Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Private practice attorneys truly own their careers, inside and outside their firms, when they fall into the category of "rainmaker" and when their compensation is a fraction of the business they are able to originate. Of course, there are exceptions — the partner whose practice area is essential to every transaction, the partner who takes on a large firm management role or the partner who fills another non-substantive need of the firm. But, generally speaking, if you are an attorney at a firm, big or small, you're best suited as a rainmaker. Many attorneys, however, don't actually know how to scale business and require guidance in order to develop and exercise that muscle. This is precisely why law firms should invest in their associates' business development efforts from the start.
When associates join firms at the junior level, they are tasked with learning how to actually practice law. In most cases they are there because they want to dive deep into the substance of the law itself. They must master their chosen practice area, comprehend the nuance that goes along with each matter and gain a deep understanding of the process and procedure required within the law. Associates need to know what they know and, perhaps more importantly, learn what they don't know. They must be committed to spend the necessary years perfecting their craft and becoming top of their game. Being a good lawyer is a baseline for success in the profession. Without debate, this is essential — but it doesn't have to, nor should it, be at the expense of the attorneys' business development efforts. The goal is to develop multi-dimensional lawyers. Those who bring so much to the table — for themselves, for the firm and for their clients. Those who can both practice law and build business, authentically.
If law firms regularly support and encourage their associates to establish and enhance their professional relationships, the path to success for the attorney and the firm is often simpler. While junior and mid-level associates may not be expected to drive revenue during their primitive years, if they plant the seeds of meaningful relationships early on, they'll be able to generate business at the time it is expected of them. Without planting and watering those seeds, firms can end up with senior associates and counsel who mastered their craft and pick their heads up to find empty calendars with no one to call. It's a tough position that can easily be avoided.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Latham & Watkins helped the largest U.S. commercial real estate research company prevail in a breach-of-contract dispute in District of Columbia federal court.
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.