Emerging Enterprise Center Blog : Boston Startup Lawyer & Attorney : Foley Hoag Law Firm : Startup Financing, Venture Capital

David Wessel’s recent article in the Journal, “A Prozac Economy has its Costs,” asks: If we were able to invent the economic equivalent of Prozac – something that would take away the high-highs and the low-lows of our current economy (think the tech bubble of the late 90’s and the current recession) – would we elect for a prescription? Would we, given the choice between a dynamic, volatile economy with painful depressive phases, and a more mellow economy with fewer crises but a slower growth rate over the long term than its manic doppelganger, settle for a calmer existence? Though my understanding of economics is limited to my college-level macro and micro courses, from an entrepreneur’s and VC’s point of view, I think my answer would be: give me manic any day.

• Email This
• Print
• Comments
• Share Link

Entrepreneurs are risk takers; lawyers risk managers. An inherent tension exists. Take too much risk or over-manage the risk and the results can range from unsatisfactory to disastrous. However, in every venture, there are manageable risks and uncontrollable risks. The trick is to realize which is which and deal with them accordingly. I have met some smart, innovative first-time entrepreneurs with thought-provoking business plans that illustrate foresight and a nuanced understanding of market forces. However, more often than not, these very same entrepreneurs are more than willing to lump all their risks in the “uncontrollable” category.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

The nature of the law business is that pretty much each attorney is an individual contributor. You do the work clients need when they need it. If clients have conflicting needs, it is mostly up to you to prioritize and manage your own way through it. Sometimes you work on large matters, IPOs (when there used to be such things) and mergers being examples, and you have to coordinate with a group. But, generally, you are the master of your day, your week, your month and your year. When we opened the EEC things changed a lot. We changed the model to some extent and now there are a lot of projects that have to be done by many people over many months (even years). Just saying, “the client needs it ASAP” doesn’t help. When, exactly, is ASAP?

• Email This
• Print
• Comments
• Trackbacks
• Share Link