Law Firm Finances

Law Firm Finances

Live Online

Virtual classes –
tailored for your staff

Face-to-face

At your office –
tailored for your staff

E-learning

Anytime, flexible learning for
indviduals and organisations

Law firm finances explained so that you know how law firms operate in a commercial context and what they need to do to succeed financially.

Get to grips with the numbers on law firm finances – how to improve profitability, manage cashflow and ensure stability and success.

Course Content

It’s vital that trainees, fee earners and business support staff understand how law firms operate as commercial entities. 

We examine the key drivers of profitability and the importance of managing cash flow.  Delegates will understand why firms set targets and what they need to do individually to contribute. The emphasis is on delivering the best possible financial results.

The short course can be delivered over two 90-minute modules, one covering planning and key performance indicators and another covering profit and cash.  The full-day option offers more in-depth analysis.

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
  • Chargeable time
  • 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

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

Format

Uses polls, quizzes and breakout rooms to ensure the training is interactive and engaging.

Delegates

Trainees, lawyers, partners and business support staff interested in developing their commercial awareness and looking to improve their understanding of law firm finances.

Law Firm Finances Live Online Course

3 or 6 hours

Anyone interested in developing their commercial awareness

Face-to-Face

Content

Covering the same content as the ‘live online’ course this session is usually delivered as a 3 or 6-hour session

Format

Interactive, including small group work

Law Firm Finances Face-to-Face Course

3 or 6 hours

Anyone interested in developing their commercial awareness

E-learning

Our short e-learning courses are designed to stand alone or to complement our live online and face-to-face courses.  They focus on the fundamentals of effective financial management – profit, cash, managing cash flow, time recording and how transaction management affects how quickly your firm gets paid and its profitability. 

 

A realistic case study allows you to assess the impact of different approaches to time recording, billing and managing cash.

 

You will look at law firm key performance indicators and try some basic calculations to help you understand how you can change your behaviour and contribute more effectively to delivering excellent financial results.

Content

There are three modules.

  • 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 billing scenarios for one transaction
    • Four different outcomes
    • 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?

Outcome

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

Format

3 short e-learning modules each taking 20-30 minutes.

Delegates

Trainees, lawyers, partners and business support staff interested in developing their commercial awareness and looking to improve their understanding of law firm finances.

Law Firm Finances E-learning Course

3 modules 20-30 minutes each

Lawyers and support staff

£30 + VAT

Law Firm as a Business website image

Tutors

Doug Robinson website image
Doug Robinson
Rachael Davis-Stollar
Rachael Davis-Stollar
Tanya Gass website image
Tanya Gass

Testimonials

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We think our training is the ‘bee’s knees’ but don’t just take our word for it. Read what our clients have to say about us on our testimonials page.

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Article Writing

Image for Article Writing training course
Outstanding. Everyone should go on this course. Great speaker. Really useful and practical.
Stephen Ross
Withers
30 April 2013
A very helpful session. Peter was an engaging speaker and I will definitely put his advice into practice. Although it felt like hard word to read articles/submit articles beforehand, it was very useful on the day.
Emma Flower
Withers
30 April 2013
Good course length. I feel I have learnt things I can use straight away (not just in writing articles but writing generally). Very good idea to have specific articles to work on.
Julian McFall
Withers
30 April 2013

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