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