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CPD: FINANCIAL SKILLS
Law Firm Profitability

Intended audience:
Solicitors

Duration: 
3 hours

Format:     
Small group workshop

Objectives:
The course aims to provide trainees with a proper understanding of how law firms operate a sense of what is normal, and some practical advice on what they can do to make a positive financial contribution to the firm.

Topics:

  • Introduction and overview
  • Participants use a financial model and case studies to consider the following issues:
    • The levers of profitability
    • Overheads in law firms
    • Lock-up and cash flow management
    • The importance of delegation
    • Improving time capture
    • The importance of pricing work in the right way
  • Participants use a financial model and case studies to consider these issues
  • Action planning and conclusions

Outcomes:
Participants will:

  • Understand the levers of profitability, lock-up and cash flow
  • Be reminded of the importance of effective time recording
  • Appreciate the need to help with the generation of cash as well as the generation of profit

The Training Team

Trainer
Andrew Dines

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