Why Aren’t Associates More Profitable?

I had occasion to be on a panel with several other consultants and some managing partners recently. One of the consultants said, “As you all know, every law firm loses money on associates during their first three years of practice.” The panel (me included) smiled and nodded acknowledgment of this commonly accepted belief: all young associates cost more than they produce in revenue.

The Younger Generation

A great deal has been written about why associates, and even young partners, have a different set of aspirations and values than previous generations.  It is further suggested that law firms must adapt themselves to these generational shifts if they want to successfully recruit and retain lawyers and staff. But suppose that the issues we […]