What Risk-Aversion Really Means
I’ve heard many times, and I’m sure you have too, that lawyers are ”risk-averse.” That description alone isn’t very helpful — after all, most people are risk-averse, which is why much of the population lives safe and sedate lives while a very small number of people create billion-dollar companies or break their legs while cliff-diving.
What I think we mean is that lawyers are unusually risk-averse. And when we say this about ourselves, we usually say it in tone of self-mocking resignation or gentle exasperation: “Well, what are you gonna do? Lawyers are risk-averse, after all. We won’t try anything . . . [more]
