Your Numbers, Your Career: Business of Law Fundamentals for Associates 2024

How to build a strong foundation

—Rebroadcasts—
On the rebroadcast date, you will have until midnight of that rebroadcast date to access the course. Please note that technical support will be available during regular CLEBC business hours.

Jump Start on CPD 2025
Tuesday, March 4, 2025

(Original webinar date: October 25, 2024)

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Who should attend: Lawyers with less than three years experience, articling students

Learning level: Fundamental

For a law firm associate, understanding the financial role they play—specifically how their work contributes to billing clients and generating revenue—can be highly beneficial for several reasons:

1.  Enhanced Business Acumen

Knowing how their work affects the firm's bottom line helps associates develop a greater sense of business acumen. This understanding shifts their perspective from simply executing legal tasks to appreciating the larger financial ecosystem in which they operate. They start to grasp the importance of time management, efficiency, and strategic thinking, which are crucial in maintaining profitability and building client satisfaction.

2.  Increased Ownership and Accountability

When associates understand that their billable hours and client interactions directly impact the firm's revenue, it fosters a stronger sense of ownership and accountability. Associates are more likely to be mindful of how they spend their time, which helps them deliver high-quality work more efficiently and ensures that they are adding value to the firm.

3.  Career Development

Awareness of their financial role helps associates understand the factors that contribute to their long-term success at the firm. Partners and management teams often evaluate associates not just on the quality of their work but also on their ability to contribute to revenue generation. By recognizing this early on, associates can align their professional goals with the financial metrics that matter for advancement, including their billable targets, client development, and efficiency.

4.  Better Client Relationships

Associates who understand the financial dynamics of the firm can better communicate with clients about the value of legal services. They can more effectively explain why certain tasks take the time they do, justify fees, and provide clearer expectations about legal costs. This transparency can build trust with clients, helping associates develop stronger professional relationships and, in turn, contribute to client retention and satisfaction.

5.  Motivation and Clarity

Understanding their role in generating revenue can serve as a motivational factor for associates. When they realize the tangible impact of their work on the firm's financial health, they are more likely to be engaged and motivated to hit their billable targets. This clarity can also help them set realistic goals for both personal development and career progression.

6.  Informed Decision-Making

Associates who are financially aware can make better decisions about the work they take on. For example, they may prioritize high-value tasks or clients who offer better long-term revenue potential for the firm. This understanding also empowers them to seek out opportunities for client development or more strategic legal work that can elevate both their personal brand and the firm’s financial standing.

7.  Building Toward Partnership

Associates who aim to eventually become partners benefit from understanding how financial contributions are evaluated. Knowing the economics behind running a firm prepares them for the responsibilities of partnership, which includes not only legal expertise but also client development, financial management, and leadership.

In summary, knowing the financial role they play helps associates to better understand the business of law, align their performance with the firm's goals, enhance their professional growth, and contribute more effectively to the firm's success.

Law Society of BC CPD Hours: 1 hour (this course will contain a minimum of 1 hour pertaining to professional responsibility and ethics, client care and relations, and/or practice management)

Course Instructor
Allison Wolf — Founder and Lead Coach, The Lawyer Coach, Vancouver

CLEBC Program Lawyer*
Genevieve Chang
gchang@cle.bc.ca
*non-practising