Law Firm Economics: The Business of Law
$379.00
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.
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]
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This course is everything we wished we knew to build successful and fulfilling careers. In it, you will learn the written and unwritten rules of the workplace and professional life, so you can confidently own your career progress and deliver value right away.