Law Students
Understanding Business of Law Helps Summer Associates
Posted Jun 16, 2008 10:31 AM CST
By Martha Neil
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"
- How B of A’s GC Got Fired: Leave Now, and Leave Your BlackBerry Behind
- Schools Ranked by 'Super Lawyers' Produced
- Law Firm Price Wars Break Out as Some Try ‘Loss Leader’ Bids for Work
- Five Questions for Law Firms Abandoning Lockstep Compensation
- Judge Jails 2 Attorneys for Contempt in 4 Days
- Court Deputy Ordered to Apologize or Face Jail After Taking Lawyer's Paperwork
- Skadden Jumps on the Bonus Bandwagon
- ABA Executive Director Resigns
- Nasty Attitude to Co-Worker, Naughty Word in Web Comment Cost 2 Their Jobs
- NU Law Dean Adjusts 'Super Lawyers' Rankings to Reflect Law School Size
Should Supreme Court Justices Be Able to Review News Accounts Before Publication?
Comments
msg
Jun 17, 2008 11:53 AM CST
I can’t believe that someone would enter a profession and not make an effort first to understand at least the fundamental basics of the business that they are entering. This is shocking that these associates, getting paid the salaries they do, enter these large firms without an understanding of the business of law. Shame on them and shame on the law firms for hiring associates without this basic knowledge. I also don’t feel it incumbent upon the law schools to teach this. This is information that one should get during an internship and a little research on their own. There are a lot of good books on the subject.
Add a Comment
We welcome your comments, but please adhere to our comment policy.
Commenting has expired on this post.