Does anyone here PREFER being a transactional attorney to a businessperson Forum

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Inhousefuture

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Does anyone here PREFER being a transactional attorney to a businessperson

Post by Inhousefuture » Tue Mar 17, 2020 1:19 pm

Hello, as a 0L who is interested in some type of transactional work(perhaps in-house), where I can be a strategic advisor to clients, I see the following threads all the time, which state:
A. Transactional law is a waste and nothing but proofreading and semi-clerical work.
B. Any sane person who is interested in business matters would become a businessperson rather than transactional attorney.
C. All transactional lawyers secretly wish they could transition over to becoming businesspeople.

For starters, the above complaint may be true for NY M and A, since most of these threads deal with that particular practice, but I am wondering the following:

1. Is the above true for other types of transactional law? For instance, do Silicon Valley/startup lawyers or Real Estate lawyers get a chance to be true strategic advisors to clients? I would think that this might be the case where there are many aspects of SV/Startup life where the legal aspects truly affect profit and loss (i.e how angel and VC deals are structured, Stock option plans, IP leasing). There are probably also aspects of Real Estate dealmaking (i.e air rights, complex lease options) where creative legal thinking could add value to the deal.
2. Do any of the transactional attorneys here ever feel that they get to strategically add value to their clients?
And finally:
3. Are there any transactional attorneys here who would not want to trade places with their businessperson clients? For instance, are there any real estate attorneys who would prefer to remain real estate attorneys rather than become real estate brokers/developers?

I feel that it would be more intellectually stimulating to think through the mechanics of a complex lease option real estate deal than to schmooze potential real estate buyers.

Thanks

The Lsat Airbender

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Re: Does anyone here PREFER being a transactional attorney to a businessperson

Post by The Lsat Airbender » Tue Mar 17, 2020 2:48 pm

Inhousefuture wrote:A. Transactional law is a waste and nothing but proofreading and semi-clerical work. perhaps, for junior associates, but then things open up
B. Any sane person who is interested in business matters would become a businessperson rather than transactional attorney. true. if you want to do business then do business
C. All transactional lawyers secretly wish they could transition over to becoming businesspeople. false. if you want to do law then be a lawyer.

dabigchina

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Re: Does anyone here PREFER being a transactional attorney to a businessperson

Post by dabigchina » Wed Mar 18, 2020 12:05 am

It's worth noting that outside counsel (at least juniors and midlevels) don't really get involved until the deal sheet is signed, even in SV. Most of the material terms are already decided on the deal sheet. most of your job is drafting documents to execute the terms that the business people have hammered out in the deal documents.

Johnnybgoode92

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Re: Does anyone here PREFER being a transactional attorney to a businessperson

Post by Johnnybgoode92 » Wed Mar 18, 2020 3:01 pm

Inhousefuture wrote:Hello, as a 0L who is interested in some type of transactional work(perhaps in-house), where I can be a strategic advisor to clients, I see the following threads all the time, which state:
A. Transactional law is a waste and nothing but proofreading and semi-clerical work.
B. Any sane person who is interested in business matters would become a businessperson rather than transactional attorney.
C. All transactional lawyers secretly wish they could transition over to becoming businesspeople.

For starters, the above complaint may be true for NY M and A, since most of these threads deal with that particular practice, but I am wondering the following:

1. Is the above true for other types of transactional law? For instance, do Silicon Valley/startup lawyers or Real Estate lawyers get a chance to be true strategic advisors to clients? I would think that this might be the case where there are many aspects of SV/Startup life where the legal aspects truly affect profit and loss (i.e how angel and VC deals are structured, Stock option plans, IP leasing). There are probably also aspects of Real Estate dealmaking (i.e air rights, complex lease options) where creative legal thinking could add value to the deal.
2. Do any of the transactional attorneys here ever feel that they get to strategically add value to their clients?
And finally:
3. Are there any transactional attorneys here who would not want to trade places with their businessperson clients? For instance, are there any real estate attorneys who would prefer to remain real estate attorneys rather than become real estate brokers/developers?

I feel that it would be more intellectually stimulating to think through the mechanics of a complex lease option real estate deal than to schmooze potential real estate buyers.

Thanks
There are reasons to go into transactional law. I view them as narrow such they only a small slice of driven folks should do it. Look up my past threads and BernieTrump’s for an unvarnished view. You’ll know if law is for you after then. Take defenses of transactional law here with a grain of salt. Some want to defend their life decisions. If you are unsure of transactional don’t do it, you should go into it if you can’t imagine doing anything else.

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