In a recent interview, David Krasnostein, the General Counsel of Australia’s National Australia Bank, explained this point:
“If I’ve got a lawyer who’s got a 9/10 understanding of a particular area of law and a 3/10 understanding of the client’s business and they’re going to put in 50 hours in continuing education, there’s more bang for the buck in spending that 50 hours in learning more about the business and moving the 3/10 to 7/10 than moving the 9/10 to 9.2/10”
That is a 10/10 statement. Clients want astute business advisors who happen to know and apply the law (See my post of May 10, 2005 on CLE payments for bar membership.).