Understanding Business of Law Helps Summer Associates
Most law firms don’t make as much effort to teach summer associates the financial basics of the legal business as they should.
But understanding the business realities that underlie their jobs helps summer associates succeed and potentially win offers of permanent employment, points out Regina Robbins, professional recruitment manager for Heller Ehrman, in the New York Law Journal. And getting an offer is harder than it used to be because of the slowing economy, she notes.
A RULER acronym can help summer associates remember the basics: rates, utilization, leverage, expenses and realization, says Robbins, who provides a definition of each term in her article. Focusing on the law firm’s finances, and that they need to work to contribute to the bottom line, should help summer associates understand the need to, for example, proactively seek assignments and accept constructive criticism graciously.
“How can you make yourself a valuable member of the team early and ensure your prospects for full-time employment after graduation? Remember the basic business model and respect the business in the same way that the partners and all highly esteemed attorneys respect the firm,” she advises.
Related coverage:
ABAJournal.com: “Just in Time for Summer Associates: Lessons About Law Firm Job Success”
