w

      Courses for paralegals

Law firm finances


Synopsis

If your paralegals understand what makes a law firm successful then they can contribute more effectively to the firm’s profitability and financial stability.

A straight forward guide to how law firms make money and manage their cash.


Outcomes

As a result of attending the session you will:

  • understand how law firms operate as commercial entities
  • review a simple set of law firm accounts
  • understand financial data and key performance indicators and how your actions affect profit and cash flow
  • understand why your bosses care about chargeable time, write-offs and getting the firm’s bills out on time
  • develop your understanding of the legal sector
  • contribute more effectively to the day-to-day operations of the firm

Content

Planning
  • Why do law firms go bust?
  • The challenges facing law firms
  • Why we have budgets
Law firm finances
  • Where do law firms get their money?
  • Reporting financial performance – profit and loss and balance sheet
  • Key performance indicators and benchmarking
How do law firms generate profits?
  • The profit formula
  • Gearing
  • Time recording
  • How much to charge
  • Recovery
  • Margin
‘Cash is king’ – the importance of managing cash flow
  • Cash flow forecasting
  • Lock-up explored
  • Managing WIP and debtors
The human element
  • Motivation
  • Performance management
  • Leadership styles
Business development
  • Winning new business
  • Retention – the importance of delivering excellent service to clients
  

Format

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

Duration

3 hours

Delegates

Paralegals

Maximum 20 per course

Tutors

Doug Robinson

 

 

 

 

 

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