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The Law Firm as a Business

Profitability and Cash Flow Management Training for Lawyers

Overview

This course examines key aspects of how law firms operate in a commercial context. The first three modules focus on the fundamentals of effective financial management - profit and cash.

You will explore the importance of managing the firm's cash flow and examine how time recording and transaction management impact on profitability and how quickly your firm gets paid.

The course features a case study which allows you to assess the effect of different approaches to time recording, billing and managing the firm's cash. You will look at law firm key performance indicators and have the opportunity to try some basic calculations.

The objective is to help you understand exactly how you can change your behaviour to contribute more effectively to delivering excellent financial results for your firm.

Outcomes

As a result of completing these e-learning modules you will:

  • Explore the challenges of law firm funding
  • Explain why 'cash is king'
  • Improve your understanding of key performance indicators (KPI)
  • Appreciate the importance of 'total' time recording
  • Recognise that managing work in progress (WIP) and debtors is crucial for good cashflow
  • Develop your commercial awareness of the legal sector
  • Contribute more effectively to the day-to-day operations of your firm

We can also offer this course as a Professional Skills Course (PSC) Elective or an instructor led training at your offices.

Course Content

Our law firm as a business course utilises case studies, real world examples and calculations throughout to ensure the training is interactive and engaging. Each module includes:

  • Cash is King - the importance of managing cash flow
    • How are law firms funded?
    • Why is managing cash so important?
    • Lock-up explored
    • Managing WIP and debtors
    • What can you do as a fee earner to improve cashflow?
  • One More Hour - time recording and profitability explored
    • How does recorded time impact on profitability?
    • Why is increasing chargeable time recorded important?
    • Can you record more time without working longer hours?
    • What can you do to improve your law firm profitability?
  • One Transaction Four Bills
    • Four different outcomes for one transaction
    • Chargeable hours vs. fixed fee
    • Well managed or not?
    • Tracking costs and keeping clients updated
    • Calculating KPIs - Margin, Recovery and Lock-up
    • What can you do to improve financial outcomes?

 

Format

E-learning

Duration

1 hour

Delegates

All solicitors, lawyers and employees who are looking to improve their understanding of law firm finances.

If you would like to buy multiple subscriptions of our law firm as a business course for your team or practice, please contact Kath Kinch.

Law firm as a business training slide

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