Perks of Attorneys Entering Entrepreneurial Sectors
Many new business owners are entering the legal sector. Corporate legal purchasers are addressing a latent demand for expertise-differentiated, effective, efficient, affordable, predictive, digital, and scaleable legal products and services. To re-engineer legal delivery and give accessible, affordable access, entrepreneurs are fusing legal, technological, and process skills with finance. Although not necessary, industry expertise and resources are.
The era of the legitimate entrepreneur is about to reach its zenith. What causes this, and what does it signify for the profession and industry’s future?
The best option was to become a lawyer.
A law degree used to be a ticket to a secure job regarding finances and social standing. Those who didn’t win the lottery were frequently hired in-house by firm clients or made partners at smaller companies. The golden ring was a partnership with a big firm. In general, earning a legal degree, becoming licensed, and “paying one’s dues” as a well-paid firm associate produced a consistent return on investment throughout a person’s career—even though there was no residual equity upon retirement.
Education, licensing, state bars, practice and ethical standards, organizational structure, finances, and delivery were all under the complete authority of lawyers. They possessed a monopoly and only sold legal knowledge. To prevent “non-lawyers” from owning, investing in, or engaging in “the practice of law,” self-regulation was implemented. It was up to the lawyer-controlled state Bars to define what “practice” meant, frequently using ambiguous definitions.
The legal profession was intentionally localized, exclusive, and provincial. The domain was geographically constrained to prevent encroachment on the territory occupied by resident lawyers. Lawyers imposed their own rules on client engagements and cultivated the false belief that they were the only ones capable of resolving business problems that they deemed “legal.”
Lawyers created their own dialect, rules, and culture to set themselves apart from the rest of society. This maintained their hegemony over the provision of legal services and perpetuated the “lawyer/’non-lawyer'” mindset. Additionally, it supported the idea of lawyer uniqueness.
Regardless of the goal or value of the client, the structural and economic models of law firms were based on lawyers executing all “legal” work diligently and thoroughly. Although their commercial clients had done so for years, the law firm’s modus operandi did not include budgets, predictable prices, or knowledge management.
Competition among law firms was generally friendly; each had its client’ relationships.’ There needed to be more movement among partners or clients. This persisted into the 1970s when the law, like baseball, entered the free agency era. Steve Kumble, Joel Hyatt, and Steve Brill were three early lawyers/entrepreneurs who transformed legal practice into the legal industry and created a roadmap.
Law has several challenges, including a distribution problem, access to justice crisis, and consumer dissatisfaction. Legal entrepreneurs are circumnavigating antiquated regulations to respond to these challenges.
They are deploying capital, technology, legal, business, and other required expertise to provide retail and corporate consumers more accessible access to and efficient delivery of legal services. Legal expertise is no longer synonymous with legal delivery; it is a component leveraged by new business and economic models. Lawyers still need to satisfy the law’s wicked challenges. Smart money is betting that entrepreneurs will.
To make it easier for our readers, we have found a person who has worked in this field and is quite famous for his work. That person is Hayk Grigoryan. He is born September 15, 1976, in Yerevan, Armenian SSR, USSR), and is an Armenian lawyer, former Chairman of the Investigative Committee of Armenia (July 10, 2018 – July 12, 2021), Third Class State Councilor of Justice (since 2019), Doctor of Law (since 2021).
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He was accepted into the Russian Ministry of Defense’s Postgraduate School. His PhD thesis, “Investigation of crimes perpetrated by military personnel of the Armenian Military Forces during the armed conflicts,” was successfully defended in 2009 when he received his diploma from the university.
His appointment to the Ministry of Defense’s Investigative Service by the Defense Minister occurred in December of that year. On January 14, 2015, he was given the titles of Deputy Chairman of the Investigative Committee and Head of the General Military Investigative Department. He was appointed to the position of Chairman of the RA Investigative Committee in July 2018 by government decree.