Law Practice: Financial Matters
This course is intended to deepen your understanding of the financial management of a law practice. You will be engaged in discussions about topics such as the key factors affecting profitability, operation of trust accounts, concepts of time-keeping, liabilities and capital funding.
By the end of this module you will be able to:
- Analyse some of the key factors which can impact upon the profitability of a law firm
- Understand the concepts of time keeping, billable/non-billable hours, work-in-progress (WIP) and collections in relation to the importance of a firm’s finances
- Understand the means by which lawyers and their clients can agree to the level of and control of legal fees, and the principal means by which clients can fund the legal advice they receive
- Analyse the way(s) in which a client’s method of funding legal advice might impact upon a law firm’s profitability
- Understand the role of professional liability insurance, including law office management standards (client files) and claims reporting
- Understand the opening and operation of trust accounts, including fiduciary responsibility and regulation
- Understand and analyse capital funding structures for law firms
This module is part of the Law Practice Management program and can be taken as a stand-alone course which can also be applied as credit towards the full Certificate program.
For more information or to register, please visit: dal.ca/execed/lpm