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Law Firm Finance 101: The Numbers and Why They Matter

Recorded on: Mar. 30, 2017
Running Time: 01:01:47

Full Transcript:



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Taken from the briefing Law Firm Finance 101: The Numbers and Why They Matter recorded March, 2017 in New York.

As growth in demand for legal services has stagnated since 2008, law firm leaders have placed a greater focus on financial performance at both a firm and individual level. As key metrics and profitability come under more scrutiny, it is important that lawyers understand the basic financial language law firm leaders use so you can participate in the discussion. This briefing will help you develop a basic knowledge of the key financial drivers in a law firm that drive strategic decision-making. Whether you are an associate wanting to understand the business, a marketing team member who is responsible for budgets, or just someone wanting to understand what drives your firm's profits, this presentation will provide you with the tools you need.

Lecture Topics  [01:01:47]

  • Identify the primary factors that drive law firm financial performance;
  • Evaluate financial data over successive years to identify trends;
  • Understand the factors that affect revenue and the impact revenue has on profitability;
  • Compare financial results on an “apples to apples” basis through per-partner, per-lawyer, or per-timekeeper results rather than as firm-level figures;
  • Understand the impact that expenses (direct and indirect) have on profitability;
  • Understand how the profitability of a law firm is calculated and the levers that can change it; and
  • Walk through a sample analysis of a firm’s financials to identify key financial implications.

Presentation Material

  • Law Firm Finance 101 - The Numbers and Why They Matter
    Geoffrey G. Schuler
Speaker(s)
Geoffrey Schuler ~ LawVision Group LLC
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