Lawyer to MBA -- Does Making the Switch Make Any Sense?

[TXLawyer]

I'm a (successful but generally unfulfilled) lawyer considering a career change. I honestly don't know if pursuing an MBA makes sense for me at this point. Below are my details:

** graduated in 1998 from an undistinguished state school with a 3.62 GPA (major was Spanish)
** graduated in top 1/3 of class from top 15 law school in 2002
** practiced law (mergers & acquisitions) for 2 years at a top-tier NYC law firm
** since 2004, have practiced law (real estate) at a mid-size firm (~30 lawyers) in Austin, Texas
** promoted to partner in the firm in 2008 (as the youngest lawyer in firm history to be made partner)

I haven't prepared for or taken the GMAT yet, but I scored 610 (without any preparation whatsoever) on Kaplan's online practice test.

My questions are:

(1) Is it realistic to expect that I could improve my GMAT score into the ~700 range via Kaplan, Princeton Review, etc.?

(2) If I can improve my score into the ~700 range, would I be a competitive candidate at the Top 5-10 schools?

(3) Am I crazy to give up $300K yearly income, in a job that I don't enjoy, for initially less (half?) income and another $100K-$150K of debt? This one might be a question only I can answer...but I'd love to hear others' thoughts.

[MBALA2009]

Hi TXLawyer,

I'm in a similar situation. While I am not a partner, I am a 4th year associate practicing corporate law in one of Canada's largest corporate law firms. I share your feelings of unfulfillment and have decided to take the leap out of law, pursue an MBA and transition into a new career in media and entertainment.

Regarding your questions, while I am not in a position to answer #2, I will share my thoughts on #1 and #3.

1) Yes it is absolutely realistic to expect that type of improvement. I ended up taking the GMAT 3 times, scoring 610, 560 and 700 respectively. Quant was definitely a struggle for me, as it has been years since I really had to do anything beyond very simple math. I also took Kaplan and didn't find it too helpful. I would recommend Manhattan as the way to go for a prep course.

3) Especially in the current economy a very valid question and one which I have had to consider deeply. As I am currently single, I figured it was time to get out before the golden handcuffs got slapped on. I do not know what your current situation is, but my thought process was that despite the stress and tedium of corporate law, it is a good provider, and if I were to leave I had to have 2 things: 1) have a clear plan as to what I want to do and 2) no regrets if I never make the amount that I currently do.

After much deliberation I came to terms with the 2 questions above and have submitted my apps for round 2 and am anxiously waiting to hear back.

Feel free to correspond further and bounce your thoughts...

Good luck!

[TXLawyer]

It sounds like you and I are in a similar situation. Despite the stability of my current career, I just don't think I could bear to do it forever. But I think you're right about having a clear plan. And I don't have one at this point. I need to spend some time researching how to apply my experience to business. Before I do, though, I'd like to get a sense of what my options might be (assuming I can find an appropriate application).

Since so much depends on my GMAT score, I think I'm going to move forward with studying for and taking the exam. Then, once I have my score, I'll be in a better position to evaluate where I stand. BTW -- like you, my verbal is much stronger than my quant. Since I would even begin the application process until this fall, I have plenty of time to work on it. It appears that this stuff is pretty "teachable." Let's hope I'm not too stubborn to learn it...

[Jen Kedro]

Hi there,

From an advisor/admissions consultant perspective, I have certainly helped clients over the years who have decided to go to b-school after law school and/or changing careers mid-stream (and also had a few such people in my own b-school class). It is definitely possible from an admissions point of view; the big question from the admissions committee would be, as you can imagine-- WHY. Why an MBA now after the JD; why now; what will you do with it; how will you apply your past experiences to your future career goals (as you mentioned in this thread).

If you have a clear career plan and goals and can clearly articulate what that plan is, you should have a good chance acceptance (as long as other factors like GMAT are decent). But I've also worked with clients who had a hard time crystallizing their goals for the applications, and I remind them that having a clear career path is even more important as part of MBA apps than it was when you were filling out your law school apps.

As for GMAT, yes it is definitely very possible to increase from 600 or so to 700 or so, I have seen it time and again over the years.

So the big question, as you said, is more of a personal one, about what you want next in life/career/etc. Good luck with your decisions!

[BloreanTex]

TXLawyer,

My advice is just based on my experience with the business world and my own struggles in finding out what I truly want to do. I hope you will be able to find this useful.

You seem to have a strong background that supports MBA entry requirements. Getting a 610 without preparation clearly shows that with more study, you can get a great score. (I have taken classes and done self-study and have yet to even come close to your score). You have the tools in place to ensure entry into a great school; the piece that you have to work out is, as the others have mentioned, what it is you really want to do.

It took me a long time to decide that for myself. I graduated undergrad in 1993 with a business degree and worked in corporate America for 13 years before deciding to go to grad school for a degree completely unrelated to business. (I'm graduating in May). Through the process, I found that I'd rather be in the education system and try to affect change this way. My goal is to research better methods for businesses to be more ethical in their practices. Now I have to figure out the best way to accomplish that. I'm trying to get into a PhD program but this GMAT is really bringing me down. I'll figure out a way around that at some point. I was very unhappy in the work that I was doing in corporate, mainly based on what I saw to be truly unethical behavior that was rampant across organizations and companies. (I worked for Fortune 500 companies). Of course every company and organization has its quirks, but an employee has to decide what role he or she will play in it. Many people are very happy in business. I just wasn't one of them.

Before you make such a heavy financial investment in more education, really consider what it is about your current job situation that makes you unfulfilled. I've found that every industry has similar issues; you just have to find the industry that will be best for you. You may find that you actually like law but no longer enjoy the content in which you're working. If the political environment is what's bothering you, don't expect it to be any better anywhere else. I have friends and family in education, healthcare, business, and law. The stories are all the same, just with a different backdrop. I'm not trying to be discouraging or gloomy, just realistic. It truly is about what you want to do and how best you can manage the situation.

Given the economy, you are wise to consider your economic situation. If you do decide to go for the MBA, you might consider an Executive MBA program. If you're in Austin, UT has a great executive program that will allow you to keep working and earn your degree. I don't know how law firms work, but most corporations will fund an executive MBA as long as you intend to get a degree that is applicable to your job at the company and you are willing to put in additional time at the company after earning the degree. Of course, this assumes that you still would want to do what you're currently doing. The key is to really determine what you want to do. (I know I'm being repetitive, but it really is important). It can be a hard journey, but it feels good once you find the answer.

If the MBA is indeed your decision, a good school will make it that much easier for you to find a job. Many schools have very strong alumni groups and are very-welll connected. Hiring managers often have preferences for certain grads. For example, I worked with a manager at one company who was a Harvard MBA. She hired 3 other Harvard MBAs while I was there within a one-year timeframe. I'm sure her decision wasn't based solely on the school, but I know it played a strong role. This is just natural human behavior, so take advantage of it if you can.

At the end of the day, we're all concerned about our earning potential, because let's face it, money isn't the answer to happiness but it sure makes life a little easier. However, leading an unfulfilled life because of money has never led to true happiness and fulfillment for anyone. No matter how much we make, we're not pharaohs; we can't take it with us. Even they couldn't.

Good luck on your next steps. I hope my pseudo-philosophical comments are helpful for you. You seem like a very intelligent person; the right answer will come to you.

SMW

[GMATters1001]

I took Manhattan GMAT after a Kaplan Instructor who I sat next to on an airplane told me they were the best. I figured that was as good a referral as any. I initially scored 600 on their diagnostic test and got my score up to 750. Not to mention that supposedly Kaplan's scores on their diagnostic do not reflect reality whatsoever. You may already be in the 700 range without even knowing it.

Do Manhattan GMAT, I thought it was fantastic. You'll even learn to recognize that my last sentence would not be a correct answer choice on sentence correction (needs a semicolon).

[ECLS]

You have one life to live....so follow your dreams... - this may sound emotional and impractical but its true.

Though I do not know your lifestyle but on a practical note you could save a lot more (from your $300 k income) than many other people to fund your MBA.

So use this income as a stepping stone to fund your investment and follow your long term goal, whatever that is.

[Favin]

I would consider an executive MBA....you would fit the profile well and likely get into a top 10 school with or without the 700. Texas has some quality programs at McCombs, Cox and others.