Ready for business: How law firms make money (Part 1)
Date & Time
Thursday, October 17, 2019, 9:15 AM - 10:30 AM
This is an interactive business simulation, enabling delegates to understand the key commercial and financial issues facing law firms. All attendees will gain a deep understanding of how law firms operate and the decisions that have to be taken in order to ensure commercial and financial success. They will also understand how they as individuals fit into the bigger picture of their law firm:
  • The need for a carefully thought out business development strategy in order to generate client work
  • The need for careful resources planning and forecasting ahead in an uncertain business environment
  • The impact of over or under staffing on financial and commercial performance
  • The need to control costs and cash flow
  • That cash not profit pays the bills
  • That when law firms grow, costs and the need for cash grow disproportionately
  • How difficult it can be to create increasing levels of profit on a consistent basis
  • How important fee earner utilisation and charge rate realisation are in order to generate profit for the firm
  • The typical business risks faced by law firms and methods to deal with those risks
  • The commercial and financial jargon that is used within law firms