The race for legal honours: Taking MBAs in-house
In an effort to improve the management expertise and commerciality of their lawyers, some international firms, such as Eversheds and Debevoise & Plimpton, have introduced their own version
In an effort to improve the management expertise and commerciality of their lawyers, some international firms, such as Eversheds and Debevoise & Plimpton, have introduced their own version of an MBA.
In October 2010, Eversheds launched its "Commercial Academy" which includes a "mini MBA" program to develop its junior lawyers. The Academy is made up of five optional subjects, including the mini-MBA, which are taught in workshops and on the job.
"We have devised a program of training to develop commercial business lawyers from a junior level with skills fully aligned to the firm's strategy. Lawyers are increasingly required to expand their capabilities. They are not simply fee earners but also business winners, client managers and team players," said Eversheds' human resources director Angus Macgregor.
Similarly, Debevoise & Plimpton is set to launch its mini-MBA program in September, during which all first-year associates will receive four weeks of intensive training. As reported by Legal Week, the firm has engaged business education provider The Fullbridge Program, which is headed by senior lecturer on Harvard's MBA program Peter Olson
The head of the firm's talent steering committee told Legal Week: "The program is part of a broader lawyer development framework at the firm, the purpose of which is to ensure that our lawyers are effective and efficient in solving our clients' business problems with commercially sound legal solutions.
"Especially in the current climate - but really in any climate - we find that clients highly value a deeper appreciation for the business context of their legal needs."
The options for postgraduate study have dramatically expanded over the years as more and more lawyers seek to specialise to get ahead. Briana Everett finds out why lawyers are taking the postgraduate path.
According to new research conducted by Graduate Careers Australia (GCA), postgraduate degrees pay dividends in an uncertain market.