Is a JD / MBA worth it?

[ltmaverick25]

I've been accepted to a few JDs for this upcoming September and have the opportunity to convert that to a joint JD / MBA. I'm just curious if an MBA makes any real difference in terms of hiring prospects in the biglaw universe, and if it would have any impact on salary, be it at biglaw, or anywhere else that may be applicable in the context of working as a lawyer.

 

[Rashabon]

If you are going into big law and planning to stay in big law you'll lose money having a JD/MBA, due to the opportunity cost of an extra year of school and the cost of tuition. But it does boost your chances of getting into big law to an extent and does open up some (non-law) jobs. You won't get a salary bump in big law just for being JD/MBA. It could give you good networking opportunities which 7-10 years later could benefit you when applying for partnership.

Really comes down to personal preference. I know plenty of people that are happy they got JD/MBAs, but I am following their footsteps just as easily without having gotten one.

[helloall]

25 minutes ago, Rashabon said:

You won't get a salary bump in big law just for being JD/MBA.

Yet another reason why Canadian Big Law sucks.

[Turtles]

Not all JD/MBA programs are equal. There is a clear hierarchy of business schools.

Depending on the school and your financial position, tuition may be free or close to free. While sticker price is high, don't let sticker shock scare you from applying. Business schools tend to have lots of $$$ to throw at people who are paying out of pocket (i.e., if the MBA is not employer-paid or mommy-paid), much more than you might think, especially if you're a domestic student with decent grades (the GPA average of entering MBA students is likely significantly lower than your GPA if you got into law school). Many schools will make scholarship offers before you have to commit to doing the MBA. GMAT is typically waived assuming a decent LSAT score.

The nice thing about the MBA year, especially if you already have solid employment and are returning to school, is that working during an MBA is not uncommon (the MBA tends to not be academically rigorous and often offer night classes to accommodate workers). If things align for you, you might have the opportunity to keep working your day job while getting a cheap/free MBA. Depending on that job, this can lessen or eliminate the opportunity cost of not getting into practice 1 year sooner (appropriately discounted).

That said, yeah you're probably not getting paid more in Canadian big law due to an MBA, absent perhaps if it helps you build your book of business and your compensation reflects what you bring in. But JD/MBAs are overrepresented in NYC (FYI Cravath scale is 215k USD base for first year attorneys) and the MBA can open up some interesting alternative paths and exit opportunities. Beyond adding 3 letters to your business card, you might also value the hard and soft skills being taught. But a business undergrad might pull a lot of weight on its own and a high-performing student/lawyer may end up with the same opportunities or path in the end. 

My view is that it can be valuable if you can get it at least close to free, if you can work a decently-paying job during the MBA year, if you're interested in alternative paths or exit opportunities (although you should really first ask why bother with a JD at all if the MBA might be enough*), or if you lack a substantive business background and want that core curriculum (to build your own knowledge). I find the people who come into it without much/any work experience tend not to get much out of the materials and the people already with a BComm or related degree tend not to take much away from it. Critically, it's important to remember there is a big difference between "do I need an MBA" and "would an MBA help me enough in accomplishing my goals to justify the time/cost"; the latter is really fact-dependent on you.

* I will note that depending on the school, you may have the option of doing the MBA year before 1L. If you are not 100% convinced you want to be a lawyer, the advantage of this is that you may be able to try out the MBA for a year, and if you decide law isn't worth it or you land a consulting/IB/management/etc job you want to stick with, you can then opt to drop out of law school without ever having paid law school tuition or wasting your time and instead just complete the regular MBA. But keep in mind, if you are entering with no work experience, the chances of a pure MBA materializing into a "prestigious" job are low. On the other hand, if you start on the law school side and land a 1L job, you may decide to drop out of the MBA and just do a pure JD. You should ask yourself what you really want to do and what opportunities an MBA would open up, if any, for someone with your experience, background, interests, and personality.

IMO these threads tend not to produce very helpful responses because people don't reveal enough about themselves (e.g., undergrad area, work experience, targeted schools, employment interests, etc) to allow for targeted, relevant advice, so the advice that tends to be given up is generic soundbites that may or may not apply to the person reading on the other end. If you want to talk through it without publicly disclosing information, feel free to DM.

Edited March 27, 2023 by Turtles

[ltmaverick25]

Thanks all for the feedback.

[AHappyLawyer]

Pretty worth it if you're (i) dead-set on Biglaw in the near time and (ii) have a genuine interest in business in the medium and long term. 

Wouldn't do it without both (i) and (ii) above.

[Jaggers]

I think for most people, the answer is that adding an MBA to a law degree is of little value in the short and medium term. There are circumstances where I'm sure it would, but the vast majority of good jobs available to people with law degrees don't need an MBA as well.