Mastering & Managing Law Firm Finances - Live at Your Desk

Introduction

Law firms are just like any other business in that they must be well managed if they are to flourish.

However, lawyers rarely receive the management training needed to do this effectively.

Understanding the finances of a law firm and how to manage them is crucial to running a firm as a business and to building a strong platform upon which a law firm can develop and grow.

This virtual classroom seminar will help you to be more commercially and financially aware and build your confidence in your ability to more effectively manage your law firm as a business.

What You Will Learn

This live and interactive session will cover the following:

• Why do many lawyers and law firms struggle with their cashflow and to make more money?
• Building a stronger legal business
• Thinking again about the information needed to run a legal business
• The KPIs which matter for the business
• Analysing profit and cashflow by practice area, partner, client, and matter
• Understanding law firm financials
• Profitability and profitability drivers
• Cash flow and law firm financing
• Understanding your financial position
• What does good, and concerning performance look like?
• Using profitability and cashflow tools to answer ‘what if’ questions and to identify the best strategies
• What are the key profitability and cashflow drivers?
• Practical tips which will deliver better financial results
• Managing your people to do things differently
• Improving the quantity and quality of time capture
• Using time records to drive matter efficiency and improve margins in a competitive market
• Thinking again about the pricing of legal services to attract more work at better margins
• Learning to negotiate fees with greater confidence
• Managing client work to build profitability, cashflow - and stronger client relationships
• Action planning and conclusions