Law schools do not teach anything about business, as opposed to business law. As a result, lawyers learn about business legal forms and contracts, but nothing about finance, marketing, corporate strategy, or anything else about actually running a business.
At the same time the legal environment is fundamental to the business of a company, but business schools generally teach very little about the law, and legal as a function in a company is mostly left out of the strategy development process.
Lets say you are sitting in a strategy meeting at Apple, and you are considering options for the company’s next big strategic move. Sitting at the confluence of the telecoms, media, entertainment, and internet sectors, there are a lot of good ones to consider. Someone is give a report that recommends option 1 because it promises the largest long term revenue stream.
Seems to make sense, says the strategy lawyer, but look at option 2. Option 2 has a significantly smaller revenue stream, but because of its competition law implications… or intellectual property rules, or… the specific sector regulation regime, it has a good chance of locking out competitors or locking in further options for still further new product launches in yet another sector…. In the long run option 2 looks better because it further delays commoditization and creates better opportunities for further investment….
Yeah lawyers can create a competitive advantage out of their clients only if they satisfies Enduring Power Of Attorney of their clients.
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