Journalists and lawyers have at least one thing in common: members of both groups often joke that they chose their profession because they can't do math. But as senior executives increasingly expect in-house attorneys to be business advisers as well as legal counselors, those who can't read a balance sheet are finding themselves at a serious disadvantage, whether they are seeking promotion or looking for a position at another company.

Enter the “Pocket MBA” concept–a short course in finance. Some law firms and continuing education organizations such as the Practising Law Institute offer half-day to two-day programs focusing on valuation and finance basics. Many graduate business schools advertise longer programs–typically one week or three weekends–for people working in non-financial functions who would benefit from understanding what the numbers mean.

Boston University's School of Management Executive Education Program developed a weeklong Pocket MBA specifically tailored for lawyers. Offered twice a year in January and June since 2005, the course is open to all attorneys but participants typically are in-house counsel with 20 years' experience, according to Elizabeth Nassar, the school's director of executive programs. She says these experienced attorneys are motivated to spend a week in the classroom because they realize that a lack of business knowledge is holding them back from advancement and limiting their ability to do their jobs well.

“It's amazing the number of people who come in from Fortune 500 companies who have been dealing with major mergers and acquisitions with next to no knowledge of finance and accounting,” Nassar says. “They just got by because they are really smart people.”

While many participants are attracted to the program's focus on valuation, accounting and corporate finance, they end up finding the organizational behavior segment the most intriguing, she adds.

“There's a huge amount of frustration for inside counsel about how they are positioned in the organization. They are positioned as the bad guys of business development,” Nassar says. “They have set up a role for themselves where they are always cleaning up messes instead of thinking proactively. We talk about the importance of proactive strategy to the organization, and when they think about the techniques they could use, it sets off all kinds of bells for them.”

The highpoint of the program is the Capstone project, where participants make a presentation on whether they would advise going forward with a merger, analyzing it from finance, marketing and human resources perspectives, as well as the legal side.

The program is limited to 30 participants per session, with an early registration fee of $4,225. In return, participants in most states get 35 CLE hours. Everyone gets the opportunity to re-think their career prospects.

“Understanding how the business functions makes them much more effective in their day-to-day jobs,” Nassar says. “They leave here with a different sense of who they are and how they can move forward in the organization.”

Journalists and lawyers have at least one thing in common: members of both groups often joke that they chose their profession because they can't do math. But as senior executives increasingly expect in-house attorneys to be business advisers as well as legal counselors, those who can't read a balance sheet are finding themselves at a serious disadvantage, whether they are seeking promotion or looking for a position at another company.

Enter the “Pocket MBA” concept–a short course in finance. Some law firms and continuing education organizations such as the Practising Law Institute offer half-day to two-day programs focusing on valuation and finance basics. Many graduate business schools advertise longer programs–typically one week or three weekends–for people working in non-financial functions who would benefit from understanding what the numbers mean.

Boston University's School of Management Executive Education Program developed a weeklong Pocket MBA specifically tailored for lawyers. Offered twice a year in January and June since 2005, the course is open to all attorneys but participants typically are in-house counsel with 20 years' experience, according to Elizabeth Nassar, the school's director of executive programs. She says these experienced attorneys are motivated to spend a week in the classroom because they realize that a lack of business knowledge is holding them back from advancement and limiting their ability to do their jobs well.

“It's amazing the number of people who come in from Fortune 500 companies who have been dealing with major mergers and acquisitions with next to no knowledge of finance and accounting,” Nassar says. “They just got by because they are really smart people.”

While many participants are attracted to the program's focus on valuation, accounting and corporate finance, they end up finding the organizational behavior segment the most intriguing, she adds.

“There's a huge amount of frustration for inside counsel about how they are positioned in the organization. They are positioned as the bad guys of business development,” Nassar says. “They have set up a role for themselves where they are always cleaning up messes instead of thinking proactively. We talk about the importance of proactive strategy to the organization, and when they think about the techniques they could use, it sets off all kinds of bells for them.”

The highpoint of the program is the Capstone project, where participants make a presentation on whether they would advise going forward with a merger, analyzing it from finance, marketing and human resources perspectives, as well as the legal side.

The program is limited to 30 participants per session, with an early registration fee of $4,225. In return, participants in most states get 35 CLE hours. Everyone gets the opportunity to re-think their career prospects.

“Understanding how the business functions makes them much more effective in their day-to-day jobs,” Nassar says. “They leave here with a different sense of who they are and how they can move forward in the organization.”