2) Its difficult to give a short answer to this question. I will list few points and I can elaborate on them further if you'd like:
a. Opportunity to start my own business
b. Personal and professional growth
c. Opportunity to make more money
d. Its a new challenge
While I think you definitely have a leg up on many who will apply to law school, this is concerning.
None of what you listed is unique to the legal field.
An engineer in this economy getting a law degree so he can start his own business? Sorry, I must respectfully dissuade you from going on with this twisted logic. Law firms generate value by building up client bases. Your revenue stream is based on billing and collecting. In most cases, attorneys who start their own firms have to bill like crazy, and they don't ever really get a chance to run the business because they are too busy bringing in money. If you are a gifted rainmaker, you can possible bring in enough to feed associates who will make money for you, but this usually doesn't happen until you have done a ton of legal work. IN short, you should open a law firm if you love doing legal work, and it's a necessary side benefit that you love sales and management.
Personal and Professional Growth: Well, okay. But the law eats professional growth. Lawyers don't generally cross industries because there are too many conflicts. It can happen, but it will likely replace any prior accomplishments.
Opportunity to make more money: Yes, there is an opportunity, but the economy is brutal now, so the median wages for attorneys continue to drop. Gifted attorneys (who can sell) do end up making a lot of money in the long run, but the legal field is no guarantee.
It's a new challenge: Yeah, but it can be a miserable challenge. Job satisfaction is terrible, the market is too competitive, and technology is shrinking demand for traditional lawyers.
I'm not saying you shouldn't be a lawyer, but I personally believe your reasons are bad.
A lawyer is a hybrid Executive Assistant/Counselor/Negotiator/Professional Writer. Yes, you can go to court and make oral arguments, but it's pretty rare. PI attorneys have two or three trials a year. Maybe less.
I'd feel better if you said, "I love process management and administrative organization" "I love reading statutes and explaining them" "I love strategizing and negotiating over several months against people who want to screw me" "I love to take dry and boring concepts and write about them in a way people can understand."
The law is like building a home. You plan out the project, you comply with procedures, You test the soil, you modify the soil, you lay the foundation, you frame and add internal components, you add the roof, then you start to add comfort and cosmetics.
Except in the law, you spend 90% of your time in the first few stages, and you rarely get to complete the house. If someone who only loves interior design wants to be a general contractor, I'd tell them they should go into interior design.
If you love management, go into management. If you love marketing, go into marketing. If you love mediation, go into mediation.
Too many students go into law because they think they will enjoy one potential component of the law, and then it turns out they hardly ever do what they like.