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