Law Firm Economics - The Key Principles

Introduction

The principles underlying how a law firm works economically may be well understood by finance directors and managing partners, but as fee earners, you may be told ‘do this’ and ‘do that’ but are unclear as to WHY you should be taking particular actions.

Ensuring that lawyers understand and appreciate fundamentals of law firm economics is the key to building strong financial performance and a competitive law firm.

Designed for everyone in a law firm, whether their primary function is dealing with clients or with managing all or any part of a firm, this webinar will unlock the mysteries of the key principles upon which law firm economics depend and will serve as both a vital foundation for those who may be new to law firm economics, and as a valuable update to others.

What You Will Learn

This webinar will cover the following:

• Financial measurement and reporting - measure and report on what matters
• Legal project management - the new skill required for law firm economics
• Your working capital requirement - and the need to manage it
• Cracking the WIP
• Developing your cash acceleration plans
• Work types and client types - what you do and who you do it for
• Pricing for profit models - their requirements and comparative merits
• Utilisation - and its impact on productivity and profit
• Realisation - maximising the conversion of work done into invoices
• People costs - your key overhead
• Applying the leverage principle - to maximise the productive use of your people

This webinar was recorded on 11th November 2021