Law firm leaders need to make every decision with a sharp focus on the financial view of the firm. To maintain this focus, you need a strong foundation in what makes - and keeps - your firm profitable. In other words, you need to learn to speak the language your firm's decision makers understand.
Why you should participate
This 70-minute, interactive online course will help you develop a basic knowledge of the key financial drivers in a law firm to understand the role that finance plays in strategic decision-making. Whether you're 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 course will provide you with the tools you need.
What You Will Learn
After going completing this program, participants will be able to:
- Identify the primary factors that drive law firm financial performance
- Evaluate financial data over successive years to identify trends
- Identify the factors that affect revenue
- Explain the impact that revenue has on profitability
- Compare financial results on a per-partner, per-lawyer, or per-timekeeper basis rather than as gross figures
- Determine the break-even point for any timekeeper using indirect and direct costs and billable hours
- Explain the impact that expenses have on profitability
- Differentiate between direct and indirect expenses
- Calculate the profitability of a law firm
This program is from PLI's Interactive Learning Center It offers a high level of participant engagement and requires more program interactions than a traditional program.
Who Should Attend
This program is designed for attorneys interested in developing a basic knowledge of the key financial drivers in a law firm, and to understand the role that finance plays in strategic decision-making.
1. Introduction (3 Minutes)
2. Identifying Opportunities (5.5 Minutes)
3. Performance Levers (2.5 Minutes)
4. Evaluating Expenses (6.5 Minutes)
5. Evaluating Revenue (9.5 Minutes)
6. Did it Work? (16 Minutes)
Total runtime: 43 Minutes
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