Posted 5 June 2017 8:00am
The diverse set of skills that a career in corporate law can provide is increasingly evident in a number of young lawyers who are quitting the law to turn their hobby into a successful business.
Alyce Tran was a corporate lawyer in Sydney when she realised there was a niche market for quality, affordable and personalised leather goods. While she initially juggled being a full time lawyer and running her business, she now runs her business full time. Alyce’s brand, The Daily Edited, now employs 100 staff and has an annual turnover of more than $15 million. Most recently, a 30 per cent stake in The Daily Edited was sold to OrotonGroup for $4.5 million in cash and shares. Alyce stated in an interview with Vogue that her legal skills helped her, which is why she is now a solid entrepreneur.
Another similar example is Sarah Holloway, who was also a corporate lawyer. Sarah was working in Hong Kong when she became hooked on matcha lattes. Unable to find matcha lattes in Australia, and only able to bulk order matcha from Japan, Sarah realised there may be a gap in Australian market. After importing her first 10kg bag and starting with $5,000 in capital, Matcha Maiden now turns over $500,000 a year and has 83,000 Instagram followers.
These examples demonstrate that, with the right product, the skills of a corporate lawyer are also highly transferable in running a successful and profitable business.