Tuition at Harvard Law School is not a trifling matter. At a price tag of $57,200 for the 2015-2016 academic year, it is worth asking from time to time if students are getting good value for their money.
In this spirit, three members of the HLS faculty recently surveyed 124 practicing lawyers at the law firms that hire the most HLS students*:
The survey had two main objectives: (1) to assist students in selecting courses by providing them with data about the relative importance of courses; and (2) to provide faculty with information about how to improve the curriculum and best advise students.
The first question they asked had to do with which law school “business-methods” courses would be most beneficial for current law students. The responses were quite consistent across transactional lawyers and litigators:
- Accounting and Financial Reporting
- Corporate Finance
- Negotiation Workshop
- Business Strategy for Lawyers
- Analytical Methods for Lawyers
- Leadership in Law Firms
- Statistical Analysis/Quantitative Analysis
When asked which of the courses in the area of Business Organization, Commercial Law, and Finance were most useful, transactional lawyers and litigators all agreed that Corporations and Securities Regulation were key. In addition, the transactional lawyers recommended Mergers & Acquisitions, while the litigators recommended Securities Litigation.
With respect to courses outside the area of Business Organization, Commercial Law, and Finance, the courses judged most useful fell along practice lines:
- Litigation: Evidence, Federal Courts, Administrative Law
- Transactions: Intellectual Property Law, Patent Law, Copyright Law
The next area surveyed was the skills and knowledge bases that law firms considered to be most important for students to acquire:
- Accounting/Financial Statement Analysis
- Financial Markets/Products Negotiations
- Business Strategy/Industry Analysis
- Statistical/Quantitative Analysis
- Legal Services Industry
It is interesting to note that the lawyers surveyed viewed Teamwork to be almost exactly as important as Accounting/Financial Statement Analysis. In the words of the authors of the study: “Taken together, these results suggest that law firms value softer skills and institutional knowledge as well as rigorous analytical skills.”
So why does any of this matter to your law firm knowledge management department? The respondents to the survey are your current colleagues. The student beneficiaries of the survey will be your colleagues shortly. This survey identifies the subjects they find most useful. This leads to some important questions for you:
- Are these subjects and skills well-supported by your KM program and resources?
- Are your KM personnel trained and able to assist practitioners in these areas?
If the answer to either of these questions is no, isn’t it time you took a leaf out of the HLS playbook and started to realign your program, resources and personnel?
* The law firms surveyed were “the 11 largest employers of HLS students over the last several years: Ropes and Gray, Davis Polk, Skadden Arps, Latham & Watkins, Kirkland & Ellis, Cravath, Cleary Gottlieb, WilmerHale, Covington Burling, Gibson Dunn, and Sidley Austin.”