Photo: Right 3 via Adobe StockHow to Support Law Firm Profitability: Train Partners Up
“We’re having this realization in the industry" that law firm partners won't be able to have financial literacy "through osmosis alone," said Fairfax's Kristin Stark.
November 17, 2024 at 07:00 PM
6 minute read
Law firms are prioritizing financial literacy for partners, making sure lawyers are trained to make real-time decisions that support their firm’s financial goals and profitability each day, according to interviews with firm leaders and a recent consultancy report.
Specifically, firms have built out more advanced training “to ensure that partners can interpret financial reports and metrics to make data-informed decisions on pricing and staffing that will drive profitability on client matters,” said Fairfax Associates, which consults with firms.
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