Lawyers have an unfair reputation for being boring and unimaginative. However, that is not always true as many lawyers are incredibly creative and have unique ideas for businesses. Beyond working for a stuffy city law firm where you have to work 80+ hours per week to get ahead, there are incredible entrepreneurial endeavors that would benefit from someone with a law degree. Here are some of the most innovative and unique business ideas for people with law degrees.
Legal Technology Startups
The legal field is changing rapidly. Legal technology startups are the fastest growing area in the legal field, and they have been for some time. This means that there are many opportunities for lawyers to get involved with legal tech businesses and make money on the side, or even make a living from it. This can range from anything from a legal answering service to developing a legal app to help people get effective legal advice.
Legal technology startups are going to be how most people interact with lawyers in the future. This means that there will never be enough lawyers needed for all of these new companies’ needs. So, if you want an easy way into this market and don’t mind working hard every day, then starting or joining up as an employee at one of these new ventures might just get you what you’re looking for.
Mediation
Starting a mediation firm is another great business idea for a lawyer. Mediation is a process that uses a neutral third party to help people resolve disputes. This can be a good option for disputes that are not too complex and where there’s no need for the extra time and cost of going to court. Mediation can also be used alongside legal action if you’re involved in a dispute over property or money.
Lobbyist
First, what is a lobbyist? A lobbyist is a person who works with the government and lobbies for or against certain issues. It’s their job to convince politicians of their position on an issue in hopes that they will vote in favor of it when Congress gets together. Lobbying firms hire these individuals by finding them jobs with popular companies and organizations that have an interest in specific legislation or issues.
Compliance Consulting
You may be surprised to learn that compliance consulting is a niche that lawyers can get into. This is because it’s a growing field, and many large law firms are looking for ways to expand their practice areas. It’s also important to note that a lawyer who specializes in compliance consulting can set his or her own hours and be self-employed if desired. These people are especially helpful to help businesses ensure legal compliance in HR or for governmental agencies. These compliance officers help these organizations make the correct changes to their operations to ensure compliance.
Legal Project Management
A legal project manager is responsible for managing the entire project life cycle. A legal project manager should be able to manage the budget, schedule, and resources. They should manage the project team. And they can even manage the scope of work that needs to be done in order to meet a client’s objectives.
Forensic Accounting Services
Another interesting startup opportunity for people with law degrees is in forensic accounting. It basically involves using your math skills to solve mysteries. But there’s more to it than just deciding which side of an equation has the right answer. You could work as an external auditor for public companies or an internal auditor for private companies, both of which often require experience as well as advanced degrees.
Creating a Legal Academy
Teaching options abound if you have a degree in law. It’s also possible to teach outside of an academic setting. For example, some attorneys choose to teach courses for continuing legal education (CLE), or give lectures on specific topics like criminal defense or legal immigration in a country, if their area of expertise is specialized and knowledge-based rather than theoretical. A legal academy can offer all the classes lawyers need to maintain their careers and you can hire many people with legal expertise to create courses for your academy.
Starting a business as a lawyer can mean many different things, and if you’re willing to look beyond the skyrise legal career, there are plenty of entrepreneurial opportunities available to you.
