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      Professional Skills Course

PSC Elective - the law firm as a business


Synopsis

Trainees will consider the challenges facing law firms and how to meet them through strategic planning and financial management. Using a model firm, trainees will examine the key drivers of profitability and the importance of managing cash flow.


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
  • Why do law firms go bust?
  • The challenges facing law firms
  • Planning tools
Law firm finances
  • How are law firms funded?
  • Reporting financial performance
  • Key performance indicators and benchmarking
How do law firms generate profits?
  • Gearing
  • 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

6 hours

Delegates

Trainee solicitors

Maximum 20 per course

Tutors

Doug Robinson

Peter Kinch

 

 

 

 

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