Home / Courses / Professional skills course / PSC Electives / PSC Elective – The law firm as a business

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
Rachael Davis-Stollar

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