Why do so many legal careers seem to stall out while others break on through to fame and fortune? Competency, mentoring, personality, and luck (of course) all play a part. Still, there are too many good and personable lawyers whose careers never take off. More often than not, a lack of good business judgment is to blame.

The conventional wisdom has always held that good business judgment is one of those human qualities, like leadership, that is subjective in nature, ineffable, a product of natural endowment and depth of experience. You either have it, or you don't. Not true. Good business judgment can be acquired (even quite early in a career), but it does require a modest re-direction of the analytical skills you have developed as a lawyer.

Business Literacy

General Counsels have it. Law firm rainmakers have it. And clients increasingly demand it of even their more junior lawyers. At its most general, good business judgment requires the lawyer to understand the business context within which legal advice is delivered. And, what is context other than the basic facts that define the client's enterprise? Comprehension of these facts will go a long way towards making a lawyer business literate. Here is a list of questions that every lawyer should be able to answer concerning their client's business (this list has a modest corporate practice bias, but is generally applicable to litigation practices as well):

1. What are the company's annual revenues?
2. What are the company's profits (losses)?
3. What are the company's (if publicly traded) earnings per share?
4. What are the company's gross margins?
5. If publicly traded, how many shares are outstanding?
6. Who are the company's biggest shareholders?

Without a doubt, job security for lawyers in private practice depends on a steady stream of clients. As a result, business development is just about the most important thing attorneys can do for their careers. Despite its importance, business development remains a scary and foreign proposition to many lawyers. But rest assured, client development is not rocket science. We've got some tips for demystifying the process. And it's never too early or too late in your career to build a client base.

Some might argue that job dissatisfaction borders on being an occupational hazard of the legal profession. Although many lawyers are -- at one time or another -- unhappy in their jobs, fear of the unknown sometimes keeps them in one place. Also, many attorneys stay in their jobs because they're unclear as to when they're most marketable to other employers. Some lawyers think they're too junior for a lateral move; some think they're too senior and have missed the proverbial boat.

Changing jobs in the legal profession is easier and far more accepted than it was just 20 years ago. In fact, in today's fast-paced and ever-changing "New Economy," switching jobs is pretty much expected. These days, few lawyers spend their entire careers in one place.

Maybe you became a big-firm litigator after watching countless "LA Law" reruns during law school, drawn to the fancy suits, courtroom suspense and law firm glamour. But after several years in litigation, you find yourself dreading the countless motion hearings and the transparent posturing of contentious opposing counsel. You're starting to long for the simple, cut-and-dried rules of inheritance you learned during your law school trusts and estates class. Could you leave litigation and become an estate lawyer? Or maybe you're an antitrust lawyer whose practice just isn't what it used to be. Could you ground your law practice in your childhood Long Beach roots and become an admiralty and maritime law specialist?

For many attorneys, landing a job in a corporate law department is the legal profession's equivalent of Nirvana. "Going in-house" can mean job security and a world devoid of law firm billable hour requirements.