"Sealing in the juices" is definitely false, but a hot sear to cause the Maillaird protein reaction is important if you want to have the distinctive "traditional" steak taste.
Definitely after. Cooking denatures the myosin and releases water; a seared steak soaking in water isn't going to have the kind of texture you'll get (and want!) from the Maillard reaction.
I guess what I mean is that it'll taste fine but the texture won't be quite there.