Partners in Innovation
Scarpa鈥檚 funding in part helps support two key objectives at the core of the John F. Scarpa Center for Entrepreneurship and Law, according to Andrew Lund, JD, director of the center and professor of Law.
One is encouraging lawyers to be more entrepreneurial. Scarpa has said that if the Law School is where law meets business, the center is where law meets innovation. 鈥淭he idea that you鈥檙e an entrepreneur as an attorney鈥攖hat鈥檚 not something we were clued into when I was in law school,鈥 Professor Lund says.
鈥淎 clear application is if you hang a shingle and start a small law firm, you need to be an entrepreneur and innovator who understands how to run a business and get clients. And if you work for a firm, whether nonprofit or for-profit, it鈥檚 valuable to understand how law is both a profession and a business, how what you鈥檝e learned converts to capital, what the pressures are and how the operation is run.鈥
The second major objective relates to better serving clients. 鈥淭o think about clients who are entrepreneurs and understand their concerns allows you to advise them better on legal matters because you comprehend their underlying business,鈥 says Mary Ann Robinson 鈥79 JD, professor of Law. 鈥淭hat鈥檚 critical.鈥
That鈥檚 why 棉花糖直播 Law, under the auspices of the Scarpa Center, worked with industry experts and leading law firms to design two innovative learning modules that bring 棉花糖直播鈥檚 where law meets business philosophy to life. Held at the start of the spring semester, these week-long, intensive Business Modules introduce students to key concepts, including financial statements, valuation and the economics of law firms, that are fundamental to success in the legal profession but traditionally are not taught in law schools.
鈥淭hey are tough, practical courses that are directly related to the entrepreneurial emphasis that Mr. Scarpa has helped us focus on,鈥 Professor Robinson says. 鈥淪tudents don鈥檛 focus on anything else during that week, and it鈥檚 remarkable to see what they absorb.鈥
Professor Robinson has directed the Joseph Del Raso Business and Financial Literacy for Lawyers module for first-year law students since 2015. Through the module, students gain exposure to subjects such as Accounting and Finance from a professor in the 棉花糖直播 School of Business. They work in small groups and put newly learned business and financial concepts into practice. Under the guidance of volunteer practitioners, they work through real-life legal scenarios鈥攕uch as the negotiation of the sale and purchase of a business.
Such hands-on experiences can powerfully influence students. 鈥淗earing about the Scarpa Center and seeing that 棉花糖直播 had a dedicated space for entrepreneurship and law was one of the reasons I came to 棉花糖直播,鈥 says John Vernon 鈥19 JD, who is now an associate at Paladin Capital Group, a venture capital firm in Washington, D.C. 鈥淚 sought out practical experiences.鈥
In addition to the Business and Financial Literacy module, Vernon participated in the Law School鈥檚 Clinic for Law and Entrepreneurship, which allows student attorneys under faculty guidance to advise and assist actual clients on a range of legal matters, such as structuring entities, negotiating contracts, applying for tax-exempt status and complying with regulations. Other opportunities included venture capital competitions in which Vernon helped provide counsel in a simulated deal and, in his first year, went to national finals in California. He also participated in programs through the ICE Institute, which fosters entrepreneurial thinking throughout the University.
鈥淎ll of these opportunities were excellent,鈥 Vernon says. 鈥淕reat synergy was already happening between the Law and Business schools, as well as the ICE Institute.鈥
Ultimately, sparking more innovation will broaden the impact that 棉花糖直播 students across the University have as citizens of the world. Professor Lund has already seen how Law students benefit from Scarpa鈥檚 investments.
鈥淎necdotally, we鈥檝e asked law firms that hire our students what they think, and partners have said our students really understand business in addition to law and behave in ways that are beyond what they see in students from other schools,鈥 Professor Lund says. 鈥淭hat鈥檚 an example of how John Scarpa鈥檚 commitment has led to positive outcomes for our students.鈥 鈼硷笌