Financial Management for Lawyers 1 & 2

Tutor: Peter Scott  CPD Hours: Part 1 - 25 hours  Part 2 - 29 hours   Duration: Part 1 - 3 months  Part 2 - 6 to 9 months

Course Cost: £1195 per course

This is a two part practical work-based course on law firm financial management which will be bespoke to meeting your firm’s financial requirements and will involve, inter alia, managing client, partner and staff relationships, and yourself.

Course 1 - The first course on Financial Management for Lawyers will provide you with an in-depth understanding of the factors in your firm which may be causing weak financial performance and in particular slow cash generation and poor profitability and which are hurdles to being able to effectively compete.

Course 2 – The second course will guide you through the process of working with a team to implement the new financial management reporting process in your Firm and monitoring the results post implementation. It will also provide you with practical skills for managing the internal processes of change which may be necessary if you are to successfully deliver results in these critical areas.    

The courses focus on the two key areas of :-

Accelerating cash flow in your firm and Improving profitability in your firm

These courses on financial management will, as well as focusing on your specific issues, help you to develop skills for you to resolve some typical financial problems now facing law firms, including:-

• Developing practical methods of financial analysis, measurement and reporting to help you to manage your firm, your partners and your staff more effectively.

• Identifying which parts of your firm are generating good cash flows or are poor at managing cash, including ascertaining the causes of slow cash generation.
• Which parts are profitable or may be loss-making.
• In each case the reasons for this, to enable you to make decisions regarding overhead levels and future investment.
  
• Understanding how to implement the change factors which can have most impact on improving the financial performance of a law firm.

• Developing techniques to help you to improve your partners’ and staffs’ financial management and performance.

These courses on Financial Management for Lawyers will give you:

Course 1 - Research and Planning will give you an in-depth understanding of the factors in your firm which may be causing slow cash generation and poor profitability.

Course 2 – Implementation will give you the ability to develop practical skills, techniques and processes to enable you to take steps in your firm to devise and implement plans to improve financial performance. 

By the end of these courses you will be able to:

• Identify the key performance indicators in your firm which you will need to analyse, measure and report on, in order to manage your business more effectively.
• Identify the causes of under-performance on the part of partners and staff and take steps to improve their performance.
• Develop a practical cash generation plan and a profit improvement plan.
• Improve your firm’s ability to recruit and retain the best people and to take advantage of opportunities which may present themselves to your firm, by employing your knowledge and skills acquired on this course to build stronger financial performance in your firm.

Download an application form here