CPD: FINANCIAL SKILLS
Law Firm Profitability: Maximising Law Firm Profitability

Intended audience:
Solicitors

Duration:
3 hours

Format:
Small group workshop with tutor-led discussions and practical case studies

Objectives:
This course gives fee-earners a thorough understanding of the drivers of profitability and benchmarks normal performance to enable participants to see for themselves what they are already doing well and where there is still room for improvement.

Topics:

  • Introduction and overview
  • Why profitability matters to partners, staff, clients and the economy
  • Historical and current models for benchmarking performance
    • Cash flow – money on account, interim billing and better credit control
    • Profitability – five drivers of profitability
  • Fee-earner responsibilities
    • Improved time capture
    • Better work planning and billing
    • Keeping on top of lock-up
  • Partner issues
    • Staff structures
      • Fee-earners
      • Support staff
    • Pricing
      • Rates
      • Alternative fee arrangements
  • Using management information to improve performance
    • What needs to be distributed?
    • How do we change behaviour?
  • Action planning, project work and conclusions

Outcomes:      

  • Participants will be more focused on making money for the firm while still providing exceptional client service
  • Participants will have a detailed action plan to follow through after the training
  • Participants will have much more confidence when talking to clients and colleagues about financial issues

Training Team

Module Leader
Robert Mowbray

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Fresh Development Group Ltd, Aztec Centre, Aztec West, Almondsbury, Bristol, BS32 4TD
t. 01454 550066, e. info@fdg.uk.com, w. www.freshpd.com © Fresh Professional Development Ltd. 2017

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