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What Are Law Firms Doing to Develop The Next Generation?

By Cordell M. Parvin

It's a brand new year. What are law firms doing to develop the next generation of successful lawyers and rainmakers in 2011 and beyond? The answer to that question depends in part on how the firm is doing in the current economy and whether the firm views the development efforts to be a cost or an investment.

Many firms, which have historically had institutional clients, have cut back on their development of the next generation. Those firms view development of their next generation as a “cost” and as soon as the economy deteriorated, developing the next generation was one of the first things to be cut. Those firms are no longer hiring outside trainers and coaches to work with their associates. Instead, they are turning to their own partners who do not have time for training and coaching because of the increased pressure to get their own billable hours. In those firms, instead of focusing on the next generation of successful lawyers and rainmakers, they are laying off the next generation in record numbers.

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