Getting to Grips with Law Firm Finances - A Masterclass with Robert Mowbray
A law firm, just like any other business, can flourish or fail.
When training, lawyers are not taught how to run a business and yet many will end up running part or all of a firm.
Understanding the finances of a firm is crucial as it will help you to create, review and utilise the right information.
When you walk away from this new virtual classroom seminar you will feel more commercially aware and have more confidence in your ability to build a stronger business.
What You Will Learn
This live and interactive session will cover the following:
- Why do many lawyers and law firms struggle to make more money?
- Understanding your financial history
- Reading law firm financials
- Profitability and profitability drivers
- Cash flow and law firm financing
- What does good, normal and concerning performance look like?
- Using profitability tools to answer ‘what if’ questions and to identify the best strategies
- Building a stronger legal business
- Thinking again about the information needed to run a legal business
- The best KPIs
- Analysing profit by practice area, partner, client and matter
- What are the key processes that the most profitable firms look to perfect?
- Practical tips which will deliver better financial results
- Improving the quantity and quality of time capture
- Using time records to drive matter efficiency and improve margins in a competitive market
- Thinking again about the pricing of legal services to attract more work at better margins
- Learning to negotiate fees with greater confidence
- Action planning and conclusions
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.