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Taking Control of Your Partner Education Program
At Redwood Analytics, we have long preached the importance of profitability and financial training for new partners at law firms. Nonetheless, firms have long been put off by the idea: After three years of law school, hours spent studying for the Bar exam, and many years toiling away at the associate ranks, new partners often believe that there is nothing new they need to be taught about being a principle of a law firm. The resistance to spending time in a classroom is palpable. It is viewed as tedious and, since partners are rarely compensated for learning or personal development, they are less inclined to “waste” their time.
Under these circumstances, law firms cannot be blamed for being apprehensive about trying to roll out an education program. However, financial education remains vitally important. Understanding how a law firm makes money and the drivers of profitability enhance both the firm's profits and the individual's portion of those dollars. As Bo Yancey, in his role as director of services and consulting at LexisNexis, recently stated in an ALM Survey: “When firm leaders are educated on business metrics, firm performance and the financial health of the firm, we see transformation in overall financial and business performance.”
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