Q: Does associate training in a firm make a difference to the bottom line?
A: The answer is “Yes.” In a recent study of 69 firms with different levels of profitability, published by Bassi and McMurrer, there was a clear indication that the most important determinant of law firm success and profitability was the leadership skills and practices of partners. The specific leadership competencies identified as most critical to profitability included valuing and supporting learning and making training readily available. See the Fall 2010 ABA Law Practice Magazine article entitled “Leadership Development: Should Your Firm Invest In Growing Its Leaders?”
Not only does lawyer training aid associate retention, thereby stemming the high cost of turnover, it promotes optimal partner-associate teaming for stellar client service, contributing to upside profitability. Leadership and talent management are highly valued in the corporations law firms represent…and it is critical that a world-class private practice mirrors best practices and client priorities in order to be responsive, respected, and productive.