the wealthy lawyers are not THAT wealthy, by the way.

If you want to get into entrepreneurial law, your first job will almost certainly by in a big law firm for at least a couple of years.

CainandAbel
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Re: Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by CainandAbel » Mon Jan 25, 2021 11:33 pm

Story wrote:
Mon Jan 25, 2021 11:24 pm
I’m not sure exactly what you mean by entrepreneurial law, but if you want to get into investing and venture capital, you don’t need to be a lawyer.

Even the wealthy lawyers are not THAT wealthy, by the way.

If you want to get into entrepreneurial law, your first job will almost certainly by in a big law firm for at least a couple of years.
I know I don't have to be, but I enjoy the law and additionally believe this would be a good way to spend my earnings. I also don't think you need to be THAT wealthy to start a venture capital firm. I figure if after a couple decades or so of practicing law I'll have enough saved up to start something reasonable. That's very far into the future though, so I'm not trying to make any set-in-stone plans about this, just want to learn more about the practice/field.

Now in regards to working in a BigLaw firm, would I be working there because these firms do entrepreneurial work, or would it just be to pay off loans? If it's just to pay off loans, what's the next step after the loans are paid off? If it's because that's where entrepreneurial work is done, what are the best markets for this type of work, and what should I do during law school to get a position in this area after graduation?

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pancakes3
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Re: Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by pancakes3 » Tue Jan 26, 2021 9:57 am

1) "entrepreneurial law" covers such a wide spectrum of practices that it's functionally a meaningless descriptor. it's not distinct from "transactional."
2) venture capitalists provide millions of dollars so you using your savings from biglaw is not going to be enough to foot the bill.
3) the biglaw career path is short. you have ~8 years max as an associate before you're forced out and the exit options all mean a hefty pay cut.
4) even if you stick around as of-counsel, or pathern (nonequity) you'll still be drowning in work from your day job that you wouldn't be able to be an angel investor bc you won't have the time
5) even entertaining your hypothetical of what an entrepreneur's legal needs are, your relevant legal expertise (formation, tax, securities, m&a, regulatory compliance, employment, etc.) are not business skills.
6) biglaw salaries are lockstep so it doesn't matter what practice you're slotted into; yeah, you're slotted into practice areas. you can have a preference but it's not like you declare your major or something.

CainandAbel
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Re: Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by CainandAbel » Tue Jan 26, 2021 11:35 am

pancakes3 wrote:
Tue Jan 26, 2021 9:57 am
1) "entrepreneurial law" covers such a wide spectrum of practices that it's functionally a meaningless descriptor. it's not distinct from "transactional."
2) venture capitalists provide millions of dollars so you using your savings from biglaw is not going to be enough to foot the bill.
3) the biglaw career path is short. you have ~8 years max as an associate before you're forced out and the exit options all mean a hefty pay cut.
4) even if you stick around as of-counsel, or pathern (nonequity) you'll still be drowning in work from your day job that you wouldn't be able to be an angel investor bc you won't have the time
5) even entertaining your hypothetical of what an entrepreneur's legal needs are, your relevant legal expertise (formation, tax, securities, m&a, regulatory compliance, employment, etc.) are not business skills.
6) biglaw salaries are lockstep so it doesn't matter what practice you're slotted into; yeah, you're slotted into practice areas. you can have a preference but it's not like you declare your major or something.
Cool, thank you for all the information. I wasn't aware of all this, but these details have been super helpful!

Story
Posts: 110
Joined: Sun Feb 24, 2019 3:56 pm

Re: Say I wanted to do Entrepreneurial Law, how would I go about it?

Post by Story » Tue Jan 26, 2021 11:39 am

pancakes3 wrote:
Tue Jan 26, 2021 9:57 am
1) "entrepreneurial law" covers such a wide spectrum of practices that it's functionally a meaningless descriptor. it's not distinct from "transactional."
2) venture capitalists provide millions of dollars so you using your savings from biglaw is not going to be enough to foot the bill.
3) the biglaw career path is short. you have ~8 years max as an associate before you're forced out and the exit options all mean a hefty pay cut.
4) even if you stick around as of-counsel, or pathern (nonequity) you'll still be drowning in work from your day job that you wouldn't be able to be an angel investor bc you won't have the time
5) even entertaining your hypothetical of what an entrepreneur's legal needs are, your relevant legal expertise (formation, tax, securities, m&a, regulatory compliance, employment, etc.) are not business skills.
6) biglaw salaries are lockstep so it doesn't matter what practice you're slotted into; yeah, you're slotted into practice areas. you can have a preference but it's not like you declare your major or something.
Concur.

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