As simple-minded as it might sound, in order to think like a deal lawyer, a lawyer must understand business and the business deal. For a deal lawyer, not knowing about business is akin to a litigator not knowing civil procedure and evidence. The key is that for deal lawyers, business is their discipline-specific substantive knowledge – their professional expertise.
Unfortunately, because of the historical separation between business and law schools, associates have had only a minimal opportunity to obtain a thorough grounding in business before they leave law school. For those associates who intend to do deals, this deficiency puts them significantly behind the curve when they start to practise. In contrast, associates who become litigators are much better prepared. Law schools teach them not only the appropriate skills, but also discipline-specific substantive knowledge.
