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Introduction to the Finances of a Law Firm

3 hours ILT
What you are going to learn

About this course:

Objective:
This module provides legal apprentices with a basic introduction to the key financial structures and concepts of how a law firm is run, illustrated by use of an excel financial model. It also provides practical advice on what they can do, to make a positive financial contribution to the firm. 

Intended audience:
Apprentices

Duration:
3 hours 
Topics:
  • The fundamentals of a law firm operating as a business
  • What are law firms, their different models and how are they owned and operated?
  • Funding the law firm model and cashflow management 
  • Key Principles
  • The importance of understanding the levers of profitability (using a financial model); 
  • The importance of gearing and effective delegation;
  • The importance of time capture and the billing process – utilisation, realisation and recovery
  • Managing the overheads in law firms;
  • Lock-up and cash flow management.
  • Key areas and roles in which legal apprentices can support their supervisors and teams in the financial management of each client matter

Outcomes:
The success measures of this course are that participants will have a greater understanding and knowledge of:
  • The organisation and financial management of a law firm;
  • Their expected roles in supporting their teams to maximise revenue and billing levels; and
  • The expectation of their roles in effective time recording and matter management.

Contact us to find out more

Please complete the form.   We will contact you within 5 working days to discuss course dates and availability.
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