There comes a time in every young lawyer's career where we think, or exclaim, "well they did not teach us that in law school!" Or, as the famous "My Cousin Vinny" line goes, "they taught us contracts!" This concern does not always arise when tackling a difficult legal issue or heading off to trial. Most young lawyers hear from peers and supervising lawyers alike to build their "value" in the firm. However, it is less common that specific advice accompanies this recommendation. Here are a few ways to strengthen and build your value for the next stages of your legal career.

Understand the Business of the Law Firm

A law firm is first and foremost a business. While a firm generally wants to foster your personal and professional growth, it also has invested time and money in you. Therefore, it is important for young lawyers to understand the firm's viewpoint as to its expected "return on investment" from you. Your value is more than just the number of hours billed, or quality of work, although those are important. Showing an interest in the internal business workings of the law firm will show the managing partners you are working towards the same goal—the continued success and growth of the firm. Understanding the impact overhead costs, rate increases, and accounts receivable have on profitability will better focus your understanding of what drives firm decisions. While you may not be negotiating rate increases with clients, many young lawyers are entrusted with budget submissions, handling invoicing, and client contacts. Get involved within the firm to showcase investment too—join financing or other committees, help with client pitches, or organize trainings with more junior associates. These, usually non billable and nonlegal, tasks may seem secondary to your legal assignments, but they are vital to the sustained profitability of the firm and an important focus of the managing partners reviewing your efforts.