Stop Leaking Profit! - A Law Firm Finance Masterclass

Introduction

How much is your firm leaking profit?

Many law firms do not even want to think about this question because they know there is leakage but do not want to face up to the reality of how much profit is being lost.

This new virtual classroom seminar has been tailored to the needs of lawyers and law firms to enable you to improve your ‘bottom lines’ by targeting the areas of your operations and financial management which are causing you to haemorrhage profit.

This session will help you identify where the leakages occur, the reasons for the leakages, and the steps you can take to stop the leakages and, as a result, improve your profitability.

Ideal for managing partners, heads of departments, and those in financial management, this session will also be of interest to partners and other fee earners who have responsibility for profitably managing their individual practices.

What You Will Learn

This live and interactive session will cover the following:

• Ensuring you are ‘measuring and reporting on what matters’
• How to educate the people in the business about the steps each of them can take to stem the profit leakages
• Understanding the cumulative profit haemorrhaging effect of the ‘triple whammies’ and how they cause most profit leakage by:
• Under-pricing work
• Failure to capture matter-related time
• Under-realisation of work in progress
• How to put in place a plan to stop the triple whammy leakage by:
• Scoping work for profit
• Recognising your ‘worth’ to clients and pricing accordingly
• Understanding and building into your pricing the risks related to the work
• Budgeting the work for profit
• Negotiating prices ‘with knowledge’
• Managing the work for profit
• Controlling ‘overheads leakage’ by driving out waste

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.