Law Firm Economics - The 10 Key Fundamentals
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.
Understanding the economic fundamentals required to drive a financially successful law firm is the key to building a competitive law firm and this live broadcast session will unlock the key financial drivers, and the new skills now being introduced, upon which successful financial performance depends.
What You Will Learn
This live and interactive session will cover the following:
Legal Project Management
- The new skill now being practised by law firms to enhance their financial performance and client relationship
- Pricing - the new ‘frontline’ for law firm profitability
- Pricing models - and their relative merits
- Work types and client types - having clarity and focus around what you do and who you do it for
- People costs - the key overhead and how you can maximise their productive use
- Utilisation - and its impact on productivity
- Realisation - maximising the conversion of your work into profit
Accelerating Cash Generation
- Your working capital requirement - and the need to manage it
- Cracking the WIP
- Developing a plan to accelerate the collection of cash
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.