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      Courses for lawyers

NQs - Developing commercial awareness: Law firm finances

Synopsis

Make sure your NQs are prepared for the challenges of qualification.

NQs are introduced to the commercial reality of running a law firm. By developing their understanding of key performance indicators, they will appreciate the business rationale underpinning rigorous time recording, delivering accurate cost information and bills, and getting paid promptly. The focus is on helping fee-earners grasp how their working practices impact on the financial success of the business. 


Outcomes

As a result of attending the course, you will:

  • understand how law firms operate as commercial entities
  • appreciate the importance of strategic planning
  • understand financial data and key performance indicators and how your actions affect profit and cash flow
  • recognise the importance of managing WIP and debtors
  • develop your commercial awareness of the legal sector
  • contribute more effectively to the day-to-day operations of the firm

Content

Planning

    • The challenges facing law firms
    • Planning tools

Law firm finances

    • How are law firms funded?
    • Key performance indicators and benchmarking

How do law firms generate profits?

    • The profit formula
    • Gearing
    • Time recording
    • Margin & recovery

Cash is king

    • Cash flow forecasting
    • Lock-up explored
    • Managing WIP and debtors

Business development

    • Winning new business
    • Retention 
  

Format

The course uses quizzes, exercises and case studies to ensure the training is interactive and engaging.

Duration

3 - 6 hours

Delegates

Newly qualified solicitors

Maximum 20 per course

Tutors

Doug Robinson

 

 

 

 

 

To discuss how we can help call Linda Moran on 0114 273 83000114 273 8300.