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How law firms operate commercially

Onsite training on a law firm as a business

Synopsis

Delegates will consider the challenges facing law firms and how to meet them through strategic planning and financial management.

Using a model firm, delegates 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

  • The challenges facing law firms
  • Planning tools

Planning

  • 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
How law firms operate commercially training slide
Format

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

Duration

3 hours

Delegates

Lawyers

Maximum 20 per course

Tutors

Doug Robinson

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