Why is transactional law important and/or meaningful to society and the economy?

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Outis Onoma
Posts: 213
Joined: Sat Apr 25, 2015 8:45 pm

Re: Why is transactional law important and/or meaningful to society and the economy?

Postby Outis Onoma » Thu Jun 11, 2015 6:04 pm

sonyvaio18 wrote:Would love to hear more thoughts on these two questions. The below is a summary of things I've garnered from associates.



(1) Why is transactional law valuable and meaningful to society and the economy, especially vis-a-vis what bankers and corporate executives do? I'm particularly interested in corporate/M&A and industry-specific practices (like Real Estate, Banking, and Technology)

(2) How are the specific skills you get in drafting and reading documents transferable to entrepreneurship or social welfare?






WTF? You asked attorneys these questions?

mirage1287
Posts: 54
Joined: Sat Mar 20, 2010 6:23 pm

Re: Why is transactional law important and/or meaningful to society and the economy?

Postby mirage1287 » Thu Jun 11, 2015 6:05 pm

juzam_djinn wrote:
mirage1287 wrote:
juzam_djinn wrote:
mirage1287 wrote:All attorneys are "cost centers." While transactional attorneys may help do the paperwork for deals, there are only two line roles in business - the people who make the product(s) and the people who sell them. Every other function (including the transactional attorney) is overhead cost, even if they do generate "value."


by your own logic, the people who sell the products are also cost centers. only one group truly matters, and that is the group making the product. everyone else, INCLUDING SALES, is a transaction cost


No, it's not a "cost center." Sales/product is typically a "profit center."

http://www.investopedia.com/terms/c/cost-center.asp

http://en.wikipedia.org/wiki/Profit_center


sorry, I don't think anyone cares about the definitions you dug up; the fact is that at the end of the day, the only truly indispensable unit in any business is the unit that creates the product. nobody builds a company from "sales" up. HTH


Lol, the definitions I "dug" up are pretty basic business concepts. You clearly have no idea what you're talking about. A product, no matter how good it is, means absolutely nothing if it can't be sold. Sure, sales isn't "indispensable," but it's the only other core role in business. What exactly do you think "business" is? SELLING goods and/or services.

Regardless, the point of my initial post was that transactional lawyers generate "value" but they don't drive deals in business. They do the paperwork for the deals, and that's why they're a support cost.

juzam_djinn
Posts: 339
Joined: Tue Sep 15, 2009 1:23 pm

Re: Why is transactional law important and/or meaningful to society and the economy?

Postby juzam_djinn » Thu Jun 11, 2015 6:18 pm

mirage1287 wrote:
juzam_djinn wrote:
mirage1287 wrote:
juzam_djinn wrote:
mirage1287 wrote:All attorneys are "cost centers." While transactional attorneys may help do the paperwork for deals, there are only two line roles in business - the people who make the product(s) and the people who sell them. Every other function (including the transactional attorney) is overhead cost, even if they do generate "value."


by your own logic, the people who sell the products are also cost centers. only one group truly matters, and that is the group making the product. everyone else, INCLUDING SALES, is a transaction cost


No, it's not a "cost center." Sales/product is typically a "profit center."

http://www.investopedia.com/terms/c/cost-center.asp

http://en.wikipedia.org/wiki/Profit_center


sorry, I don't think anyone cares about the definitions you dug up; the fact is that at the end of the day, the only truly indispensable unit in any business is the unit that creates the product. nobody builds a company from "sales" up. HTH


Lol, the definitions I "dug" up are pretty basic business concepts. You clearly have no idea what you're talking about. A product, no matter how good it is, means absolutely nothing if it can't be sold. Sure, sales isn't "indispensable," but it's the only other core role in business. What exactly do you think "business" is? SELLING goods and/or services.

Regardless, the point of my initial post was that transactional lawyers generate "value" but they don't drive deals in business. They do the paperwork for the deals, and that's why they're a support cost.


if you're really just arguing technicalities (i.e. Distinction b/w "generating value" and "cost v. profit center") then that's fine, I agree w/ you. but it seems to me that's not your point. The topic of the thread is why trans law is important/meaningful to society. Your response suggests that only sales and product are critical, and I think it's ridiculous to conflate the importance of sales w/ the importance of product. Just b/c "business" is defined a certain way doesn't mean you get to rely on the definition to suggest that salespeople are in any way critical

gp86
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Joined: Sat Apr 17, 2010 12:37 pm

Re: Why is transactional law important and/or meaningful to society and the economy?

Postby gp86 » Sat Jun 13, 2015 1:36 am

Can't believe I missed this thread. As and M&A/capital markets associate, I can say that being a transactional lawyer is mostly papering stuff the business guys have already settled. There is absolutely room to add crucial value, in terms of risk advising and structuring. But once I learned that most of my job was learning how to do an IBD analysts's/PE associate's job so they weren't screwing it up, I got pretty pissed I didn't have more foresight in undergrad.

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seespotrun
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Re: Why is transactional law important and/or meaningful to society and the economy?

Postby seespotrun » Sat Jun 13, 2015 1:52 am

Suck a million dicks, dweeb.


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Danger Zone
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Re: Why is transactional law important and/or meaningful to society and the economy?

Postby Danger Zone » Wed Jun 17, 2015 2:45 pm

Anonymous User wrote:bump

Why




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