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
Rachael Davis-Stollar

To discuss how we can help call Linda Moran
Phone: 0114 273 8300
Email Linda@KinchRobinson.com