1
Type Speaker CPD Hours Level
5 IntermediateInformation
Accreditation Information
SRA Competency D

Introduction

Presented by leading trainer Robert Mowbray this course spread over 5 live sessions will provide you with the skills to be more efficient, more profitable and help you to focus on improving productivity. It will also explore the alternative ways of pricing work which can be helpful with business development opportunities.

Module 1 - Time Recording & Personal Efficiency

Everyone struggles to fully record their time.

This live session will help you to reflect on the best way to capture all time and maximise subsequent billings. It will become clear how a better record of your time will help you to become more efficient.

What You Will Learn

This live session will cover the following:

  • Why better time recording increases profits even with fixed fees
  • Best practice - what should the time recording policy and FAQs cover?
  • Writing narratives that better describe the value delivered to clients
  • Maximising billings from time recorded

Module 2 - Matter Planning

With increasing pressure on fees, it becomes ever more important that you can run matters efficiently.

This live session will consider the obvious and the less obvious ways of reducing the cost of doing work, without diluting the quality of the finished product.

Undertaking matters in a more efficient way is more profitable than simply discounting the fee to keep the client happy.

What You Will Learn

This live session will cover the following:

  • The cost of time written off through poor matter planning and subsequent inefficiency
  • The maths of profitability - why is efficiency a better way of dealing with price pressure than a discount
  • Practical checklist to provide focus on efficiency when files are opened
  • Using matter planning and profitability tools to improve the focus on matter profitability
  • The need to link existing knowhow into matter planning

Module 3 - Getting to Grips with Lock Up

Fee earners regularly struggle to turn their efforts into cash promptly, with it typically taking about four months from an hour being recorded to the money being received.

This live session will look at the practical steps that can be followed to shorten the cash collection period.

What You Will Learn

This live session will cover the following:

  • Understanding why firms can fail if they do not manage lockup better
  • Understanding how clients can be persuaded to pay more up front
  • Overcoming the reasons for slow billing by tightening up on issues such as having the right contract in place and initiating disciplines to focus on billing earlier in the month
  • Reducing the time for bills to be settled by encouraging fee earners and the accounts team to work together

Module 4 - Reviewing Pricing Structures

This live session explores alternative ways of pricing work that are potentially better for the client and more profitable for the firm. These alternative fee arrangements can also be helpful with business development activities as they offer another way of getting in front of target clients.

What You Will Learn

This live session will cover the following:

  • The financial difference between giving a discount and offering alternative fee arrangements
  • The importance of choice so that clients don't need to contact other firms for quotes
  • Learning about alternative fees by looking at what other industries have done
  • The 10 best alternative fee structures

Module 5 - Effective Fee Negotiation

Clients are meant to negotiate fees and some of them are considerably better than fee earners at having these conversations!

This live session will help you to understand that these negotiations are inevitable and be clear about the way in which you will handle such discussions in a professional way.

What You Will Learn

This live session will cover the following:

  • Understanding the negotiation tactics of sophisticated clients - 'salami slicing'
  • Practical guidance on how to have these difficult conversations
  • Avoiding large discounts by trading, understanding sensible discounts and being focused on a 'walkaway point'
  • Practical examples - what could you now do differently?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.

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Learn Live | 05.04.2019

N/A | 8:45am - 9:45am


Financial Management for Fee Earners - 5 Essential Modules with Robert Mowbray

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Apr
5 2019
Apr
15 2019
May
10 2019
May
20 2019
May
24 2019
Session 1 
8:45am - 9:45am

Session 2 
8:45am - 9:45am

Session 3 
8:45am - 9:45am

Session 4 
8:45am - 9:45am

Session 5 
8:45am - 9:45am

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£480
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Discounts are available for multiple places. If you have 5 or more people interested in participating in this virtual learning session please email us at information@mblseminars.com for more information.

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