Law Firm Economics - The 10 Key Fundamentals

Introduction

The fundamental principles underlying how a law firm can be financially successful are not always understood. For many lawyers the essential skills and knowledge required are mysteries which have never been revealed to them. This is even more essential in difficult times such as now with the added pressures of COVID-19 consequences.

Understanding the economic fundamentals required to drive a financially successful law firm has always been the key to building a competitive law firm, but current pressures make this even more necessary. This live broadcast session will unlock the key financial drivers, and the new skills now required, upon which successful financial performance will depend in these difficult times.

What You Will Learn

This live and interactive session will cover the following:

Accelerating Cash Generation in difficult times

• Developing a plan to accelerate the collection of cash
• Steps to take to conserve cash
• Stress-testing your cash flow forecasts

Building Profit in difficult times

• Stress-testing your budgets
• Pricing and pricing models - the new ‘frontline’ for law firm profitability
• Work types and client types - having clarity and focus around what you do and who you do it for in a post COVID-19 world
• People costs - the key overhead and how you can maximise their productive use
• Utilisation and realisation - and their impact on profitability
• Zero Based Budgeting - to control your overheads

Legal Project Management

• The new skill now being practised by law firms to enhance their financial performance and client relationships particularly in difficult times

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.