Wharton@Work

October 2024 | 

Courtroom to Classroom: Business Acumen, Legal Practice

Courtroom to Classroom: Business Acumen Enhances Legal Practice

Law school teaches lawyers how to think critically, argue persuasively, and navigate complex legal frameworks, but it doesn’t equip them with the knowledge necessary for truly understanding the complexities of their clients’ businesses. For a global law firm like Dechert LLP, which represents corporations, financial institutions, sovereign states, and individuals, as well as more than 200 private equity and investment firms, developing a deeper understanding of these businesses is key to providing the best possible service while deepening client relationships and anticipating their risks.

Dechert recently partnered with Wharton Executive Education to create a custom learning program for 50 of its mid-level associates from around the globe. The goal of the intensive classroom experience was to enhance business knowledge in an era of unprecedented volatility and complexity, ultimately strengthening the firm’s approach to client service while empowering attorneys to better act as trusted advisors to their clients and to deepen their relationships.

Wharton management professor and academic director of the program Emilie Feldman explains, “The program was designed to equip the participants with a comprehensive set of business skills, ranging from corporate finance and private equity all the way to global, corporate, and competitive strategy. My hope is that the associates came away from the program with a deeper understanding of the strategic and financial issues their clients face, enabling them to serve client needs more effectively and comprehensively.”

The Wharton Business Program was designed by the school’s faculty, who collaborated with Dechert partners and the firm’s professional development team. “They all worked closely together to curate a meaningful and valuable program for our associates,” said Christina Sarchio, one of the deputy chairs of the program and a Dechert partner. “One of the key takeaways is that we wanted our associates to know that client service goes beyond providing great legal advice. It entails understanding our clients’ businesses so that we can offer tailored solutions and deliver outstanding results.”

Sarchio and the program-design team understand that the principles of customer engagement and development of long-term relationships — often thought of only in terms of their relation to sectors like retail and hospitality — are also crucial for attorneys. Those principles include developing trust and credibility, enhancing communication, and deepening client satisfaction, which in turn lead to elevating reputation and competitive advantage.

As associate Alexander Andrews explains, the program not only worked to strengthen relationships between attorney and client. “An aspect of emphasis was the importance of developing strong cross-practice group relationships in both social and professional settings. I enjoyed reconnecting with (and, in some instances, meeting for the first time) my Dechert colleagues in different practice groups and discussing our unique experiences at the firm, the matters on which we work, and the clients that we represent.”

While on Wharton’s Philadelphia campus, participants dove into issues such as corporate finance, private equity, and accounting and business strategy. Sessions included both classroom lectures and interactive exercises that brought the topics to life. “I thought the Wharton program was really helpful,” said Philadelphia associate Tooba Hussain. “There was a balance of specific details on topics such as private equity, corporate finance, and strategy, as well as marketing ourselves and thinking about growing our careers as lawyers.”

The custom learning program at Wharton underscores the law firm’s commitment to bridging the gap between legal expertise and business acumen to build a more client-focused practice. As Ken Young, a deputy chair of the program and partner at Dechert, explained, “This program exemplifies our dedication to outstanding client service and the professional growth of our associates. We hope that participants will find immediate ways to apply their new knowledge with their clients.”