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Crossing the Divide: Entrepreneurial Law

Crossing the Divide: Entrepreneurial Law

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Thomas Morsch, J.D., discusses ways to bridge the gap between lawyers who tend to be risk-averse and entrepreneurs who embrace risk so that entrepreneurs can get the legal services they need.
Thomas Morsch, J.D., discusses ways to bridge the gap between lawyers who tend to be risk-averse and entrepreneurs who embrace risk so that entrepreneurs can get the legal services they need.

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Published by: The Ewing Marion Kauffman Foundation on Mar 11, 2009
Copyright:Attribution Non-commercial

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05/25/2012

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Discovery
consists of 
seeing
what everybody has seenand
thinking
what nobodyhas
thought
.
KAUFFMAN Thoughtbook
 
2009
E x c E r p t f r o m
Fourth in an ongoing series, the
Kauffman Thoughtbook 2009 
captures what we arethinking, learning, and discovering about education, entrepreneurship, and advancinginnovation. This collection of more than forty essays is written by the talented KauffmanFoundation associates, partners, and experts who are pursuing the principles and visionset by our founder, Ewing Kauffman.REQUEST YOUR COMPLIMENTARY COPY AT
kauan.g
©2008 by the Ewing Marion Kauffman Foundation. All rights reserved.
 
105
Crossig the Divide:
Etrepreeril Lw
ThomaS moRSCh, J.D.
Ciic Prfessr f lw d hcberg Fiy Directr, S Busiess opprtuity Ceter,nrtwester Uiversity Sc f lw
I y wys, lwyers d etrepreers ke strge bedellows.Lwyersted to be risk-verse while etrepreers ote ebrce risk. Lwyers look tothe pst, redig cses d citig precedet, while etrepreers try to red thetre d do the precedeted. Lw rs re bilt o predictble billigswhile etrepreeril rs re predictble.Sch “istches” c rstrte sccessl etrepreership. Lwyers re crcilto the etrepreeril process, bt y re either tried or iclied tocotribte to it s they cold, while y etrepreers d it diclt to get thelegl services they eed. orttely, there re wys to bridge this gp.I hve spet orty-ve yers i bsiess lw, s  prctitioer d  edctor.Crretly I direct the etrepreeril lw cliic t northwester uiversity. TheK odtio hs spported this cliic d others like it, where lw stdetsc ler by workig directly with sll or eergig eterprises. Tht work is prt o the eort to brig lwyers d etrepreers together.Bt let’s begi by derstdig the orces tht divide the.
Excerpt ro
Kauffman Thoughtbook 2009
. ©2008 by the Ewig mrio K odtio. all rights reserved.
 
106
Where the Discoects ariseCretig  copy is both  bsiess process d  legl process. Every decisio,ro the or o legl etity chose to the detils o the cotrcts tht re de,c ect the copy’s bility to scceed. Ths, it kes sese to egge lwyer erly d, yet, tht is where the discoects lso begi to show p.Wht the etrepreer typiclly brigs to the tble is  idset groded ipersistece d optiis. Wht the lwyer ote brigs is  id lled, literlly,with worst-cse scerios. Lwyers ler their proessio by stdyig cort cses,which re stories o disptes over thigs goe wrog. ad so, the lwyer tedsto eel tht the ost rget isses to be delt with re legl probles, while thecliet plces the o the list o “thigs to worry bot,” bt ch lower o thelist th drtig  bsiess pl, bildig  geet te, d dig theoey to ove orwrd. I this cotext the etrepreer y soo begi to seethe lwyer s the “ti-etrepreer”—s soeoe ot scietly ethsisticbot the vetre, ore iterested iidetiyig probles th solvig the.The wkwrd sittio is copoded i the lwyer trs ot to be der-qlied.Represetig  etrepreer es thtoe st be ilir with  wide rgeo legl isses—those reltig to cotrct lw, itellectl property lw, tx lw,regltory lw, d rel estte lw, to e jst  ew. The lwyer st kow thedierece betwee  “C” corportio,  “S” corportio, d  liited libilitycorportio d, bove ll, be ble to egotite d drt siple d derstdble
- Crossig the Divide -
Wht the etrepreertypiclly brigs tothe tble is  idsetgroded i persisteced optiis. Wht thelwyer ote brigs is id illed, literlly, withworst-cse scerios.

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