Law Firm Economics: The Business Of Law

If you're new to our Online Learning Portal, create an account and enroll.

Already have an account? Log in and enroll!

law firm economics online course

What’s Included

  • Downloadable course guide
  • 9 mini video lessons
  • Answers to FAQs
  • Exercises for practical application
  • Resources and further reading

Course Overview

To be successful, attorneys must master not only the practice of law, but also the business of law. Considered best-in-class nationally, Mountaintop’s Business of Law training offers an introduction to the factors that impact profitability for law firms.

Learning Objectives

In this course, you will learn:

  • How to assess the profitability of your work and that of a firm
  • Practical strategies for contributing to a firm’s profitability and long-term sustainability
  • How to speak more intelligently about the law firm market, business market, and firm profitability
  • How profitability can differ widely based on firm management and practices, even when they pull in the same revenue (with a case study of real firms)
  • Key terms and definitions
  • Types of fixed expenses and overhead and how they impact law firm profitability

Whether you’re a new associate starting your first position in a law firm or a new partner juggling the economics of making money in a law firm, this course will help you understand how law firms make money and what levers you can pull to positively impact profitability.

Chapter Outline

  • What’s In It For Me? [1:59]
  • The Macro Environment Of Law Firms [3:18]
  • How Do Law Firms Make Money? [6:54]
  • Law Firm Profit & Loss: Decoded (Part One) [5:53]
  • Law Firm Profit & Loss: Decoded (Part Two) [5:33]
  • The Leaky Bucket [12:18]
  • Law Firm Partnership Structures [6:31]
  • How Law Firm Profitability Works [8:09]
  • Profitability Exercise [8:53]
  • FAQ | Why Are Realization Rates So Important? How Will I Know Mine? [3:29]
  • FAQ | Isn’t My Firm Responsible For Making Clients Pay? [2:35]
  • FAQ | Are There Skills I Can Develop To Become More Profitable? [2:28]
  • FAQ | How Do I Figure Out What My Most Profitable Type Of Work Is? [2:50]
  • FAQ | What Do I Need To Become A Partner At A Law Firm? [1:45]
  • FAQ | Is It Better To Be An Equity Partner Or A Non-Equity Partner? [1:27]
  • FAQ | Where Does Pro Bono Work Fit Into A Firm’s Profitability? [2:08]
  • FAQ | Do I Still Need to Think About Profitability If I’m Not In A Traditional Law Firm Setting? [1:15]

It is not the mountain we conquer, but ourselves.

Edmund Hilary, Mt. Everest, 1953


Hiring Mountaintop Consulting to assist in my business development efforts was the catalyst I needed to move forward in marketing my practice in a meaningful way. The process was not easy, but the payoff has been significant, and the investment has proven worthwhile.

— Partner, Am Law 100 Law Firm

Mountaintop’s approach was ideal for achieving results in our division. They have completed multiple important projects for us. On each project, their consultants developed innovative, practical solutions while operating as seamless members of our cross-functional team.

— Vice President, Johnson & Johnson (NYSE: JNJ)

Ready for your Ascent?

Take the first steps. We can help you reach higher peaks in your career.