Law School Taught Me a Lot — But Not How to Run a Business. Here Are 3 Lessons I Learned the Hard Way. The world is full of smart, capable professionals whose businesses didn't succeed — not for lack of skill, but for lack of business know-how. And I was one of them. Here's what I learned about running a business that law school never taught me.
By Mikal Watts Edited by Kara McIntyre
Key Takeaways
- Financial literacy is crucial for sustainable business growth and should be prioritized alongside professional expertise.
- Marketing and effective communication are indispensable for building a client base and establishing a trusted brand in any industry.
- Efficiency is the backbone of a well-run business and is essential for client satisfaction and scaling operations.
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When I graduated from law school at 21, I felt prepared to tackle any legal challenge. I had case law and courtroom strategies down cold. But what no one prepared me for was the reality of running a firm. In many professions, whether you're a lawyer, doctor, contractor or chef, you go through intense training to become an expert in your field, not in running a business.
Here are some lessons I had to learn on my own — lessons that professional training often overlooks but are critical for anyone stepping into entrepreneurship.
Related: 10 Things I've Learned In 10 Years of Running My Own Business
Financial literacy: The foundation of a successful practice or business
The first reality I had to face was the financial side of things. I walked into my bank, confident about starting my law firm, and the banker asked for my taxpayer ID number — a moment that made me realize how little I knew about business finances. I didn't realize that managing money effectively could be the difference between growth and just getting by.
Whether you're a doctor, a restaurant owner or a law firm founder, financial literacy is essential. Every business owner needs skills for managing cash flow, understanding taxes and keeping overhead costs in check. Financial management wasn't part of the curriculum in law school, but it's crucial if you're planning to build a sustainable practice.
For anyone looking to take the entrepreneurial leap, remember that financial discipline is just as important as your professional expertise. The sooner you grasp this, the better prepared you'll be for the demands of business ownership.
Marketing and communication: Building a brand and connecting with clients
Another lesson I had to learn fast was how to market myself and connect with clients. My legal training didn't cover how to position myself in the market, let alone how to attract clients online. But in today's digital age, being skilled at what you do is only part of the equation — you also need to reach clients and build a recognizable brand.
This isn't just a challenge in law. Professionals across industries — construction, healthcare, hospitality — face similar hurdles. Building a client base means going beyond traditional referrals; it requires a digital presence and a solid marketing strategy. Whether it's SEO, social media or simply effective networking, every business needs to stay connected to its clients.
Effective communication is equally important. Clients want to feel informed and valued. In a law firm, if you don't manage client expectations and stay in touch, it affects trust. The same goes for any other service-based industry. Understanding that clear, consistent communication can make or break relationships is something professional training rarely emphasizes but is essential for business success.
Related: Starting My First Business at 11 Taught Me These 4 Lifelong Business Lessons
Efficiency: The key to a well-run business
Efficiency is a skill that professional training doesn't usually teach, but it's vital for running a business. In law school, the emphasis was on deep analysis and thorough understanding — yet, in business, time is money. The faster and more effectively you can deliver services, the better for your clients and your bottom line.
This concept extends far beyond the legal field. If you're running a medical practice, an efficient billing process can help you see more patients and reduce costs. In construction, streamlined project management ensures that you meet deadlines and avoid cost overruns. In every industry, efficiency translates to client satisfaction and business growth.
In my law firm, I learned early on that streamlining operations is key. Time-saving tools and systems — whether for billing, case management or staff coordination — allowed me to handle more clients without compromising quality. Efficiency is the backbone of a well-run business, no matter the field.
Starting a business is not just about applying your professional skills; it's about understanding the business side of your industry. Professional training gives you the knowledge to excel in your field, but the real challenge begins when you step into the role of a business owner.
For those of you considering starting your own business, focus on building your financial literacy, mastering marketing and embracing efficiency. Seek out mentors, consider business courses and understand that running a successful business means combining your expertise with solid business practices. The world is full of smart, capable professionals whose businesses didn't succeed — not for lack of skill, but for lack of business know-how.
