Code JDMBA: Advantages of a JD/MBA

Wednesday, July 06, 2005

Advantages of a JD/MBA

Recently a number of people have emailed me asking about salary statistics for JD/MBA graduates. This is very hard to quantify as there is no such thing as a "JD/MBA position". JD/MBA graduates work as attorneys or in business and their salaries will correlate strongly (at least in the short term) with their JD or MBA counterparts depending on the route they choose. Many large law firms are now offering recent JD/MBA graduates a bonus and or 2nd year associate status.

Here is a very interesting link from Columbia (but a few years old) with bonus statistics for new JD/MBA hires.

Some drawbacks of a JD/MBA:
Clearly the bonus itself will not pay for the extra year (the Northwestern 3 year JD/MBA program is an exception) of school and opportunity cost of giving up another years income.

Some law firms may be scared that JD/MBA graduates will be more likely to leave in a few years for jobs in finance or business. These firms need to be convinced of your passion to practice law or they will be hesitant to hire you.

Unlike top law schools, most top MBA programs will not admit people without significant full time work experience. For those with limited work experience it may become slightly easier to gain admission to business school after already being admitted to law school. Many JD/MBA programs will allow law students to apply to the business school during their first year at the law school.

Some advantages of a JD/MBA:
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.

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. This does not imply that without an MBA you cannot be credible. Most attorneys learn what they need to about business on the job and do just fine.

Of course you do not need to practice law at all. A JD will help you make better decisions in the business world if you decide to go the business route right away after a JD/MBA program. Investment Banking is a common option here. However if you are sure you do not want to ever practice law you should think carefully about going to law school at all. Just about any business (non legal job) is accessible without a JD and a MBA may suffice by itself.

If you are an entrepreneur at heart like me you may also find that having a JD may make it easier to raise capital for new businesses, etc as it will increase your credibility. My goal is to ultimately start my own hedge fund and or venture capital firm with an emerging market (China) focus. For finance related jobs a CFA is perhaps just as good or even better (depending on your MBA program) as an MBA. I recommend that as well.

49 Comments:

At 9/12/2005 7:39 PM, Blogger moronpatch said...

nice post. i'm applying for the jdmba program at northwestern. if i'm admitted i'll be focusing on cyberspace law and entreprenuership. Eventually want to start for business incubator for information security companies around the world. thanks for the blog

 
At 9/12/2005 8:32 PM, Blogger JDMBA said...

Good luck with the law school/business school admission process! Northwestern has a great jd/mba program.

 
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At 9/27/2006 10:45 PM, Blogger Bulldog said...

I am looking for any advice or helpful information.

I have an economics degree from Yale and I am currently a 1L at Villanova School of Law. I have been accepted into the JD/MBA program.

I applied for the joint degree to help my marketability in the job market. I also feel that the knowledge of both fields in the future can help me realize my dream of running my own company.

I was just wondering what anyone's thoughts were on the subject before I accept the new challenge.

Regards

 
At 8/24/2008 8:59 AM, Blogger Justin said...

I'm currently a 1L and will definitely be pursuing a JD/MBA. It is a fantastic degree as far as that increases one's knowledge, marketability and flexibility. Don't be discouraged by the stories of law firms viewing your joint degree as a flight risk unless you are planning on becoming a litigator. Moreover, it is advantageous so pursue both degrees now, due to the decreased probability of returning to school later in life.

 
At 1/14/2009 9:32 AM, Blogger Jimmy Hicks said...

I have already applied to business schools and recently got a hair up my ass to also take the LSAT in february and apply to law school. I probably won't get into a top law school b/c it's too late in the admissions year, but is it possible to apply for the JD/MBA program during my first year of business school? I know it works the other way around, but I'm backwards with my planning. Thanks

 
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At 10/14/2011 2:23 PM, Blogger GS said...

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A JD/MBA is a smart choice if you're looking at degrees to further your education. Many times people do a law degree with an MBA. I'm looking into a few options, either a MGM and MBA or an Executive MBA program at Thunderbird School of Global Management. There are so many options for continuing your education and advancing your own knowledge and career.

 
At 3/22/2012 1:54 AM, Blogger Rishabh said...

Hi JDMBA.

I am an engineering undergrad from India and I study at one of the top engineering schools in India, BITS Pilani.

I have a keen interest in entrepreneurship and want to start my own venture some day. I also have a very keen interest in politics and hence am interested in a law degree.

I have undergraduate GPA of around 3.1 and have one year to go. The low GPA is because I absolutely HATE engineering and have no interest in working there.

I was thinking about getting an MBA but recently I came across the JDMBA program which seems like a blessing to me!

Please advice me how I should go about this. I have no idea how to approach this problem, whether or not I will ever be able to get into such a program ever.

I just need some good guidance. Would really appreciate that.

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