Law firms add value to junior associates
Law firms are responding to Junior lawyers have long been a profit center for large law firms, charged out to clients at hundreds of dollars an hour. But with clients demanding better value for their money and adopting “no-first-or-second-year” provisions into their arrangements with law firms, the industry is responding with an attempt to make junior lawyers more valuable to clients.
The Wall Street Journal Blog reports that Debevoise & Plimpton is starting a piiot program to give business and finance training to a group of 23 incoming associates. According to presiding partner Michael Blair, the program combines an online format with individualized coaching and group projects, and aims to teach the junior lawyers financial and accounting concepts, including how to read balance sheets and analyze financial statements, as well as how to spot and resolve business problems in case studies. It will run full time for the first four weeks that the associates spend with the firm.
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