- Advanced/Intermediate * 6 hours CPD
This programme examines in depth the key financial management issues for law firms and how those issues relate to performance management, with a view to offering solutions. The programme will include:
- Identifying your priority financial challenges
- Understanding the key financial information you will need to manage a law firm effectively and profitably - and how to avoid financial information overload
- Maximising your cash flow - cutting edge techniques for cash management including how to construct cash generation plans
- Building profitability and PEP - how to put together a realistic profit generation plan to enable you to retain and recruit the best, and how to use financial analysis to measure the comparative profitability of each part of a firm
- Making the link between financial performance and effective management of partners, including the use of reward strategies and sanctions
- Constructing financial action plans to make a difference
The Solicitors’ Code of Conduct Rule 5 makes the effective running of the firm a matter of professional conduct, requiring partners ‘to be able to produce evidence of a systematic and effective approach to management’. It requires effective systems for supervision, risk management and delegation, and expects training to ensure the competence of all personnel in performing their duties. This course will help you meet this requirement.