Careers > Students > Legal Scoop
13 Feb '18

As you know, the practice of law is a business, so it is important to recognize how your work as a lawyer will directly impact the firm’s financial results. The time and effort you put into client matters will ultimately affect the revenue and profit that is generated for the firm. This knowledge will help you to better serve the firm’s clients and to meet expectations when it comes to billing and timekeeping.

In this post, we will provide you with a very basic overview of how a law firm generates revenue, along with tips for how you can begin developing good timekeeping habits early in your career.

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30 Jan '18

Wherever you are in your legal career, it is imperative to know the basics of law firm economics. Many people on the outside of the legal world see law firms only as depicted on the latest television legal drama and do not know that a law firm actually operates like a business. Much like any business, work that is generated on a day-to-day (or, in your case, hour-by-hour) basis is how the firm ends up making money. We want to give you a breakdown of how revenue is actually generated in a law firm and how an understanding of these concepts will help you in your decision on where to use your legal talents, as well as in your ultimate day-to-day practice.

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18 Jan '18

As you make your way through law school, you gain valuable knowledge of historical case law, rules and procedures, and the finer points of research. However, when it comes to understanding the legal industry and business of law, many young attorneys start their legal career not fully understanding the legal landscape in which they will be working. After the 2008 financial crisis in the United States, firms were forced to take a fresh look at their internal tools and resources and make necessary changes to reduce costs and become more efficient. Many of these adjustments have reshaped client expectations and the way in which work is done. In this post, we will examine some of the new and innovative practices that the legal industry is adopting in order to improve and accelerate the output of work product for clients.

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04 Jan '18

The disruption movement seen in other industries is slowly creeping into the practice of law. For instance, the profession has gone from being paper heavy to a data heavy one; most things that are reviewed by attorneys are now on screens rather than in boxes and binders. This change has given rise to specialty firms, work being shifted in-house and the use of machine learning systems to analyze terabytes of data. As you begin your journey towards finding a position in the practice of law that is the right fit for you, it will be helpful for you to understand the current landscape of the industry and the changes taking place. This month, we highlight a resource to help you understand some of the changes that are happening in the industry. Click here to read more.

Please check back later this month for additional information on the changes in the legal industry.

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21 Dec '17

Congratulations! You have survived finals and completed your first semester of law school. While it might be tempting to spend your winter break slumped on the couch in front of the television, it is also a great time to lay the groundwork for an even more successful second semester. Below are some suggestions on how you can make the most of your winter break.

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30 Nov '17

Congratulations! The first semester of your 1L year is coming to an end, and you are on your way to becoming a lawyer. You have learned new concepts, built relationships with classmates and are feeling a sense of accomplishment.

Final exams are the only thing standing in your way of the much-anticipated winter break. Advance preparation is key to exam success. Read on for study strategies and detailed tips.

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13 Nov '17

While the month of November may conjure up images of crisp weather, colorful leaves and pumpkin spice lattes, it is also a reminder that final exams are fast approaching. Whether this is your first or last semester of law school, final exams can be a source of stress and anxiety. You might be asking yourself the following questions:

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